The First Circuit Strikes Again in Culhane v. Aurora Servicing! Grants Borrowers Legal Standing To Challenge Mortgage Assignments, But Upholds MERS System

The First Circuit Strikes Again in Culhane v. Aurora Servicing! Grants Borrowers Legal Standing To Challenge Mortgage Assignments, But Upholds MERS System Cross-posted from http://www.massrealestatelawblog.com w/ permission from author. by Rich Vetstein We introduce this subject with a riddle: What entity is not a bank but claims to hold title to approximately half of all … Read more

MORTGAGE-BACKED TRUSTS USING MORTGAGE ASSIGNMENTS FROM DOCX, LLC (LPS)

MORTGAGE-BACKED TRUSTS USING MORTGAGE ASSIGNMENTS FROM DOCX, LLC By Lynn Szymoniak, Esq., December 12, 2012 On November 20, 2012, Lorraine O’Reilly Brown, the former president of mortgage-document mill, DocX, LLC, a subsidiary of Lender Processing Services, pleaded guilty in federal court in Jacksonville, Florida to conspiracy to commit mail fraud and wire fraud. DocX produced … Read more

Losing the Paper – Mortgage Assignments, Note Transfers and Consumer Protection

Losing the Paper – Mortgage Assignments, Note Transfers and Consumer Protection Abstract: In this article, I survey the state of the mortgage loan transfer system, the legal rules that govern it, and the widening gap between those rules and the practices in the secondary mortgage market just prior to the 2008 crisis. The review includes … Read more

Murphy v. Aurora Loan Services LLC | 8th Circ. Revives Foreclosure Suit Over Faulty Assignments (QUIET TITLE)

8th Circ. Revives Foreclosure Suit Over Faulty Assignments (QUIET TITLE) Law 360 reports: The Eighth Circuit in a published opinion Thursday revived a quiet title action by foreclosed-upon homeowners who say assignments of the titles to their properties were faulty, distinguishing their claims from a discredited theory requiring a foreclosing party to hold an original … Read more

WHITE PAPER | LOSING THE PAPER – MORTGAGE ASSIGNMENTS, NOTE TRANSFERS AND CONSUMER PROTECTION

LOSING THE PAPER – MORTGAGE ASSIGNMENTS, NOTE TRANSFERS AND CONSUMER PROTECTION Abstract In this article, I survey the state of the mortgage loan transfer system, the legal rules that govern it, and the widening gap between those rules and the practices in the secondary mortgage market just prior to the 2008 crisis. The review includes … Read more

DROUIN v. AMERICAN HOME MORTGAGE SERVICING, INC., WELLS FARGO | Mortgagors Can Overcome Standing Issues Regarding Assignments of Mortgage

Michael Drouin and Kathleen Drouin, v. American Home Mortgage Servicing, Inc., Wells Fargo Bank, N.A., and Option One Mortgage Corporation. Civil No. 11-cv-596-JL, Opinion No. 2012 DNH 089. United States District Court, D. New Hampshire.May 18, 2012. MEMORANDUM ORDER JOSEPH N. LaPLANTE, District Judge. At first blush, this case appears to present a question that … Read more

KABOOM | ILLINOIS AG MADIGAN FILES SUIT AGAINST NATIONWIDE TITLE CLEARING OVER FAULTY MORTGAGE ASSIGNMENTS FILED WITH COUNTY RECORDERS

MADIGAN FILES SUIT OVER FAULTY MORTGAGE ASSIGNMENTS FILED WITH COUNTY RECORDERS Attorney General Alleges Faulty Practices in Foreclosing on Homeowners in Crisis Chicago — Attorney General Lisa Madigan today filed a lawsuit against Nationwide Title Clearing for filing faulty documents with Illinois county recorders. Nationwide Title Cleaning Inc. (NTC) is a Florida-based company that prepares … Read more

DOCX (LPS) Report | Following the Money – The Beneficiaries of Fraudulent Mortgage Assignments

This is a study of the  DOCX mortgage assignments in just one county – Palm Beach County, FL. In just 18 months, 1,742 such assignments were filed with a total value of mortgages of $560,239,797. Most of these assignments transferred mortgages to residential mortgage-backed trusts. Deutsche Bank was the number one beneficiary. The trusts that … Read more