More on Housing America’s Future

Posted by & filed under Regulation.

I blogged about some of the big themes in the Bipartisan Policy Center’s Housing America’s Future report.  Today, I take a closer look at their position on housing finance in particular: The report states that “it is highly unlikely that private financial institutions would be willing to assume both interest rate and credit risk, making… Read more »

Utah District Court Holds that MERS Is Authorized to Begin Non-Judicial Foreclosure Despite the Lender’s Sale of the Loan

Posted by & filed under 2010, Downstream litigation, MERS/Bank has standing, Utah.

In King v. American Mortgage Network, Inc., No. 1:09 CV 162 DAK, 2010 WL 3516475 (D. Utah Sept. 2, 2010), the United States District Court of Utah held that MERS and Chase Home Finance (“Chase”) were authorized to begin non-judicial foreclosure of the plaintiff’s property. In November 2007, Plaintiff received a loan to purchase a… Read more »

Utah District Court Holds that MERS Has the Authority to Initiate Non-Judicial Foreclosure and to Assign Interest to Another Party

Posted by & filed under 2011, Downstream litigation, MERS/Bank has standing, Utah.

In Schmitt v. Stearns Lending, Inc., No. 2:11 CV 00381 DS, 2011 WL 3861609 (D. Utah Aug. 31, 2011), the United States District Court of Utah held that MERS has the authority to initiate non-judicial foreclosure on a property and to assign its interest to another party. In the case at hand, Plaintiff defaulted under… Read more »

Rakoff Rules for Monoline Insurer Against Securitizer

Posted by & filed under Upstream litigation.

Judge Rakoff ruled for Assured Guaranty against Flagstar and awarded Assured more than $90 million.  The 103 page order is a pretty compelling read as it is a careful review of a battle of the experts and has lots of details about the loans in two Flagstar securitizations.  Some interesting bits: the third-party due diligence… Read more »

Michigan Supreme Court Stayed Trial Court Proceedings in Order for the Court in Residential Funding Co. v. Saurman to Decide Whether MERS may commence a Foreclosure-by-Advertisement as Mortgagee of Record

Posted by & filed under 2011, Downstream litigation, Michigan.

In PB Reit, Inc. v. Debabneh, 801 N.W.2d 380 (Mich. 2011), the Michigan Supreme Court stayed trial court proceedings including attempts to enforce the order of eviction. quick short term loans uk Concurring Judge Markman stated that the Court of Appeals holding in Residential Funding Co., LLC v. Saurman, 292 Mich. App. 321, 807 N.W.2d… Read more »

D.C. District Court Rules Bank Has Standing in Foreclosure Case

Posted by & filed under 2012, District of Columbia, Downstream litigation, MERS/Bank has standing.

In McCarter v. Bank of New York, 873 F. Supp. 2d 246 (D.D.C. 2012), Plaintiff Homeowner was issued a mortgage loan of $270,000 which was reduced to a Deed of Trust and Promissory Note. Plaintiff then applied for a loan modification, which was later denied and Defendant Bank foreclosed on Plaintiff’s property. Plaintiff sought an… Read more »

D.C. District Court Holds Bank Has Right to Record Deed and Deeds of Trust Previously Unrecorded Due to Clerical Error Not Cured By Original Property Owner

Posted by & filed under 2009, District of Columbia, Downstream litigation.

In Wells Fargo Bank, N.A. v. Wrenn, CIV.A. 08-165 (CKK), 2009 WL 1705692 (D.D.C. June 18, 2009), Wrenn purchased property from Stevens, and Wrenn simultaneously entered into a home mortgage loan transaction, pursuant to which she executed two Promissory Notes and two Deeds of Trust. Wells Fargo was the servicer and legal holder of the… Read more »