Monthly Archives: January 2013
New Jersey Appellate Division Finds Bank of New York Does Not Have Standing to Prosecute Foreclosure Action
January 12, 2013
by Joseph Kelly
quick cash loans $10000 In Bank of New York As Tr. For Certificate Holders CWABS, Inc. v. Cupo, A-1212-10T2, 2012 WL 611849 (N.J. Super. Ct. App. Div. Feb. 28, 2012) the Appellate Division of the Superior Court of New Jersey … Continue reading
Read MoreBefore The Next Crisis: Now’s The Time to Rethink The Martin Act
January 11, 2013
by David Reiss
The Martin Act, New York State’s far-reaching securities fraud statute, has been a powerful tool for New York law enforcement officials to pursue wrongdoing by financial institutions. It has a broad definition of fraud and a long statute of limitations. … Continue reading
Read MoreNew York Supreme Court, Appellate Division Holds that Assignee Bank Lacks Standing to Foreclose for Failure to Provide Evidence of Valid Note Assignment
by Michael Liptrot
In Bank of New York v Silverberg, 86 A.D.3d 274 (2d Dept. 2011), the court stated, “[t]he principal issue ripe for determination by this Court . . . is whether MERS, as nominee and mortgagee for purposes of recording, can … Continue reading
Read MoreNew York Times Criticizes $8.5b Foreclosure Settlement
by Michael Liptrot
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 … Continue reading
Read MoreAlabama District Court Continues to Uphold Enforceability of Mortgages Despite Split of Note and Mortgage
January 10, 2013
by Gloria Liu
In Brooks v. Freddie Mac, 2011 WL 3794683 (AL District Court, 2011), the court held that once a mortgage is assigned to another, foreclosure action is not attributed to the assignor. Therefore, when MERS assigned its interest to another party, the … Continue reading
Read MoreAlabama District Court Finds that MERS had Standing to Foreclose Absent Showing of Fraud and Breach of Good Faith
by Gloria Liu
In Mortensen v. MERS, 2010 WL 5376332 (AL Distr. Ct, 2010), the court did not find that refusal to modify a mortgage obligation constituted a breach of good faith and dealing. The court also held that that there was no fraud or … Continue reading
Read MoreNew York Supreme Court Holds that Assignee Bank Lacks Standing to Foreclose for Failure to Validate MERS’s Authority to Assign and Condemns Frivolous Conduct Relating to “Robosigning”
by Michael Liptrot
In HSBC Bank v Taher, 32 Misc. 3d 1208(A) (Sup. Ct. 2011), the New York Supreme Court of Kings County held that an assignee bank conducting a foreclosure action must submit proof of the assignor’s authority to assign the mortgage, … Continue reading
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