Monthly Archives: December 2012
CRL Issues Report on State of Lending
December 12, 2012
by David Reiss
The Center for Responsible Lending has issued a new report, The State of Lending in America and its Impact on U.S. Households. CRL, Cassandra-like, warned of an epidemic of millions of foreclosures at the height of the Subprime Boom, so … Continue reading
Read MoreRetail Trading Comes to Mortgage-Backed Securities
by David Reiss
In a recent paper, Bessembinder et al. look at the implications of FINRA’s proposal to disseminate trade prices for structured products like mortgage-backed securities to the public. They evaluate how price transparency has impacted the corporate bond market and find … Continue reading
Read MoreMERS Must Possess Note or Have Authority to Act on Behalf of Note Holder in Order to Foreclose, According to Massachusetts Supreme Court
December 10, 2012
by Michael Liptrot
In Eaton v Federal National Mortgage Association, 462 Mass. 569 (Mass. 2012), the Supreme Judicial Court of Massachusetts addressed “the propriety of a foreclosure by power of sale undertaken by a mortgage holder that did not hold the underlying mortgage … Continue reading
Read MoreNolan Robinson Argues that MERS Should not be Allowed to Initiate Foreclosure Proceedings in Cardozo Law Review
December 6, 2012
by Gloria Liu
Abstract: Few American homeowners know much about the small, Virginia-based company that has revolutionized the mortgage industry over the past fifteen years. Yet, Mortgage Electronic Registration Systems, Inc. (MERS) is the named mortgagee on nearly two-thirds of all newly originated … Continue reading
Read MoreNew York Supreme Court Holds that MERS Does Not Have Standing to Foreclose if it Does Not Own Both Note and Mortgage
by Gloria Liu
In LaSalle Bank Nat’l Ass’n v. Lamy, 824 N.Y.S.2d 769 (NY S. Ct., 2006), the court held that MERS did not have standing to foreclose because it did not own the note and mortgage. Court reasoned that “well established case authorities … Continue reading
Read MoreMassachusetts Supreme Judicial Court Holds that without a Recordable Assignments, MERS has no Standing
by Gloria Liu
In US Bank National Ass’n v. Ibanez , 2009 WL 3297551, (MA S. Judicial Ct, 2011), the court held that a party lacks standing to foreclose when it holds a mortgage note endorsed in blank and an assignment of the … Continue reading
Read MoreNew York Supreme Court Holds that County Clerks Have a Statutory Duty to Record and Index Mortgages
by Gloria Liu
In Merscorp, Inc. v. Romaine, 861 N.E.2d 8 (NY S. Ct., 2002), court had to decide whether the Suffolk County Clerk was compelled to record and index mortgages, assignments of mortgage and discharges of mortgage, which name MERS as the lender’s … Continue reading
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