Posts filed under “Taxes and Policy”

More Trouble for Mortgage Securitizers?

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
homeowners.

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).

Bankrutpcy_ruling

PDF: Calderon_rfs_order.pdf

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.

Category: Credit, Real Estate, Taxes and Policy

Treasury Plan to Freeze Mortgage Rates

Category: Credit, Derivatives, Economy, Psychology, Real Estate, Taxes and Policy

No Conspiracy Theory — Just Data

Category: Data Analysis, Psychology, Taxes and Policy

US Leading Global R&D Spending

Category: Corporate Management, R&D, Taxes and Policy

The Abysmal Track Records of Moody’s, Fitch and S&P

Category: Credit, Derivatives, Real Estate, Taxes and Policy

How Sick the Dollar?

Category: Currency, Politics, Psychology, Taxes and Policy

Headline of the Day: Electricity Deregulation

Category: Energy, Taxes and Policy

Now we know Argentina is REALLY in trouble

Category: Financial Press, Inflation, Taxes and Policy

2/3rds Americans Say Recession is Likely

Category: Economy, Psychology, Taxes and Policy

Crude Oil above $92

Category: Commodities, Currency, Economy, Federal Reserve, Inflation, Taxes and Policy