Deutsche Breeds Scandal After Scandal

Department of Justice proposed a 14-billion dollar fine for Deutsche’s mortgage backed securities scandal (you’re thinking, “you’re going to have to be more specific; which one?”)  Wall Street J.  Deutsche’s stocks took a tumble late yesterday and continuing today.  Before that, last week it was reported in the New Yorker that Deutsche had a newer 10 billion dollar […]

Investors in Commercial Mortgage Backed Securities Nervous About Sharp Tactics of Special Servicers

Investors in Commercial Mortgage Backed Securities (CMBS) are objecting to the aggressiveness of special servicers.  Special servicers are transferred servicing rights to loans that are already in default.  These complaints were obliquely mentioned in a recent Fitch Ratings press release. Apparently, just as with Residential Mortgage Backed Securities (RMBS), special servicers may be acting abusively […]

More on Dayen’s Book “Chain of Title”

We did a recent post on “Chain of Title.” I saw this article today and it resonated with me. I have also experienced the weird “blame the victim” vibe in courthouses.  Meanwhile, my clients were not just financially decimated, bamboozled, and betrayed, but some were literally dying.  They needed medical care they could no longer […]

Home is Where the Fraud Is

David Dayen is a writer who gifted the public with thoughtful, investigative journalism on the foreclosure crisis as it unraveled.  Where most “real estate” journalists stayed firmly perched in the shallows, Dayen waded deeper.  He offered an acidic anodyne to the delusional, tepid cheerleading of the Gannett-type newspaper writers, who wrote trite, flack-approved fluff on […]

Judges Should Not Engage in Ad Hoc Law-Making to Help Banks Skirt Legal Requirements at Homeowners’ Cost

Should our judges be skewing our laws in favor of after-the-fact relief to the “community of lenders,” as one appellate court judge put it? Yale Law Journal published an interesting comment about judicial law-making in the foreclosure context.  In discussing the context of judicial foreclosure and res judicata finality principles, the authors said: When addressing faulty foreclosures, […]