Right now Virginia has one of the fastest foreclosure processes in the country. As detailed in this Washington Post article by David Hilzenrath, there are several bills currently debated in the Virginia legislature that would slow the process and cause big changes in the way foreclosures are handled in that state.
The first proposed change would require judicial approval before a lender can seize a home. This would serve to ensure the veracity of the documentation that is required in the foreclosure process. Flawed documentation has proven to be an issue in foreclosures across the country time and time again.
The next piece of legislation would force banks to give borrowers longer advance notice before they are able to auction a home. Under the changes, homeowners would have 30-45 days warning that their home was to be sold rather than the two weeks that is currently required.
The last proposed bill is particularly interesting, because it would cause seismic shifts in mortgage lending in Virginia. The law would require lenders to keep records on real estate transactions in local records offices (which is the way real estate transfers were done for hundreds of years). This would make it harder, although not impossible, to securitize Virginia mortgages. It would, however, effectively doom the Mortgage Electronic Registration Systems (MERS) in the State of Virginia.
http://christopher-king.blogspot.com/…
This is a crucial video with actual courtroom footage showing how mortgages and notes are lost as U.S. Citizens face foreclosure, as noted by journalists like Matt Taibbi. Fight back with KingCast courtroom video. I’ve been shooting courtroom video since I tried Civil Rights cases in the mid 1990’s.
KingCast — Reel News for Real People.
Ingress v. Wells Fargo
Hillsborough South
226-2010-CV571
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF ARIZONA
Minute Entry
Hearing Information:
Debtor: ANDREW C BAILEY Case Number: 2:09-bk-06979-RTBP Chapter: 11 Date / Time / Room: TUESDAY, NOVEMBER 09, 2010 10:00 AM 7TH FLOOR #701 Bankruptcy Judge: SARAH SHARER CURLEY Courtroom Clerk: WANDA GARBERICK Reporter / ECR: ANDAMO PURVIS
Matter:
ADV: 2-09-01728
ANDREW C. BAILEY vs THE BANK OF NEW YORK MELLON, FKA THE BAN
HEARING RE Motion to Dismiss Complaint Defendants’ Motion To Dismiss, With Prejudice, Plaintiff’s Fourth Amended Complaint To Determine The Validity, Priority or Extent Of a Lien or Other Interest in Real Property and Petition For Injunctive Relief filed by KYLE S. HIRSCH of BRYAN CAVE LLP on behalf of BAC HOME LOANS SERVICING R / M #: 50 / 0
Appearances:
ANDREW C BAILEY
KYLE S. HIRSCH, ATTORNEY FOR THE BANK OF NEW YORK MELLON, FKA THE BANK
Proceedings:
Mr. Hirsch goes over the background of the complaints that have been filed, and notes that this is the fourth amended complaint with no basis. Mr. Bailey gives his statements to the court on the note.
COURT: THE COURT FINDS THAT AT THIS TIME MR. BAILEY HAS NO SUPPORT FOR HIS CLAIMS. MR. HIRSCH IS DIRECTED TO GET THE ORIGINAL CUSTODIAL FILE FROM NEW YORK FOR THE COURT TO REVIEW. HE SHOULD ALSO GET AN AFFIDAVIT FROM THE INDIVIDUAL GETTING THE FILE, THAT THERE HAS NOT BEEN ANY CHANGES SINCE 2006. IT IS ORDERED CONTINUING THIS HEARING TO JANUARY 13, 2011 AT 10:00 A.M.
Case 2:09-ap-01728-SSC Doc 61 Filed 11/09/10 Entered 11/09/10 15:07:05
Just a friendly reminder to you that you’re still missing the target by a looooooooong shot.
In order for anyone to have standing to foreclose in the first place one needs to perfect the chain of title.
An assignment of mortgage is the document which indicates that a mortgage has been transferred from the original lender or borrower to a third party. Assignments of mortgage are more commonly seen when lenders sell mortgages to other lenders. When someone has what is known as an assumable mortgage, it is possible for the borrower to transfer the mortgage to another person, in which case an assignment of mortgage will need to be filed to record the transaction.
Before anyone can produce any affidavits period…they first must have equitable rights transferred!
Hundreds of thousands of home foreclosure lawsuits have focused judicial scrutiny on the Mortgage Electronic Registration System (“MERS”). This Article updates and expands upon an earlier piece by exploring the implications of state Supreme Court decisions holding that MERS is not a mortgagee in security agreements that list it as such. In particular this Article looks at: (1) the consequences on land title records of recording mortgages in the name of a purported mortgagee that is not actually mortgagee as a matter of law; (2) whether a security agreement that fails to name an actual mortgagee can successfully convey a property interest; and (3) whether county governments may be entitled to reimbursement of recording fees avoided through the use of false statements associated with the MERS system. This Article concludes with a discussion of steps needed to rebuild trustworthy real property ownership records.
Judge Thomas A. Adams knows exactly what he is doing!Watch for more of his slam dunks…
WACHOVIA BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE CERTIFICATE HOLDERS FOR MERRILL LYNCH MORTGAGE INVESTORS TRUST, MORTGAGE LOAN ASSET-BACKED
CERTIFICATES, SERIES 2005
– against –
STUART BRENNER, et aI.
INDEX NO. : 014812/09
AUGUST 20, 2010
Defendant’ s answer contains a defense of “lack of standing.” Plaintiff has failed to establish it was the holder of the note and the mortgage securing it when the action was commenced. In that regard, plaintiff relies on an undated assignment of the mortgage by MERS as nominee acknowledged by a Texas notary on July 18, 2009. The note sued on does not contain an indication it has been negotiated. The undated assignment by MERS contains a provision at the assignment of the mortgage is “TOGETHER with the notes described in said mortgage.” The record before me is devoid of proof that MERS as nominee for purposes of recording had authority to assign the mortgage. However, assuming it had such authority since it is a party to the mortgage and such authority might be implied , there has been a complete failure to establish MERS, as a non-party to the note, to negotiate its transfer. A transfer of the note effects a transfer of the mortgage MERS vs. Coakley, 41 AD3 674), the assignment of a mortgage without a valid transfer of the mortgage note is a nullity (Kluge vs. Fugazv, 145 AD2 537).
I am working on a special project & need your help to gather as many MERS Assignments as we can possibly get.
What is especially needed are the Certifying Officers signing these assignments for MERS. I don’t care if it’s old, new, signed, undated, unmarked, lender has gone bankrupt ages ago…I just want them ALL!
“Rather, the ASF’s concern is the ad hoc body of federal and state law that currently subjects innocent secondary market assignees to liability.”
Interesting point:
Shifting the burden for predatory practices from cheated subprime borrowers to passive investors and other subprime borrowers simply shifts the burden of predatory practices among innocent parties
Irony!
The primary market actors directly responsible for harmful predatory practices already are subject to extensive, if sometimes ineffective, government regulation.
Position Paper
of the
American Securitization Forum
June 2007
snip…………………………………………
It is important to remember that, although the holder-in-due-course doctrine constitutes an important protection for innocent assignees, it does not afford an absolute protection to all assignees. In order to benefit from holder-in-due-course status, an assignee must take the loan in good faith and cannot have actual or implied knowledge of a variety of loan defects, including that the loan was originated through fraudulent means. Courts will also deny holder-in-due-course status to an assignee that has such a close connection with the originator that the originator effectively is an agent of the assignee35 or where knowledge of the originator’s wrongdoing can be imputed to the assignee on some other basis, such as joint-venture or aiding-and-abetting theories.36 In addition, assignees that engage in wrongful conduct themselves in connection with mortgage loans are subject to potentially serious liability under a variety of federal and state legislation.37
The ASF does not contest the scope of liability under these laws for secondary market assignees that are culpable. Rather, the ASF’s concern is the ad hoc body of federal and state law that currently subjects innocent secondary market assignees to liability. This body of law lacks coherence and is often internally inconsistent, in part because the perception that assignees must be held responsible for the sins of loan originators becomes more politically salient during periods of turmoil in the housing market. At such times, there is a tendency for lawmakers to turn to the secondary market as the deep pockets available to compensate for the failure of regulatory authorities to effectively oversee and punish those loan originators that engage in illegal conduct.
![[VIDEO] Nasty Mortgage Fraud Self Help remedy: Courtroom video in New Hampshire.](https://stopforeclosurefraud.com/wp-content/themes/gazette/thumb.php?src=wp-content/uploads/2010/12/2D82062BF2F658F1B9C2E81EA569295E_250_5002.jpg&w=100&h=57&zc=1&q=90)
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