Posts filed under “Credit”
Looks like the Bankruptcy Courts in San Diego are challenging
parties far removed from the original mortgage to provide actual proof
that they own the mortgage, and have standing to engage with the
Kenneth Andrews, a California attorney who also runs the blog San Diego Predatory Lending,explains:
"One of our lawyers was sitting in court waiting on a hearing and heard what happened. This was a relief from stay motion. Something the lender has to do to proceed on a bk. The motion was unopposed meaning the debtor did not defend it. THE JUDGE DID THIS ON HER OWN!!!!. The lawyers fell off the bench when they heard it.
We are now going to oppose every relief from stay if the names on the mortgages don’t match the parities filing in court. Same as the Boyko case in Ohio but in an NON-Judicial foreclosure state.
EVEN BIGGER though is that if the lender has not perfected their lien when the bk is filed, we can avoid it. Meaning they lose their security and stand in line with the rest of the unsecured creditors. The debtors get a 75k homestead that stands in front of the now unsecured lender.
This is a huge problem for securitized mortgages."
No more legal paper free ride — the parties must prove they are a successor in interest to the original mortgage.
Here is the ruling (PDF below).
If you can’t read that:
MOVANT HAS FAILED TO PROVIDE EVIDENCE THAT IT IS ENTITLED TO BRING MOTION
ORIGINAL NOTE AND DEED OF TRUST IN NAME OF MORTGAGE LENDER USA AND NOT MOVANT
NO EVIDENCE OF ASSIGNMENT TO MOVANT
This is becoming bigger and bigger story.
A tale of two headlines:
Won’t someone please explain this to me?
How is it possible that the regions of the world with strong currencies — like Europe, U.K., Australia, and Canada — are having inflation problems. And yet at the same time, the nation having a record low currency — i.e., the United States and our Dollar — doesn’t seem to either inflationary pressures (At least according to official CPI data). And we seem to have little concern about further currency induced price increases.
Am I the only person who finds this incongruent?
If Goldman Sachs is correct, and the Fed does eventually cut rates to 3% — what might that mean for various dollar priced commodities like Oil & Gold?
Probably very little — if (and this is a big IF) we are in the throes of a recession. But what if the Bulls are right, and this is merely a mild mid cycle correction?
A 3% Fed rate could mean Oil at $150 and Gold at $1200.
Excerpts after the jump . . .
Inflation fears hit eurozone
By Ralph Atkins in Frankfurt and Krishna Guha in Washington
FT, November 27 2007 18:02
Goldman Sees Funds Rate Cut to 3%
WSJ, November 27, 2007, 9:26 am