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 »

Pre-Closing Credit Checks

Posted by & filed under MBS industry, Media Coverage, Uncategorized.

Since 2010, Fannie Mae has required lenders to recheck a borrower’s credit right before closing the mortgage. It is advised that borrowers not do anything that might affect their financial status quo until the mortgage has been closed. For example, purchasing a $3000 flat-screen television on a new credit card account may cause the loan… Read more »

Massachusetts District Court Interprets Ibanez Narrowly in Deciding That Plaintiff-Homeowner Lacked Standing to Challenge Bank’s Standing to Foreclose

Posted by & filed under 2011, Downstream litigation, Downstream litigation media coverage, Foreclosures, Massachusetts, Media Coverage, MERS/Bank has standing, Note ownership litigation, State and local tax matters.

This action arose out of an attempted foreclosure by defendant Aurora Loan Services on plaintiff David Kiah’s property. Based on the recent holding from U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011), Kiah sought a declaratory judgment to make the “mortgage on record legally null and void.” The Massachusetts District… 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 »

Bounced Mortgage Relief Checks

Posted by & filed under Foreclosures, MBS industry, Media Coverage.

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 some of the 1.4 million homeowners entitled to settlement funds went to go cash their… Read more »

Misleading CoreLogic Report on Qualified Mortgage Rules

Posted by & filed under CFPB, MBS industry, MBS industry commentary, Media Coverage, Regulation, Statistical studies.

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. The report states that “the issuance of final Dodd-Frank related regulations now underway represent a… Read more »

New York Times Criticizes $8.5b Foreclosure Settlement

Posted by & filed under Media Coverage.

The New York Times published a story announcing an $8.5 billion settlement with 10 major banks to settle about four million foreclosure actions. The money will be split in two, with $3.3 billion going directly to 3.8 million homeowners, and the rest going towards lowering interest payments and loan amounts. The settlement is controversial, however,… Read more »