[Neidermeyer]

(Comment copied from www.livinglies.wordpress.com )

EDITORIAL COMMENT: The fact that this case came from Alabama makes it all the more important to be watched and noted. Despite the reluctance of many Judges to give a free house to homeowners, this Judge picked up on the fact that the homeowner wasn’t getting a free house and that if he allowed the foreclosure it would have been the pretender lender getting the free house.

When it comes down to it, this really is simple: the trustee never got the loan. The asset-backed pool didn’t have it despite their claim to the contrary. Saying it doesn’t make so.

http://livinglies.wordpress.com/2011/04/18/alabama-court-busted-securitization-prevents-foreclosure/

[Neidermeyer]

WOW! The courts are finally applying black letter law !!! If you’re not REALLY SHORT on BAC , WF and the rest DO IT NOW!!! It’s too late to short DJSP ..

[pnh102]

It is nice to see that judges are expecting banks to obey the law as well.

[Truth29]

So who does really own the house? and although the Horaces aren't getting a free house, do they get to live there forever without payment?

[Locomotive Breath]

I’ve paid off my house and now I’m debt free. Now It’s time to buy a second house. The catch is I’ll be buying it for someone else to live in. Boy do I feel like a sucker.

[major-pelham]

This is complete horsebleep. Endorsed in blank ? No standing ? Ipso facto predatory ?

Whoever the mortgage broker was - he got paid to replenish his warehouse line for this loan. Then the bank got paid by EMC. And then EMC got paid by Bear. Is the Alabama couple going to sue now to get the payments they made, if any, back now too ? A fictitious tax SPV is to be relied upon to prove no standing ? Something the govt. can annul willy nilly or retroactively?

The only sane remedy here gives the couple 6 more free months in the home while the SPV does some paperwork. The rest of the world has had to catch up to the internet and electronic documentation. Real property law must now do the same. At bottom this is no different than the ATM adding a zero and giving you 2000 instead of 200. No one says that hey - I get to keep the extra 1800. Keep real property because of an endorsement in blank ? The world is turned upside down.

[tutstar]

Bump

[meyer]

"The couple involved, the Horaces..."

Horace - just don't seem like a typical 'Bama name. Are they even citizens?

[dalereed]

Someone owns that loan and those deadbeats belong out on the street!!!

Thankfully the courts don’t have anything to do with forclosures in California!