- The U.S. Government Accountability Office released “Troubled Asset Relief Program (TARP) Report,” showing the Treasury’s participation for TARP housing programs.
- The Center on Budget and Policy Priorities released a report on SNAP Benefits, or what used to be known as food stamps, finding that between 500,000 and one million people will no longer received these benefits in 2016.
- A report from Joseph A. Smith found that JPMorgan Chase has fulfilled its obligations under the required $4 billion 2013 Residential Mortgage-Backed Securities Settlement.
The court in deciding 1250 Oceanside Partners v. Katcher, 2013 Bankr. (D. Haw. 2013) recommended that the district court enter a decree of foreclosure in favor of the debtor.
The debtor in possession of 1250 Oceanside Partners sought to enforce a promissory note and foreclose a mortgage made by defendants, the Katchers. Oceanside sought summary judgment, the Katchers argued that the court lacked jurisdiction, that Oceanside was not entitled to foreclose, and that if it was entitled to foreclose, it was not entitled to a deficiency judgment.
The court found that there was no dispute as to any material fact and that Oceanside was entitled to foreclose on the property, but it was not entitled to a deficiency judgment against the Katchers at this stage in the litigation.
The court held that the debtor had standing to enforce the note and mortgage under Haw. Rev. Stat. § 490:3-301(ii) even though it was a non-holder, as it was in possession of the note and had the rights of a holder. The court also found that the mortgagors’ defenses to foreclosure were based entirely on debtor’s failure to develop a project as the purchase contract required, but the terms of the purchase contract provided that the mortgagors’ claims against debtor would be decided separately from debtor’s foreclosure claims. Moreover, the debtor’s claim for a deficiency judgment related to monetary damages or costs and thus, was subject to arbitration under the agreement.