Monthly Archives: January 2013
Empirical Evidence of Predatory Steering in the Mortgage Market
January 29, 2013
by David Reiss
Agarwal and Evanoff have released a draft of Loan Product Steering in Mortgage Markets. They sought to determine whether there was empirical support for the frequent anecdotes of credit steering in the literature about predatory lending. They find such support. … Continue reading
Read MoreFederal Reserve Report on the 30 Year Fixed Rate Mortgage
by David Reiss
Fuster and Vickery have posted Securitization and the Fixed-Rate Mortgage, a FRB of NY Staff Report. This paper brings some empirical research to the debate over the proper fate of the 30 year mortgage. Commentators are sharply divided over whether … Continue reading
Read MoreGAO Report on Challenges for Financial Regulatory Reform
January 28, 2013
by David Reiss
The GAO has issued a report, Financial Regulatory Reform: Regulators Have Faced Challenges Finalizing Key Reforms and Unaddressed Areas Pose Potential Risks. The report notes that kolyokbirodalom.hu/site/ A variety of challenges have affected regulators’ progress in executing rulemaking requirements intended … Continue reading
Read MoreNorthern District of Ohio Holds that Mortgage Conveys Beneficial Interest to MERS as Nominee, Mortgagee
by Michael Liptrot
In Meehan v. Mortgage Elec. Registration Sys., Inc., 1:11CV363, 2011 WL 3360193 (N.D. Ohio Aug. 3, 2011), the United States District Court for the Northern District of Ohio held that MERS had a beneficial interest in the property based on … Continue reading
Read MoreSouthern District of Ohio Unable to Determine Lenders’ Standing, Orders Lenders to Submit More Evidence or Have Case Dismissed
January 25, 2013
by Michael Liptrot
In In re Foreclosure Cases, 521 F. Supp. 2d 650 (S.D. Ohio 2007), the United States District Court for the Southern District of Ohio reviewed 27 private foreclosure actions based on federal diversity jurisdiction. In this case, the court was … Continue reading
Read MoreOhio Appellate Court Holds that Lender, as the Real Party in Interest, has Standing to Foreclose
by Michael Liptrot
delaware florida illinois kentucky In Countrywide Home Loans Servicing, L.P. v. Shifflet, 2010-Ohio-1266, the Court of Appeals of Ohio, Third District held that the lender had standing to bring a foreclosure action against the homeowners. The homeowners argued that “MERS, … Continue reading
Read MoreForeclosure = Debt Collection
by David Reiss
The Sixth Circuit ruled in Glazer v. Chase Home Finance LLC, __ F.3d ___ (Case No. 10-3416, Jan. 14, 2013) that “that mortgage foreclosure is debt collection under” the Fair Debt Collection Practices Act. (2) As Glazer indicates, courts have … Continue reading
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