TENN FED CT ALLOWS CLAIM AGAINST BOA ON OWNERSHIP OF LOAN

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TENNESSEE FEDERAL COURT DENIES BANK OF AMERICA’S MOTION TO DISMISS
DECLARATORY JUDGMENT ACTION CHALLENGING ALLEGED OWNERSHIP OF LOAN
Today, August 23, 2011, 6 hours ago | Jeff Barnes
August 23, 2011

A Tennessee Federal court has issued an Order and Memorandum denying a
Motion to Dismiss filed by Bank of America which attacked the
borrower’s action, brought under Tennessee’s version of the Uniform
Declaratory Judgments Act, challenging B of A’s claimed “ownership” of
a mortgage loan. The loan was originated by America’s Wholesale
Lender, a claimed “dba” of Countrywide. B of A later claimed to have
succeeded to ownership of the loan, but thereafter made inconsistent
statements concerning the alleged ownership, although the transfer of
the loan was purportedly made from the originating lender to B of A
within 120 hours of closing.

The borrower had filed suit in state court. B of A removed the case to
Federal court.

B of A claimed that there was no “actual controversy” as Countrywide
was a subsidiary of B of A, and that Countrywide was “DBA” America’s
Wholesale Lender. The Court found that there was nothing in the papers
filed by B of A demonstrating that this was in fact the case; that
there was nothing in either the Note or the DOT which even mentioned
Countrywide; and the Court could thus not determine whether B of A in
fact had any interest in the loan.

Jeff Barnes, Esq. (admitted pro hac vice) and local Tennessee counsel
John Higgins, Esq. represent the borrower.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
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