Monthly Archives: January 2013
FIRREA as a Mortgage Lending Enforcement Tool
January 9, 2013
by David Reiss
William Johnson of the Fried, Frank law firm has an interesting analysis of enforcement cases that invoke the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) which is unfortunately behind the NYLJ paywall. Johnson discusses the history of … Continue reading
Read MoreSEC Staff Report on Rating Agencies Goes Through The Motions
by David Reiss
The SEC staff report required by Dodd Frank section 939F looks like it is just going through the motions. It is poorly organized and marred by poor analysis. It is unclear what it is trying to achieve, other than complying … Continue reading
Read MoreRepublicans Issue Report Critical of CFPB’s Regulation of Mortgage Markets
January 8, 2013
by David Reiss
The staff of the House’s Committee on Oversight and Government Reform issued a report that argues that the CFPB is “predisposed to limit access to credit;” “will increase regulatory burdens and reduce credit availability;” and has inadequate mechanisms to “detect … Continue reading
Read MoreThe Appellate Division of New York State Supreme Court Holds that Assignee Lenders Must Produce Evidence of MERS’s Authority to Assign Mortgage Notes to Lawfully Conduct a Non-Judicial Foreclosure
by Michael Liptrot
The New York State Supreme Court, Appellate Division, Second Department in Aurora Loan Services v Weisblum, 923 N.Y.S.2d 609 (App. Div. 2011) held that a mortgage lender does not have standing to foreclose if it cannot establish its lawful status … Continue reading
Read MoreOregon District Court Holds that MERS Must Record Every Assignment of Trust Deed to Lawfully Conduct a Non-Judicial Foreclosure
January 7, 2013
by Michael Liptrot
The District Court of Oregon in Hooker v Northwest Trustee Services, Inc., 2011 WL 2119103 (D.Or. May 25, 2011) granted homeowners’ motion for declaratory judgment preventing MERS from continuing with a non-judicial foreclosure proceeding. The court first held that MERS … Continue reading
Read MoreS&P Predicts Residential Mortgage Finance To Improve in 2013
by David Reiss
S&P’s report has a couple of interesting predictions: Although the GSEs (government-sponsored entities, such as Fannie Mae and Freddie Mac) have been vital players in the U.S. mortgage finance market, 2012 was a strong year for mortgage banking, largely because … Continue reading
Read MoreDistrict Court of Arizona Dismisses Homeowners’ 72-Member Complaint, Finding MERS’ Securitization System Consistent with Theories of Real Property Law
by Joseph Kelly
In In re MERS Litigation, the District Court of Arizona dismissed all seventy-two member cases of a multi-district litigation “Consolidated Amended Complaint” (CAC) brought on behalf of numerous homeowners. Plaintiffs alleged defendants, including MERS, had violated various state statutes including … Continue reading
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