Monthly Archives: February 2013
Ohio Court Holds that a Bank Cannot Cure Lack of Standing by a Subsequent Mortgage Assignment
February 21, 2013
by Abigail Pugliese
In Wells Fargo Bank, Nat’l Assoc. et al. v. Byrd, 897 N.E.2d 722 (Ohio Ct. App. 2008), the Court of Appeals ruled that Wells Fargo (the “Bank”) lacked standing because it commenced a foreclosure action before executing a mortgage assignment. … Continue reading
Read MoreOhio Appellate Court Holds that Bank Lacks Standing Because It Commenced a Foreclosure Action Before Mortgage Was Assigned to Bank
by Abigail Pugliese
In Wells Fargo Bank, N.A. v. Jordan, No. 91675, 2009 WL 625560 (Ohio Ct. App. March 12, 2009), the Ohio Court of Appeals ruled that the trial court erred in granting summary judgment, because Wells Fargo (the “Bank”) was not … Continue reading
Read MoreAsset Quality Misrepresentation in RMBS Market
February 20, 2013
by David Reiss
Piskorski, Seru & Witkin have posted Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market, in which they “identify misrepresentations by comparing the characteristics of mortgages in the pool that were disclosed to the investors at the time of … Continue reading
Read More1st Circuit Holds that MA Borrowers Can Challenge Mortgage Assignments
February 19, 2013
by David Reiss
A First Circuit panel (including Justice Souter) ruled that under Massachusetts law, “a mortgagor has standing to challenge a mortgage assignment as invalid, ineffective, or void (if, say, the assignor had nothing to assign or had no authority to make … Continue reading
Read MoreEastern District of North Carolina Requires Homeowners to Allege Ability to Fully Tender Outstanding Balance of Loan to State a Claim for Rescission Under TILA, Dismisses All Other Claims
by Joseph Kelly
In Ward v. Sec. Atl. Mortg. Elec. Registration Sys., Inc., 858 F. Supp. 2d 561 (E.D.N.C. 2012), appeal dismissed (May 30, 2012) the Eastern District of North Carolina granted defendants’ motion to dismiss claims brought against them by borrowers for … Continue reading
Read MoreUtah District Court Holds that Plaintiff’s TILA Claims Are Time-Barred and that MERS Does Not Need to Possess the Note in Order to Appoint a Trustee or Authorize a Trustee to Foreclose
by Justin Rothman
In Rhodes v. Aurora Loan Services, No. 2:10 CV 00230 TC, 2010 WL 3219310 (D. Utah Aug. 13, 2010), the United States District Court of Utah granted Defendants’ motion to dismiss Plaintiff’s claims. In October 2006, Plaintiff refinanced the … Continue reading
Read MoreUtah District Court Holds that MERS has Authority to Initiate Non-Judicial Foreclosure and to Assign Beneficial Interest
by Justin Rothman
In Burnett v. Mortgage Electronic Registration Systems, Inc., No. 1:09 CV 00069 DAK, 2009 WL 3582294 (D. Utah Oct. 27, 2009), the United States District Court of Utah held that Mortgage Electronic Registration Systems, Inc (“MERS”) had authority to initiate … Continue reading
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