Monthly Archives: March 2013
Borden and Reiss on Dearth of Prosecutions for Mortgage Misrepresentations
March 21, 2013
by David Reiss
We published Cleaning Up the Financial Crisis of 2008: Prosecutorial Discretion or Prosecutorial Abdication? (paywall) today in the BNA Criminal Law Reporter. (You can also get a copy on SSRN or BEPress). It builds on things we have said here and … Continue reading
Read MoreTexas District Court Found that Bank Had Standing because it had Promissory Note and Affidavit
March 20, 2013
by Gloria Liu
In Santarose v. Aurora Bank FSB, No. H-10-0720 (S.D. Texas 2010), homeowners alleged wrongful foreclosure. The homeowner executed a promissory note in connection with a purchase money loan from Lehman Brothers Bank. The homeowners executed a deed of trust securing the payment … Continue reading
Read MoreWashington District Court Holds that if MERS has a Beneficial Interest, the Designee can Initiate Foreclosure
by Gloria Liu
In Daddabbo et al v. Countrywide Home Loans, No. C09‐1417‐RAJ, 2010 WL 2102485 (W.D. Wash. May 20, 2010), the court found that MERS had a beneficial interest in the note that the deed of trust secures. The court rejected the … Continue reading
Read MoreWashington District Court Held that MERS was Properly a Beneficiary
by Gloria Liu
In Vawter v. Quality Loan Service Corp. of Washington, 707 F.Supp.2d 1115 (W.D. Wash. Apr. 22, 2010), the court dismissed the homeowner’s claim on the basis that MERS was properly a beneficiary and entitled to effect sale of defaulted‐upon property. … Continue reading
Read MoreWisconsin Appellate Court Hold that Note and Mortgage are Both Transferred when Assignment is Made
by Gloria Liu
reports they will discuss In Countrywide Home Loan Servicing, LP v. Rohlf, No. 2009‐AP‐2330, 2010 WL 4630328 (Wis. App. Nov. 17, 2010), the court distinguished the decision of Landmark v. Kesler and held that the note and the mortgage are … Continue reading
Read MoreA Bransten Trio Join Judicial Chorus on Misrepresentation
by David Reiss
Justice Bransten, a judge in the Commercial Division of the N.Y. S. Supreme (trial) Court, issued three similar decisions last week denying motions to dismiss lawsuits by Allstate over its purchase of hundreds of millions of dollars of MBS. The … Continue reading
Read MoreReiss on CFPB’s New Escrow Rules
March 19, 2013
by David Reiss
The CFPB Journal interviewed me here about the new five year escrow requirement for Higher-Priced Mortgage Loans (HPMLs): According to David Reiss, professor of law at Brooklyn Law School, the text of the Dodd-Frank Act itself requires the five-year escrow … Continue reading
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