Ohio Appeals Court Bangs BONY For Not Owning the Loan

see 2010-ohio-542 After-acquired interest not good BONY v Gendele

Significant Excerpts: By the way this is why we need title and escrow agents to act as experts or forensic analysts. A simple title chain analysis reveals the defect and now  Trial Judges in Ohio have a rule to follow. Will the real party in interest please stand up? See Fordham Law Review Article written more than two years ago on this very issue (under our links to the right of this page).

Gindeles argue that Bank of New York did not acquire its interest until after the foreclosure complaint had been filed, and that under our holding in Wells Fargo Bank, N.A. v. Byrd,1 Bank of New York’s complaint should have been dismissed without prejudice. We agree.

In Byrd, we held that “in a foreclosure action, a bank that was not the
mortgagee when suit was filed cannot cure its lack of standing by subsequently obtaining an interest in the mortgage.”2

the record does not reflect any understandable mistake by Bank of New York; there is no indication that the identity of the proper party was difficult to ascertain; and there is no documentary proof that Bank of New York owned an enforceable interest when it filed its foreclosure complaint.

Tags: bank of new york, Byrd, Gendele, lack of standing, REAL PARTY IN INTEREST, recording, Wells Fargo
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