Monthly Archives: January 2013
Texas Case Distinguishes Between a Holder and an Owner of Promissory Notes
January 10, 2013
by Karl Dowden
In Martin v. New Century Mortgage Company, et al., 2012 Tex. App. Lexis 4705 (Houston 1st Court of Appeals, June 14, 2012), the plaintiffs executed a deed of trust and promissory note with New Century Mortgage Corporation. The deed of … Continue reading
Read MoreCFPB Releases Ability-To-Repay and Qualified Mortgage Final Rules
by David Reiss
The CFPB has released the final rules relating to ability-to-repay and Qualified Mortgages. The CFPB’s Summary is currently available. The big news is that qualified mortgages do NOT have a minimum down payment requirement. This was a very big bone … Continue reading
Read MoreWaiver and Equitable Estoppel Argument Rejected by Texas Court
by Karl Dowden
The federal Court of Appeals in Texas affirmed a district court’s dismissal of the plaintiff’s claims in Wigginton v. Bank of New York Mellon, et al., No. 12-10136, (5th Cir. 2012). Two weeks after two default notices were sent to … Continue reading
Read MoreGeneral Challenge to MERS Rejected by Texas Federal District Court
by Karl Dowden
The United States Southern District Court of Texas defended MERS in Richard v. CIT Group, et al., No. H-12-848 (S.D. Tex Jul. 21, 2012). The plaintiff’s attorney challenged the standing of the defendants and the use of MERS. The plaintiff … Continue reading
Read MoreS&P Is Optimistic That Residential Mortgage Market Is Rising From Bottom
by David Reiss
S&P’s Outlook Assumptions for the U.S. Residential Mortgage Market support our view of loss projections on an archetypical mortgage loan pool (see description in section IV). The base-case loss projection of 0.5% for U.S. prime mortgage loan pools, incorporates our … Continue reading
Read MoreNew York Supreme Court Holds that Assignee Banks Must Produce Evidence of MERS’s Authority to Assign in Order to Have Standing to Foreclose
January 9, 2013
by Michael Liptrot
The New York Supreme Court of Kings County in Bank of New York v. Alderazi, 28 Misc. 3d 376 (Sup. Ct. 2010) held that a foreclosing bank, as assignee, does not have standing to bring a foreclosure action if it … Continue reading
Read MoreScheindlin Allows More Fraud Claims Against Rating Agencies To Go To Trial
by David Reiss
Judge Scheindlin (SDNY) has ruled that investors can proceed with their fraud claims against the big three rating agencies for giving a top rating to a SIV. There are no surprises in this opinion as it tracks the reasoning of … Continue reading
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