Imposing Order on Recording Chaos

Posted by & filed under Downstream litigation commentary, Foreclosures, MBS industry commentary, Regulation, State and local tax matters, Uncategorized.

Dale Whitman has posted A Proposal for a National Mortgage Registry: MERS Done Right. This is great timing because he will be touching on some of the issues raised in this article in tomorrow’s webinar. His proposal for a national mortgage registry also shares things in common with elements of Adam Levitin‘s recent proposal. Whitman’s… Read more »

Ain’t Misrepresentin’

Posted by & filed under MBS industry commentary, MBS offering materials and documents, Media Coverage, Upstream litigation commentary.

According to Wikipedia, the performers in the musical Ain’t Misbehavin’ “present an evening of rowdy, raunchy, and humorous songs that encapsulate the various moods of the era and reflect” a “view of life as a journey meant for pleasure and play.” In U.S. RMBS Roundtable: Arrangers And Investors Discuss The Role Of Representations And Warranties… Read more »

State of the Nation’s Housing 2013: Build It and They Will Come

Posted by & filed under Federal Housing Finance Agency, MBS industry, MBS industry commentary, Regulation, Statistical studies.

The Joint Center for Housing Studies of Harvard University released The State of the Nation’s Housing 2013.  As always there is much of interest in this annual report. I was particularly intrigued by Figure 21 on page 20, “The Government Continues to Have an Outsized Footprint in the Mortgage Market.” The report states Despite efforts… Read more »

Massachusetts District Court Limits Massachusetts Supreme Court’s Broad Holding From Ibanez By Limiting Challenges to Assignments

Posted by & filed under 2011, Downstream litigation commentary, Downstream litigation media coverage, Foreclosures, Massachusetts, MBS industry commentary.

In Aliberti v. GMAC Mortgage, LLC, 779 F.Supp.2d 242 (D.Mass.2011), the plaintiff homeowner relied on the seemingly broad-reaching holding handed down by the Massachusetts Supreme Court in U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011). On facts similar to Ibanez the plaintiff challenged the assignment from MERS to GMAC, thus… Read more »

The Potentially Far Reaching Affects of The Ibanez Holding on Foreclosure Proceedings

Posted by & filed under 2011, Downstream litigation, Foreclosures, Massachusetts, MBS industry commentary, Media Coverage, MERS/Bank lacks standing, Note ownership litigation.

The holding in U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011) potentially may have far reaching affects on foreclosure litigation outcomes across the nation. Although a state case, Ibanez has national implications for several reasons; the Massachusetts Supreme Court is one of the most respected state supreme courts in the country,… Read more »

Careful When Putting Shoe on Other Foot

Posted by & filed under Bankruptcy litigation, Downstream litigation, Downstream litigation commentary, Foreclosures, MBS industry, MBS industry commentary.

Nestor Davidson has posted a very useful article to SSRN, New Formalism in the Aftermath of the Housing Crisis.  The article notes that as “borrower advocates have responded to [the] surge in mortgage distress, they have found success raising a series of largely procedural defenses to foreclosure and mortgage-related claims asserted in bankruptcy.” (391) Davidson… Read more »

Untrustworthy?

Posted by & filed under Downstream litigation commentary, Foreclosures, MBS industry, MBS industry commentary.

John Campbell has posted an abstract (and hopefully soon a draft) of Putting the ‘Trust’ in Trustees: An Examination of the Foreclosure Crisis and Suggestions for Reforming the Role of the Trustee. The draft itself proposes legislation for non-judiical foreclosure jurisdictions “that would make trustees real gatekeepers who require essential proofs, ask basic questions, and… Read more »