Choice Excerpt of New Lawsuit Filed By Investors Against Countrywide, Bank of America and the Gang

H.       Countrywide Failed To Ensure That Title To The Underlying Loans Was Effectively Transferred  146.    An essential aspect of the mortgage securitization process is that the issuing trust for each MBS offering must obtain good title to the mortgage loans comprising the pool for that offering.    This  is  necessary  in  order  for  the  MBS  holders  […]

Mass. High Court to Decide Third Party Buyer Issue

Next on the agenda for the Massachusetts Superior Court is deciding whether to affirm or reverse Judge Long’s decision that a buyer at a faulty foreclosure sale cannot quiet title because he has none.  “US Bank had nothing to convey and its purported conveyance to Mr. [Buyer] was a nullity.”  Judge Long concluded, “For the […]

MLK: On Just Laws and Unjust Laws

This is also from Letter From Birmingham Jail: Let us consider a more concrete example of just and unjust laws. An unjust law is a code that a numerical or power majority group compels a minority group to obey but does not make binding on itself. This is difference made legal. By the same token, […]

MLK: “Injustice anywhere is a threat to justice everywhere.”

Still so appropriate today, this excerpt is from Dr. King’s Letter From Birmingham Jail (my emphasis): Moreover, I am cognizant of the interrelatedness of all communities and states. I cannot sit idly by in Atlanta and not be concerned about what happens in Birmingham. Injustice anywhere is a threat to justice everywhere. We are caught […]

One Subpoena, Two Subpoenas, Three Subpoenas, Four

The Department of Justice has been probing mortgage practices, smelling blood in the water. From the Street: Attorneys who have been involved in such cases say that if targets are publicly traded, they are required to mention related subpoenas in regulatory filings. Mentions of government subpoenas have been popping up in bank regulatory filings recently. […]

Levitin and Smith Skewer ASF Press Release

Professor Adam Levitin’s take on some of the more misleading anlyses of Ibanez, with the full piece here.  Yves Smith at Naked Capitalism also calls liar, liar, pants on fire on the ASF here. You can’t believe everything you read. Some of the materials coming out of the financial services sector are simply wrong. Three […]

More Ibanez Analysis

Of course, the American Securitization Forum has already issued some self-serving white paper analyzing Ibanez, mainly to minimize its meaning and effect.  Here is another take by Phil Querin, full article here: In lawyer-speak, both banks’ arguments may be described as disingenuous and specious – in less charitable, but more descriptive terms, one might call them […]

Calling State Legislators in Non-Judicial Foreclosure States: The Time to Act is Now

In an upcoming note in the Iowa Law Review, Timothy Froehle proposes legislative solutions to the foreclosure crisis.  Electronic copy available at: Electronic copy available at: Excerpt: When a homeowner is subject to a non-judicial foreclosure, he must file a lawsuit to enjoin the foreclosure and raise any applicable defenses, including those based […]