Monthly Archives: February 2013
Idaho Bankruptcy Court Rules Banks/MERS Lacked Authority to Transfer Notes
February 18, 2013
by Rafe Serouya
In In re WIlhem, 407 B.R. 392 (Bankr. D. Idaho 2009), the Idaho Bankruptcy Court, ruling in 5 similar cases, held that movant banks lacked standing to seek stay relief, and therefore, denied their motions. Movants did not demonstrate possession of the … Continue reading
Read MoreNorth Carolina Appellate Court Finds for Home Owners, Concluding Bank Did Not Produce Sufficient Evidence of Assignment
February 17, 2013
by Joseph Kelly
In In re Adams, 204 N.C. App. 318, 693 S.E.2d 705 (2010) the Court of Appeals of North Carolina overturned the Superior Court and held that the alleged holder (Nationwide), while not required to present the original note and deed, … Continue reading
Read MoreDistrict Court of North Dakota Finds MERS has Standing to Foreclose, Rejects All Twelve of Plaintiff’s Challenges
by Joseph Kelly
In Bray v. Bank of Am., 1:09-CV-075, 2011 WL 30307 (D.N.D. Jan. 5, 2011) appeal dismissed, 435 F. App’x 571 (8th Cir. 2011), the court denied plaintiff’s ten motions, including his motion for summary judgment, and granted defendants’, Bank of … Continue reading
Read MoreCalifornia’s S&P Suit
February 15, 2013
by David Reiss
The California complaint follow on the heels of the DoJ complaint but it hangs its hat on an aggressive theory — that S&P’s ratings violate California’s False Claims Act. While I do not yet have an opinion about whether that … Continue reading
Read MoreThe Michigan District Court holds that Aurora Bank has Standing to Foreclose on Homeowners’ Property
by Robert Huberman
In Horton v. Aurora Bank FSB, 1:12-CV-365, 2012 WL 3307451 (W.D. Mich. Aug. 13, 2012), the Michigan District Court granted Defendants’ motion to dismiss Aaron and Suzanne Hortons’ claims. In January 2007, the Hortons purchased property and executed a promissory note, … Continue reading
Read MoreMisleading CoreLogic Report on Qualified Mortgage Rules
February 14, 2013
by David Reiss
The Wall Street Journal reported (behind its paywall) uncritically on a recently released CoreLogic report about the supposed impact of the new Qualified Mortgage rules issued last month by the CFPB on the mortgage market. The report is very flawed. … Continue reading
Read MoreRhode Island Superior Court Rejects Plaintiff’s Challenge of the Validity of MERS’s Assignment
by Karl Dowden
In Cafua v. Mortgage Electronic Registration Systems, et al., C.A. No. PC 2009-7407, (R.I. Super. June 20, 2012), the plaintiff alleged defaults in the foreclosure process prevented the foreclosing party (HSBC) from having the statutory power of sale. Specifically, the … Continue reading
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