New York Court Finds Chase Had the Right to Enforce the Loan

Posted by & filed under 2013, Downstream litigation, Downstream litigation by date, Downstream litigation by state, Downstream litigation commentary, Foreclosures, MBS industry, MERS/Bank has standing, New York.

The court in deciding Beka Realty LLC v JP Morgan Chase Bank, N.A., 41 Misc. 3d 1213(A) (N.Y. Sup. Ct. 2013) ultimately granted Chase’s motion for an order dismissing plaintiff’s claims. Beka Realty LLC (plaintiff) brought an action against defendant JP Morgan Chase Bank, N.A. (Chase) for a judgment declaring that the enforcement or foreclosure… Read more »

New York Appellate Court Holds that Plaintiff Bank Did not Have Standing as Mortgage Holder

Posted by & filed under 2013, Downstream litigation, Downstream litigation by state, MERS/Bank lacks standing, New York, Note ownership litigation.

The New York State Appellate Division, Second Department in Midland Mortg. Co. v. Imtiaz, 110 A.D.3d 773 (2d Dept. 2013), held that the Plaintiff did not have standing to initiate the action because it failed to establish its status as the mortgage-holder in the case. The Plaintiff, Midland Mortgage Company (“Midland”), filed an action on… Read more »

Supreme Court of New York Grants Plaintiff’s Motion to Dismiss and Denied Defendant’s Cross-Motion

Posted by & filed under 2013, Downstream litigation, Downstream litigation by date, Foreclosures, MBS industry, New York.

The court in deciding Bank of N.Y. Mellon v Arthur, 2013 N.Y. Misc. LEXIS 4875, 2013 NY Slip Op 32625(U) (N.Y. Sup. Ct. Oct. 23, 2013) granted the plaintiff’s motion to dismiss and denied the defendant’s [Arthur] cross-motion. The Plaintiff commenced a foreclosure of a mortgage. Plaintiff moved for an order: (i) pursuant to CPLR… Read more »

Another Federal Judge Can’t Take It Anymore

Posted by & filed under 2013, New York.

Magistrate Judge Brown (EDNY) issued a memorandum and order in Pandit v. Saxon Mortgage Services, Inc., CV 11-3935 (June 5, 2013) that reflects, to my mind, judicial frustration with mortgage industry companies.  This frustration arises, no doubt, from the many frequent of shockingly bad behavior by such companies. Pandit concerned a mortgage that the plaintiffs… Read more »

Show Me The Note, NY Style

Posted by & filed under Downstream litigation commentary, MERS/Bank lacks standing, New York, Note ownership litigation.

Steiner, Goldstein & Sohn published a short article in the New York Law Journal, Clearing The Confusion:  Misplaced Notes and Allonges (Sept. 18, 2012) (behind a paywall). While intended to address commercial real estate finance, it relies on an interesting residential real estate finance case, Bank of N.Y. Mellon v. Deane, 2013 Slip Op. 23244… Read more »

U.S. District Court for the Eastern District of New York Rules That a Party Perfects its Security Interests in Disputed Loans by Taking Possession of the Notes as Opposed to Recording the Mortgage Assignments, Pursuant to UCC Article 9

Posted by & filed under 2007, Downstream litigation, New York, Note ownership litigation.

In Provident Bank v. Community Home Mortgage Corp., 498 F.Supp.2d 558, 558 (E.D.N.Y. 2007) the U.S. District Court for the Eastern District of New York ruled in favor of intervenor-plaintiff NetBank, granting its cross motion for summary judgment against intervenor-plaintiff, Southwest Securities Bank (herein described as Southwest) in a dispute regarding conflicting recorded mortgage assignments… Read more »