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Indiana Appeals Court Reverses Judgment “No Summons, Ocwen Instigates Foreclosure, Chase Satisfies Mortgage” ELLIOT v. JPMORGAN CHASE

Indiana Appeals Court Reverses Judgment “No Summons, Ocwen Instigates Foreclosure, Chase Satisfies Mortgage” ELLIOT v. JPMORGAN CHASE


MARILYN L. ELLIOTT and
MICHAEL S. ELLIOTT,

vs.

JPMORGAN CHASE BANK, as Trustee )
on Behalf of the Registered Certificate Holders )
of GSAMP Trust 2004-SEA2, Mortgage )
Pass-Through Certificates, Series 2004-SEA2,

Excerpt:

The Kafkaesque character of this litigation is difficult to deny. Having failed to receive a summons that may have been improperly served upon them, Marilyn and Michael Elliott learned that a default judgment had been entered against them, foreclosing on their home because of a mortgage that was allegedly in default. The home was sold in a sheriff?s sale to the lending bank. Feeling confused and suspicious, they turned to the Indiana Attorney General, who directed them to file a complaint with the Comptroller of the Currency. The Comptroller?s investigation revealed that Chase Bank, the ostensible plaintiff herein, is entirely unaware of the foreclosure proceeding. Moreover, Chase?s records show that the mortgage was paid in full in 2001. Chase, therefore, executed and recorded a satisfaction of mortgage. Notwithstanding the satisfaction of mortgage, Chase?s loan servicer—Ocwen Bank—continued to prosecute this action in Chase?s name, attempting to force the Elliotts out of their home even though there has never been a trial and the lending bank has declared that the mortgage was paid in full. Finding this situation untenable, we reverse and remand for trial.

Appellants-defendants Marilyn L. Elliott and Michael S. Elliott appeal the trial court?s order denying their motion for relief from judgment on the foreclosure complaint of JPMorgan Chase Bank (Chase). The Elliotts raise two issues, one of which we find dispositive: that they are entitled to relief from judgment pursuant to Trial Rule 60(B) because, during the pendency of this litigation, Chase executed and recorded a satisfaction of the mortgage. Finding that the Elliotts are entitled to relief from judgment, we reverse and remand for trial.

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TESTIMONY OF JOHN WALSH ACTING COMPTROLLER OF THE CURRENCY

TESTIMONY OF JOHN WALSH ACTING COMPTROLLER OF THE CURRENCY


TESTIMONY OF
JOHN WALSH
ACTING COMPTROLLER OF THE CURRENCY
before the
SUBCOMMITTEE ON HOUSING AND COMMUNITY OPPORTUNITY
of the
COMMITTEE ON FINANCIAL SERVICES
U.S. HOUSE OF REPRESENTATIVES
November 18, 2010
Statement

Introduction

Chairwoman Waters, Ranking Member Capito, and members of the Subcommittee, I appreciate this opportunity to discuss recently reported improprieties in the foreclosure processes used by several large mortgage servicers and actions that the Office of the Comptroller of the Currency (OCC) is taking to address these issues where they involve national banks. The occurrences of improperly executed documents and attestations raise concerns about the overall integrity of the foreclosure process and whether foreclosures may be inappropriately taking homes from their owners. These are serious matters that warrant the thorough investigation that is now underway by the OCC, other federal bank regulators, and other agencies.

<SNIP>

A key objective of theMERS examination is to assess MERS corporate governance, control systems,
and accuracy and timeliness of information maintained in the MERS system. Examiners assigned to MERS
will also visit on-site foreclosure examinations in process at the largest mortgage servicers to
determine how servicers are fulfilling their roles and responsibilities relative to MERS.

We are also participating in an examination being led by the FRB of Lender
Processing Services, Inc., which provides third-party foreclosure services to banks.
We expect to have most of our on-site examination work completed by mid to late
December. We then plan to aggregate and analyze the data and information from each of
these examinations to determine whether or what additional supervisory and regulatory
actions may be needed. We are targeting to have our analysis completed by the end of
January.

We recognize that the problems associated with foreclosure processes and
documentation have raised broader questions about the potential effect on the mortgage
market in general and the financial impact on individual institutions that may result from
litigation or other actions by borrowers and investors.

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US Regulators Set To Investigate MERS, LPS Over Foreclosures

US Regulators Set To Investigate MERS, LPS Over Foreclosures


US Regulators Examining Two Mortgage Processing Firms

By Alan Zibel, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- Federal bank regulators are conducting examinations of two companies that banks use to process foreclosures, amid concerns that banks cut corners on thousands of foreclosure documents, Acting Comptroller of the Currency John Walsh said Wednesday.

Walsh, in remarks prepared for delivery Thursday, said his agency is examining Reston, Va.-based Mortgage Electronic Registration Systems in conjunction with the Federal Reserve, the Federal Deposit Insurance Corp. and the Federal Housing Finance Agency.

That company, known as MERS, lets lenders package and sell mortgages without recording each transaction with county property offices.

It has come under fire from critics, who say MERS doesn’t have the right to act as the legal representative of the mortgage owner in foreclosure cases.

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