Archives by Tag ' securitization '
Editor’s Note: The opinionators at NY Times have it right in their description but wrong in their prescription. The reality is that nearly all securitized mortgage loans are worthless and unenforceable. The marketplace seems to know that — with “mortgage-backed securities” (that are not backed by anything in reality) selling at 3 cents on the […]
It’s happening…. the word is spreading. Read this carefully. It has lots of good quotes for you to use. But the narrative on who owns the loan is wrong — the investor purchases a bond and a share of the loans. The SPV “Trust” owns nothing. It is a REMIC conduit which means there are […]
Massachusetts is a power of sale state (non-judicial, but there is plenty of securitized meat in here for everyone). Good stuff to quote from — with Banks making the arguments that we are promoting on this Blog. The issues include (a) notice (b) unmarketable title and unable to get title title insurance (c) void certificate […]
RESPONSE TO MOTION FOR SUMMARY JUDGMENT AND TO TAX ATTORNEYS FEES AND ANSWER Defendant, DOUGLAS SCHWARTZ AND TAMMY SCHWARTZ, files its response and additional answer to plaintiffs U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR STRUCTURED ASSET SECURITIES CORPORATION (SASCO) 2007-BNC1, Mortgage Pass-through Certificates, Series 2007-bnc1 motion for summary judgment and to tax attorneys fees. 1. […]
Judge’s ruling deals blow to national mortgage servicer BY TIM O’REILEY A Las Vegas bankruptcy judge has dealt a blow to an obscure but critical piece of the mortgage enforcement machinery that could slow foreclosures. After a rare hearing in front of three judges last year that initially encompassed 27 cases, U.S. Bankruptcy Court Judge […]
The actual certificates of asset backed securities (ABS) and in particular mortgage backed securities (MBS) were sold to investors. And they weren’t just sold, they “sold forward.” This is a form of short selling wherein the investment bank sells the security first and THEN waits until it can get the underlying mortgage and note at […]
UCC: possession is not an indication of ownership of the note. Recording of collateral assignments is not required under Revised Article 9. Enforcement of the debt without the note is allowable under Article 3. Equitable arguments are available to prevent a borrower from benefiting from the industry’s inability to keep track of its documents. by […]
Lies a new tool in foreclosure Lawyers, in rush to regain properties, can exploit judges’ workload By Todd Ruger Published: Sunday, May 10, 2009 at 1:00 a.m. Foreclosure lawyers want to take back property as fast as possible, and sometimes they do not let the facts slow them down. In case after case, lawyers representing […]
The Judge authored a 58 page opinion ”to share my education with participants in the bankruptcy system who may be similarly unfamiliar with the extent that a third party intermediary drives the Chapter 13 process.” Opinion, p. 30.
where, as here, the debtor contests the relief sought, the flaws in the automated process become apparent. At this juncture, an attorney must cease processing files and act like a lawyer. That means she must become personally engaged, conferring with the client directly and abandoning her reliance on computer screens as an expression of her client’s will. This did not happen in this case until the Court became involved. It should not have taken judicial intervention to bring the Claim Objection to its conclusion.
Editor’s Note: Nationwide (described in the article below) is not the only company that is in the business of trying to “clear up” the title, assignment and, ownership and recording problems caused by the manner in which the loans were securitized. In many cases we are seeing fabricated documents, signatures from unauthorized people, notarization in […]
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