Monthly Archives: February 2013
New Direction for Federal Housing Policy? Finally!
February 26, 2013
by David Reiss
The Bipartisan Policy Center has released Housing America’s Future: New Directions for National Policy. The Wall Street Journal reported (behind a paywall) that the report represents a “behind-the-scenes effort to jumpt-start the debate over Fannie’s and Freddie’s future . . … Continue reading
Read MoreRegulating the Distribution of Home Equity
February 25, 2013
by David Reiss
Ian Ayres and Joshua Mitts have posted Three Proposals for Regulating the Distribution of Home Equity which brings welcomed attention to the systemic risk implications of consumer protection regimes. In particular, they argue that the proposed Qualfied Residential Mortgage “rules … Continue reading
Read MoreMichigan Court of Appeals Holds that Bank has Standing to Foreclose on Mortgaged Property Because the Bank was Validly Assigned Property Owners’ Mortgage and thus was the Record Holder of the Mortgage
by Robert Huberman
In Hargrow v. Wells Fargo Bank N.A., 491 F. App’x 534 (6th Cir. 2012), the United States Court of Appeals in Michigan held that Wells Fargo Bank had standing to foreclose upon the mortgaged property. Mary and M.L. Hargrow bought … Continue reading
Read MoreMassachusetts District Court Holds that MERS, as Mortgagee and Nominee for Lender, has Authority to Assign Mortgage
by Michael Liptrot
The court in Rosa v. Mortg. Elec. Sys., Inc., 821 F. Supp. 2d 423 (D. Mass. 2011) held that the assignee bank had standing to foreclose on the homeowners. The homeowners argued that the bank did not have standing because … Continue reading
Read MoreThe California Court of Appeal holds that MERS may Foreclose on Homeowner’s Property Because an Assignee does not Have to Record an Assignment when the Power of Sale is Conferred in a Deed of Trust Rather than a Mortgage
February 24, 2013
by Robert Huberman
In Calvo v. HSBC Bank USA, N.A., 199 Cal. App. 4th 118, 130 Cal. Rptr. 3d 815 (2011), the California Court of Appeal held that MERS had the statutory right to foreclose on behalf of lender’s assignee because an assignee … Continue reading
Read MoreOhio Court of Appeals Holds that the Note Follows the Mortgage Where Intent of Parties is Clear
by Michael Liptrot
In Bank of New York v. Dobbs, 2009-Ohio-4742, the court found that the Bank of New York (Bank) had standing to bring a foreclosure action against the homeowners. In this case, Countrywide Home Loans (Countrywide) was the original note holder, … Continue reading
Read MoreUtah District Court Holds that Consent Is Not Required for Lender to Assign Interest to MERS and that the Note and Deed of Trust Are Still Valid After Securitization; Court Holds TILA Claims Are Time Barred
February 22, 2013
by Justin Rothman
In Witt v. CIT Group/Consumer Finance Inc., No. 2:10 CV 440 TS, 2010 WL 4609368 (D. Utah Nov. 5, 2010), the United States District Court of Utah granted Defendants’ motion to dismiss Plaintiffs’ claims. On September 30, 2002, Plaintiffs executed … Continue reading
Read More
