Monthly Archives: February 2013
Utah District Court Holds that MERS Has Authority to Initiate Non-Judicial Foreclosure and Does Not Need to Possess a Note to Appoint a Trustee; Court Holds that TILA Rescission Claim Was Insufficient
February 22, 2013
by Justin Rothman
In McGinnis v. GMAC Mortgage Corporation, No. 2:10 CV 00301 TC, 2010 WL 3418204 (D. Utah Aug. 27, 2010), the United States District Court of Utah granted Defendants’ motion to dismiss Plaintiff’s claims. On June 21, 2007, Plaintiff obtained a … Continue reading
Read MoreMichigan Supreme Court holds that MERS has Standing to Foreclose on Homeowner’s Property by Advertisement
by Robert Huberman
In Residential Funding Co., L.L.C. v. Saurman, 490 Mich. 909, 805 N.W.2d 183 (2011), the Michigan Supreme Court held that under Michigan law, mortgagees of record could commence foreclosures-by-advertisement. Saurman and Messner purchased property and obtained financing from a financial … Continue reading
Read MoreDo Foreclosures Cause Crime?
by David Reiss
The Furman Center says yes. The Center conducted an empirical study in New York City and found that “foreclosure activity appears to be linked to subsequent crime” if “there have been three or more foreclosure notices issued on a blockface.” … Continue reading
Read MoreU.S. Bankruptcy Court in Kentucky Holds MERS Valid Nominee of Mortgage, Had Authority to Assign Mortgage, and Lender Properly Assigned Note to Citi
by Max Feder
In In re Jessup, 2010 WL 2926050, the U.S. Bankruptcy Court for the Eastern District of Kentucky (“Court”) denied the bankruptcy trustee’s (“Trustee”) motion for summary judgment in a suit to set aside Defendants’ mortgage lien against the bankruptcy debtors’ … Continue reading
Read MoreKentucky Court of Appeals Holds that Bank Lacked Standing Because it did Not Obtain an Interest in the Note Until after Commencing the Foreclosure Action
by Max Feder
In Morgan v. HSBC Bank USA, NA, 2011 WL 3207776 (Court of Appeals of KY, 2011), the Court of Appeals of Kentucky reversed the trial court’s judgment as a matter of law that HSBC Bank USA, NA (“HSBC”) had standing … Continue reading
Read MoreThe GAO’s Take on The FHA
by David Reiss
The Government Accountability Office issued an update to its 2013 HIGH-RISK SERIES. It had this to say about the Federal Housing Administration: a new challenge for the markets has also evolved as the decline in private sector participation in housing … Continue reading
Read MoreReiss on Qualified Mortgages and Fair Housing
by David Reiss
Law360 ran Banks Fear CFPB Rule Could Spur Fair Lending Fights (behind a paywall) which asked for my thoughts: banks may be getting a bit ahead of themselves when it comes to worrying about how the fair lending law will … Continue reading
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