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A year ago, Judge Spinner concluded a mortgage company's paperwork in a foreclosure case was so flawed and its behavior in negotiations with the borrower so "repugnant" he erased the family's $292,500 debt and gave the house back for free.
So if what we are increasingly led to believe it true turns out to be correct, that borrower notes never were conveyed to the trust, and were also not endorsed over to the trust (through the proper chain of conveyance specified in a PSA)...
Judge Curley the head BK judge in Arizona just ruled minutes ago that the Bank of New York Mellon must produce the custodial records in their vault in a case against an Arizona homeowner, thereby producing the note and all other docs.
If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosure-Gate is about to explode.
Achieving REMIC (Real Estate Mortgage Investment Conduit) treatment was an important objective in these securitizations. They were created in the 1986 Tax Reform Act. REMICs are pass through entities, meaning the entity...
He claimed that foreclosures were not resuming because the records remain murky and would promote challenges and, perhaps, legal penalties.
Prices are now off -6.8% from their August peak. It looks to me like the housing double dip is here and Ben Bernanke rolled out QE2 just in time to prepare for massive MBS purchases in 2011 when the banks hit another rough patch...
Grocery store owners William and Esperanza Casco were making enough money to stay current on their mortgage, but when JPMorgan Chase & Co. offered a plan that reduced their payments, they figured they could use the extra cash and signed up. The Ca
