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Fixing a Broken System: Reconciling State Foreclosure Law with Economic Realities

By Yianni D. Lagos* *Candidate for JD/MBA, June 2011, The Ohio State University. Excerpt from Fixing a Broken System: Reconciling State Foreclosure Law with Economic Realities , 7-1 Tenn. J. L. & Pol'y 84 (Spring 2011) INTRODUCTION The housing crisis ignited a chain reaction...

Chickens Continue Coming Home To Roost For Lenders And Mortgage Companies Involved In Foreclosure Crisis

Our regular followers know that many of our pieces focus on the foreclosure industry, and with good reason, as over 2 million American homes are currently in foreclosure. Add to this troubling statistic the recent allegations of shoddy paperwork at many of the nation's largest mortgage companies...

The Latest Problem With Foreclosures: Not Enough Lawyers?

It is rare that you hear that the world needs more lawyers, yet this is apparently the case in connection with foreclosure proceedings in some states, at least according to a recent article in the Washington Post, " Foreclosures Trapped By A Lack of Lawyers ." In the wake of the recent...

Mortgage Foreclosure Mediation in Florida - Implementation Challenges for an Institutionalized Program

By Sharon Press Sharon Press is Associate Professor and Director of the Dispute Resolution Institute at Hamline University School of Law. At the time the Florida Supreme Court Task Force on Residential Mortgage Foreclosure Cases was created, she was the Director of the Florida Dispute Resolution...

There's No Place Like Home: Applying Dispute Systems Design Theory to Create a Foreclosure Mediation System

By Andrea Kupfer Schneider and Natalie C. Fleury Andrea Kupfer Schneider, Professor of Law, Marquette University Law School. Natalie C. Fleury, Program Coordinator for Dispute Resolution and Adjunct Professor of Law, Marquette University Law School; Supervisor, Milwaukee Foreclosure Mediation...

Anatomy Of The Housing Crisis

With Oprah signing off this afternoon, perhaps it is time that this blog replaces her immensely popular book club. I just finished reading " The Big Short ," written by Michael Lewis (author of many notable books including " Liar's Poker " about his time as a bond trader...

Ballard Spahr LLP: Court Bars Mortgage Foreclosure Robo-Signing Claims

By the Consumer Financial Services Group Claims by borrowers related to alleged "robo-signing" in mortgage foreclosures must be raised in the original foreclosure action and not in a subsequent lawsuit for damages, the U.S. District Court for the District of Maryland has ruled. ...

Ballard Spahr LLP: Mortgage Securitization No Bar to Foreclosure, 10th Circuit Holds

By Steven D. Burt, Mark R. Gaylord and Anthony C. Kaye The securitization of a mortgage doesn't nullify the rights of the holder of the underlying trust deed or the rights of the holder's agents, the 10th Circuit Court of Appeals has ruled. In its February 1 ruling in Scarborough v. LaSalle...

Ballard Spahr LLP: Borrower May Sue after Three Years To Rescind Mortgage Loan, 4th Circuit Rules

By Members of the Consumer Financial Services Group In a decision that possibly opens the door for renewed foreclosure delays, the U.S. Court of Appeals for the Fourth Circuit has held that a lawsuit seeking rescission is timely where the consumer provided notice of rescission to the subservicer...

BuckleySandler LLP: Oregon Supreme Court Agrees to Address Electronic Mortgage Registry's Role as Beneficiary; Two California Appellate Courts Affirm Electronic Registry's Beneficiary Role

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-july-27-2012 On July 19, the Oregon Supreme Court accepted certified...

Ballard Spahr LLP: Borrowers Must Bring Claims for Unfair Mortgage Lending Practices during Foreclosure Proceeding, N.J. Court Rules

By the Consumer Financial Services and Mortgage Banking Groups Under New Jersey's "Entire Controversy Doctrine," borrowers alleging unfair mortgage lending practices must raise such claims during the foreclosure proceeding itself. In Napoli v. HSBC Mortgage Services, Inc. , the...

Bergman on Foreclosure: No Need to Substitute Plaintiff Upon Mortgage Assignment

[ Originally published 1/05/12 ] By: Bruce J. Bergman Member, Berkman, Henoch, Peterson, Peddy & Fenchel, P.C.; Author, Bergman on New York Mortgage Foreclosures , 3 vols, LexisNexis Matthew Bender (rev. 2011) This question arises all the time. During the course of a mortgage foreclosure...

Ohio Supreme Court Standing Decision Will Force Banks to Address “Paperwork Later” Approach to Foreclosure Actions

The Ohio Supreme Court recently addressed the following question: Can a lack of standing at the commencement of a foreclosure action be cured by obtaining an assignment of a note and mortgage sufficient to establish standing prior to the entry of judgment? On October 31 st , the court answered...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – January 7th, 2013 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

10 Mortgage Servicers To Pay $8.5B To Help Foreclosure Victims

WASHINGTON, D.C. - ( Mealey's ) The Federal Reserve Board and Office of the Comptroller of the Currency yesterday announced that 10 mortgage servicing companies that have been subjected to enforcement orders since April 2011 over their foreclosure practices have agreed to pay a total of $8.5 billion...

Vetstein Law Group: Massachusetts SJC Issues Another Important Foreclosure Ruling In HSBC Bank v. Matt

By Richard D. Vetstein, ESQ Legal Standing For Mortgage Lender/Servicer Must Be Established To Start Foreclosure Today [January 14th] the Massachusetts Supreme Judicial Court has issued what I believe to be another very important ruling involving foreclosures in the case of HSBC Bank v. Matt (embedded...

Ballard Spahr LLP: Mortgage Foreclosure Is Debt Collection under the FDCPA, Sixth Circuit Holds

By the Consumer Financial Services Group Lawyers whose principal business is mortgage foreclosure or who regularly handle mortgage foreclosures are "debt collectors" subject to the Fair Debt Collection Practices Act, the U.S. Court of Appeals for the Sixth Circuit has ruled. In its decision...

Troutman Sanders LLP: CFPB Releases Rule Aimed at Reforming Force-Placed Homeowners’ Insurance Practices

By David N. Anthony , Alan D. Wingfield , Nicholas R. Klaiber and Virginia Bell Flynn On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) released a rule creating stringent requirements for servicers imposing force-placed insurance on homeowners. A summary of the rule from the CFPB...

Vetstein Law Group: Land Court Paves Way For Clearing Defective Foreclosure Titles

By Richard D. Vetstein, ESQ Court Uses Novel Equitable Assignment of Mortgage Theory In what could be the first test case of a new theory to clear up defective foreclosure titles - and much welcome news for property owners stuck with toxic titles - Massachusetts Land Court Judge Gordon Piper has...

Vetstein Law Group: Backdated Mortgage Assignment Comes Back To Haunt Foreclosure Lender in Juarez v. Select Portfolio

By Richard D. Vetstein, ESQ Federal Appeals Court Reinstates Borrower's Wrongful Foreclosure Claim Noted Massachusetts foreclosure defense attorney Glenn Russell is on a roll of a lifetime, yesterday [February 12] winning a rare victory on behalf of a borrower at the U.S. Court of Appeals for...

Short Sale Sellers May Face Huge Tax Bill In 2014

Congress Fails To Extend Mortgage Forgiveness Debt Relief Act for 2014 The ringing of the New Year may not have been a welcome sound to distressed homeowners who were not able to complete short sales by the close of 2013. Unfortunately, Congress failed to extend the December 31, 2013 expiration...

Enfeoff This

Judge (J): We’re here on a motion by BailMeOutBanc for summary judgment in its foreclosure action against Lender Liability Equities LLC. It’s hard to imagine a more straightforward motion. Counsel: what’s the defense? Borrower’s Counsel (BC): Your Honor, there is a fatal defect...

Maine Supreme Court Decision Limits Scope of MERS' Ability to Assign Mortgages

On July 3, 2014, the Maine Supreme Judicial Court issued a ruling in Bank of America, N.A. v. Greenleaf , 2014 ME 89 (Me. July 3, 2014), [ enhanced version available to lexis.com subscribers ], significantly affecting the ability of Mortgage Electronic Registration System, Inc. (MERS) to assign mortgage...