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DEUTSCHE v. PELLETIER | Maine Supreme Judicial Court Affirms JGMT “Ameriquest, Rescission, TILA, RESPA”

DEUTSCHE v. PELLETIER | Maine Supreme Judicial Court Affirms JGMT “Ameriquest, Rescission, TILA, RESPA”


MAINE SUPREME JUDICIAL COURT

DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE, IN
TRUST FOR THE REGISTERED HOLDERS OF AMERIQUEST MORTGAGE
SECURITIES INC., ASSET-BACKED PASS-THROUGH CERTIFICATES,
SERIES 2006-R2

v.

DONALD P. PELLETIER et al.

EXCERPT:

[¶13] Although the Pelletiers have not yet tendered to the bank the proceeds
of the loan that they received from Ameriquest, the statute specifies that tender is
not required until the creditor has performed its obligations under the law.
15 U.S.C.S. § 1635(b). The facts established in this summary judgment record
indicate that the creditor—the bank—has not yet performed its obligation to
“return to the obligor any money or property given as earnest money,
downpayment, or otherwise.” Id. Thus, the Pelletiers were not yet required to
tender the proceeds to the bank, and the court did not err in imposing the remedy of
rescission on summary judgment. Further proceedings are necessary, however, to
define the scope of that remedy. Because the parties have not followed the process
specified by statute with precision and clarity, the court may “otherwise order[]”
appropriate procedures to give effect to the remedy of rescission. Id. Accordingly,
although we affirm the court’s judgment granting the Pelletiers’ request for
rescission, we remand the matter for the court to determine how this rescission
should be effectuated.

The entry is:

Summary judgment for the Pelletiers on the
foreclosure complaint affirmed. Remanded for
further proceedings to effectuate the rescission of
the January 18, 2006, agreements.

[ipaper docId=62165655 access_key=key-1c38374ar0oz2vv2e90g height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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NEVADA Dist. Court “QUIET TITLE VIABLE” SIFRE v. Wells Fargo Bank

NEVADA Dist. Court “QUIET TITLE VIABLE” SIFRE v. Wells Fargo Bank


PAUL SIFRE, Plaintiff,
v.
WELLS FARGO BANK, Defendant.

No. 3:10-cv-00572-RCJ-VPC. United States District Court, D. Nevada.

January 19, 2011.

ORDER

ROBERT C. JONES, District Judge.

This case arises out of the foreclosure of Plaintiffs mortgage. The Court previously entered a temporary restraining order and set a preliminary injunction hearing, but the order expired and the Court vacated the hearing when Plaintiff failed to serve Defendant with the notice of the hearing within the time ordered by the Court. Plaintiff has now served “Wells Fargo Bank C/O Trustees Corps,” in Sacramento, California, and the Clerk has entered default against Defendant based on this service. The Court denied a motion for preliminary injunction, and Defendant has now moved to dismiss,

I. FACTS AND PROCEDURAL HISTORY

Plaintiff Paul Sifre owns real property located at 3660 Hawking Ct., Sparks, NV 89436 (the “Property”). (Mot. 1:16-17, Sept. 15, 2010, ECF No. 2).[1] The gravamen of the Complaint is that Plaintiff was fraudulently induced into signing a mortgage, although most of the Complaint is a generalized grievance against the mortgage industry. Plaintiff does not allege he is not in default but rather that Defendant does not have standing to foreclose and fraudulently induced him into entering into the mortgage contract. He also appears to plead claims for unjust enrichment, quiet title, breach of fiduciary duty, negligence, breach of the implied covenant of good faith and fair dealing, intentional infliction of emotional distress, TILA, HOEPA, and RESPA.

Continue below…

[ipaper docId=47771918 access_key=key-2g1hwljua8zh0ya8fhg height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Assignee Liability in the Secondary Mortgage Market

Assignee Liability in the Secondary Mortgage Market


“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.

[scribd id=31537423 key=key-uf1x4o961w4b16kg012 mode=list]

Posted in concealment, conspiracy, foreclosure, foreclosure fraud, forensic loan audit, hoepa, securitization, tilaComments (0)


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