Posted on 11/17/2007 8:23:04 AM PST by AndyJackson
In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks:
“This court is well aware that entities who hold valid notes are entitled to receive timely payments in accordance with the notes. And, if they do not receive timely payments, the entities have the right to seek foreclosure on the accompanying mortgages.
However, with regard the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this court is in full agreement with Judge Christopher A Boyko for the Northern District of Ohio who recently stressed, ‘That the judicial integrity of the United States District Court is ‘Priceless.’”
The ruling is another HUGE victory for consumer advocate attorneys and homeowners in general.
A pdf file of the full ruling is available here.
Jacksonville Legal Aid attorney April Charney remarked to us regarding the two Ohio decisions:
As to the real ramification of the Ohio decision, aside from slowing the foreclosure trains, is that the fact that there were no “original” assignments rendering the sales of the mortgages to the trusts, in violation of the true sale obligations imposed by securities law. ”
For more comments by April and us on this foundational issue of these rulings, see our next post. There we also address some criticisms and critiques we’ve received since our original coverage.
> Costs are always passed on to the consumer. Businesses will make their profit.<
Not always. Sometimes businesses go out of business.
I tend to agree with you. When they dig out the original paperwork they will be able to substantiate their claims.
“So, do the rest of us that do pay our mortgages get to pay for those who default?”
....yes I expect that the lenders will find some way to pass along their losses.
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Please stop...
Blame the Banksters, Appraisers Real Estate Agents and the Mortgage Companies..and our corrupt elected officials.
People have little choice, they cannot wait 20 years for the Market “to be right” they have to live within the real estate game as they find it.
This so called Real Estate Meltdown is just another giant scam to rob the middle class... Nothing less. Just as devaluing the dollar by 40% deliberately is.
W
Sounds like the New York Times corporation.
Dou you think they will still be under the same ownership in ten years? Squandering an inheritance.
There have been a scattered few -- Florida and another southern state -- If I find the references later I will post them. The general problem is that illegal conduct has been tolerated while everyone's wallets were being stuffed with money. Now as the helicopter money is becoming scarce some of the most egregious cases are being looked into.
Ah, yeah. They got a lot of other people’s money still to burn. They could do a couple of ‘5 Year Plans’ no problem. I think the family is riding the Times right to the ground. No parachutes.
Noble families usually run to seed. Look at the Spencer-Churchills: the only descendent of the great duke worth a damn had an American mother.
This is the reason, and the only reason that I believe that the borrowers are victims. "Market prices" for too long have been set by brokers, flippers and backs all backed up by really really cheap federal reserve money that neither you nor I can get. When everyone, including federal and state governments are in on rigging the game against would-be purchasers I don't know how you can blame someone who just needs a decent place to live and raise a family.
I think you mean Wachovia. They bought out my bank, First Union, and service went to hell in a handbasket.
[Mortgage ins generally only pays if you die and the death is not self-inflicted.]
Not this kind:
http://www.google.com/search?hl=en&q=%22Pool+insurance%22+securities
If you track the premiums on securitized pool insurance, you'll discover that they've geen going up for quite some time.
I wonder what these insurance underwriters knew, that our toothless financial watchdogs didn't...?
Thanks for the info on mortgage ins. Didn’t know. But then I never sign up for any insurance for any debt and if they say I have to, I say “Lator gator”. You can generally just get term life a whole lot cheaper.
Done
You have detailed one type of person being foreclosed upon — those who could never have afforded a home without loans that are or border on fraud. They got teaser rates that expired and now they cannot afford the true cost of the loans on the homes they cannot afford.
Type 2 is the investors who were certain a “greater fool” would buy their overpriced investment home for an even more insane price. They too got interest-only loans since they planned to keep the home very briefly — just long enough to flip it for profit. Many of these investors are now caught with their pants down because they are way upside-down on their interest-only loan, or their teaser arms they thought they would only need one year, are now resetting at high rates. While many occupants are completely trashing their homes upon eviction, many of these investors never set foot in their new homes, or did nothing but refresh their older homes. Many are in immaculate shape. I laugh at these people and enjoy their misery.
Type 3 are all of the righteous buyers — some who even had their homes for decades and even paid for with no mortgages — who found themselves suddenly wealthy by extracting equity from their homes over and over and over again, until they pulled most or all of it out, got caught in that trap, and not cannot afford to keep their home. I laugh at these people too. They should have known what they were doing. They are idiots.
I’m sure there are more types beyond just these 3 being foreclosed on. So, what is type 4?
Greedy mortgage crooks say -- "Default! The two greatest words in the English language" . . .
Video: After Subprime - - We're Really Gonna Let It All Hang Out !
All those other governments that bought mortgage securities are really going to p@ssed. Oh, well . . . Nothing to see here. Time to move on.
I told you so. Repeatedly. But nobody gave a shi'ite. LOL ! LOL !
Doesn't mean someone won't be foreclosing on someone, but in some cases the party actually holding the paper might want to keep his mouth shut until this blows over ~ lest he be caught up in the search for and prosecution of persons engaged in fraudulent behavior.
Back a decade or so ago when many banks were unbundling the mortgage from the servicing of the mortgage account, crooks got loose and many homeowners found their monthly payments didn't get registered ~ just stolen.
I have no problem believing some of the major mortgage companies in that smaller scandal got burned this time as well
That's because I've observed that in large institutions (public or private) folks who stupidly let money wash down the drain are frequently promoted to even more responsible positions provided they look good in a suit.
I didn’t say it was just a formality, and I do agree that it is a necessary legal preliminary. However, the income-stream flow from the interest payments is undoubtedly well-documented, and the necessary ownership of the debt is available, though not yet properly established in the Court papers.
I joined the labor market just as the debt bubble was starting to explode. I was one of those suckers who thought you should try to save rather than live off of run ups in equity. The problem is, when the Federal Reserve is printing money, there is no difference between one fresh off the mint and one that was earned by the sweat of one’s brow.
That's hard to understand. The lender entitled to the income-stream of interest would wonder why his interest payment didn't arrive.
Please take care.
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