Monthly Archives: April 2013
S&P Seeking Dismissal of Suit
April 23, 2013
by Gloria Liu
In the wake of the 2008 Financial Crisis, Standard & Poor’s (S&P) has been accused of inflating its ratings to win business during the boom in mortgage investments. The Justice Department brought civil fraud charges accusing S.& P of knowingly giving complex … Continue reading
Read MoreBounced Mortgage Relief Checks
by Gloria Liu
In February, federal banking regulators reached a $9.3 billion pact with 13 major lenders to settle claims of foreclosure abuses like bungled loan modification and flawed paperwork. Under the deal, homeowners can receive up to $125,000 in cash relief. Unfortunately, as … Continue reading
Read MoreCherry Bombs in Michigan
April 22, 2013
by David Reiss
An ongoing Michigan state case, Wells Fargo Bank, N.A. v. Cherryland Mall L.P. et al., has been generating a lot of heat over an obscure but important issue for commercial mortgage borrowers, the scope of carveouts from standard nonrecourse provisions … Continue reading
Read MoreRobo-Signing Complaints Must Sing A Different Toone
April 19, 2013
by David Reiss
The Court of Appeals for the 10th Circuit took a hard look at a complaint alleging robo-signing misbehavior relating to a promissory note and its various endorsements in Toone v. Wells Fargo Bank, N.A. et al., (Mar. 8, 2013, No. 11-4188). … Continue reading
Read MoreJudiciary’s Take on the Subprime Zeitgeist
April 18, 2013
by David Reiss
The 2nd Circuit’s opinion in FHFA v. UBS Americas Inc. et al. (April 5, 2013, No. 12-3207-cv) offers an interesting window into how at least some members of the judiciary understand the Subprime Crisis. On its face, the case was … Continue reading
Read MoreWashington State Court Holds that Defendants Could Not Challenge Chase’s Authority to Foreclose During an Unlawful Detainer Action
by Justin Rothman
In JPMorgan Chase Bank, N.A. v. Pace, 163 Wash.App 1017 (2011), the Court of Appeals of Washington affirmed a lower court’s ruling granting Plaintiff summary judgment. In the case at hand, Defendants owned real property in Washington. In February 2005, … Continue reading
Read MoreAre Baby Steps Enough for Fannie and Freddie?
April 17, 2013
by David Reiss
S&P issued a research report, The Implementation Of The FHFA’s Plan For Fannie Mae And Freddie Mac Still Has A Long Way To Go. The report addresses a number of recent events that will impact any reform program for the … Continue reading
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