REFinBlog

July 31, 2013

Court Holds That MERS Assignment, in Isolation, Could Not Prove Ownership

The court deciding In Re Wilhelm (Case No. 06-51747) was faced with the issue of when actual notes prove that the note’s chain of ownership is unclear. In reaching their decision the court found that in such a situation, the … Continue reading →

July 30, 2013

Nevada Court Finds MERS Lacked Standing to Bring Foreclosure Action as it Failed to Establish Itself as a Real Party in Interest and Failed to Provide Sufficient Evidence of it Authority

In MERS v. Chong, No. 09-661 (D. Nev. 2011) the court affirmed the order from the bankruptcy court holding that MERS lacked standing to bring an action. In the underlying bankruptcy action, MERS filed its motion for relief from stay, … Continue reading →

June 13, 2013

The Potentially Far Reaching Affects of The Ibanez Holding on Foreclosure Proceedings

The holding in U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011) potentially may have far reaching affects on foreclosure litigation outcomes across the nation. Although a state case, Ibanez has national implications for several reasons; the … Continue reading →

Massachusetts Supreme Court Affirms Lower Court’s Judgment in Favor of Plaintiff Who Claimed the Bank Pursuing Foreclosure on His Property, Lacked Legal Standing to Do So

In U.S. Bank National Ass’n v. Ibanez, 458 Mass. 637, 941 N.E.2d 40 (2011), the Massachusetts Supreme Court affirmed a lower court’s ruling in favor of a plaintiff who alleged that the bank pursuing foreclosure on his property had no … Continue reading →

June 7, 2013

Mass. Appeals Court Applies Eaton Retroactively

The intermediate appeals court of Massachusetts applied Eaton retroactively in Lyons v. MERS et al., 11-P-560 (June 5, 2013) notwithstanding the Mass. Supreme Court’s holding that Eaton would only apply prospectively. Eaton held that “a mortgagee may foreclose under a … Continue reading →

June 6, 2013

REMIC Armageddon on the Horizon?

Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs.  This would have massively negative tax consequences for MBS … Continue reading →

May 10, 2013

Bankruptcy Court for the District of Massachusetts Finds Bank had Failed to Prove it was Present Title Holder of the Mortgage, Denies Relief from Automatic Stay

In In re Moreno, 08-17715-FJB, 2010 WL 2106208 (Bankr. D. Mass. May 24, 2010), the Bankruptcy Court for the District of Massachusetts found that creditor/Property Asset Management, Inc. (“PAM”) had failed to prove its burden that it had standing to … Continue reading →