In Wells Fargo’s Own Words, There is No Lender in Securitization

Conduit loan servicing: Who’s who and what’s what? The thing most borrowers fail to realize about conduit loans is that once a loan has been securitized, they are not working with a “lender” anymore. The loans are pooled into a securitization called a Real Estate Mortgage Investment Conduit (REMIC). The REMIC is a trust and … Read more

Judges Lash Out at Land Trusts, Call Attempts to Cancel Mortgages Meritless

“I wonder why the judiciary will not entertain any legal theory contrary to the position of the banks,” said Cherry, who was not allowed to submit objections in one of the cases.” ~ Judges lash out at land trusts, call attempts to cancel mortgages meritless A South Florida company that persuaded scores of troubled Palm … Read more

H.R.6706 – Bill to Amend FDCPA to Exclude Attorneys from the Definition of a Debt Collector Introduced in U.S. House

Bill to Amend FDCPA for Attorneys Introduced in U.S. House In the week between Christmas and New Year’s Day, a bill was introduced in the U.S. House of Representatives that aims to amend the Fair Debt Collection Practices Act (FDCPA) to exclude attorneys from the definition of a debt collector “when taking certain actions.” But … Read more

HSBC Bank, USA v. Young | Debtor Has Standing to Argue Failure to Comply with Terms of PSA

Debtor Has Standing to Argue Failure to Comply with Terms of PSA A Michigan state court found that a debtor may oppose foreclosure on the basis that the assignment of the mortgage to the foreclosing party was in violation of the Pooling and Service Agreement and, therefore, ineffective. HSBC Bank, USA v. Young, No. 11-693 … Read more