promissory notes | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "promissory notes"

Assured Guaranty files new claims against JPMorgan

Assured Guaranty files new claims against JPMorgan

This will never end and the fraud will go on forever with no end in sight.



Bond insurer Assured Guaranty Ltd filed new claims against JPMorgan Chase & Co over a mortgage-backed security sold by Bear Stearns, saying more than 35 witnesses have come forward to testify about how loans in the $337 million transaction were misrepresented.

The lawsuit contends Bear Stearns and its EMC mortgage arm, acquired by JPMorgan after their collapse in 2008, knew the pool of more than 6,000 home-equity lines of credit that served as collateral for the investment was filled with defective loans.


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READ ORDER | JPMorgan loses court ruling over ‘loan putbacks’ Syncora Guarantee Inc v. EMC Mortgage Corp

READ ORDER | JPMorgan loses court ruling over ‘loan putbacks’ Syncora Guarantee Inc v. EMC Mortgage Corp

You can read about this from REUTERS

* Syncora can pursue claims based on entire loan pool

* Insurer need not show breaches of individual loans

NEW YORK, March 28 (Reuters) – JPMorgan Chase & Co (JPM.N) could be forced to repurchase thousands of home equity loans, after a judge ruled in favor of a bond insurer that argued it could build its case based on a sampling of loans.

The ruling against EMC Mortgage Corp, once a unit of Bear Stearns Cos, comes amid many lawsuits seeking to force banks to buy back tens of billions of dollars of mortgage and other home loans that went sour. JPMorgan bought Bear Stearns in 2008.

You may read the court Order below:

SYNCORA GUARANTEE INC., f/k/a XL Capital Assurance Inc.,

No. 09 Civ. 3106 (PAC).

USDC, S.D. New York.

March 25, 2011.


HONORABLE PAUL A. CROTTY, United States District Judge.

This breach of contract lawsuit arises out of a securitization transaction (“Transaction”), involving 9,871 Home Equity Line of Credit (“HELOC”) residential mortgage loans, which were purchased and used as collateral for the issuance of $666 million in publicly offered securities (“Notes”). (Mem. in Supp. Mot. to Am. 3). Defendant EMC Mortgage Corp. (“EMC”) aggregated the HELOCs, sold the loan pool to the entity that issued the Notes, and contracted with Plaintiff Syncora Guarantee Inc., formerly known as XL Capital Assurance Inc., (“Syncora”) to provide a financial-guaranty insurance policy protecting the investors in the Note. (Id.) Syncora claims that EMC breached its representations regarding 85% of the loan pool. It now moves for partial summary judgment or, alternatively, a ruling in limine, that it was not required to comply with a repurchase protocol as the exclusive remedy for all such claims. The Court GRANTS the motion for partial summary judgment on the grounds that, in light of the broad rights and remedies for which Syncora contracted, any such remedial limitation would have to be expressly stated.

Continue below…

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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

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  • Initial Certification
  • Recertification
  • Transfer Requirements
  • Refreshment break
  • Q & A
  • Annual or Recurring Reporting Requirements
  • Custodial Responsibilities
  • Audit Tips and Most Common Findings
  • Q & A

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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

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LORRAINE v. MARKEL AMERICAN INSURANCE CO. | Electronically Stored Information “ESI”

LORRAINE v. MARKEL AMERICAN INSURANCE CO. | Electronically Stored Information “ESI”



Plaintiffs :
v. :        CIVIL ACTION NO. PWG-06-1893



Thus, when a lawyer analyzes the admissibility of electronic evidence, he or she should
consider whether it would unfairly prejudice the party against whom it is offered, confuse or mislead
the jury, unduly delay the trial of the case, or interject collateral matters into the case . If a lawyer is
offering electronic evidence, particularly computer animations, that may draw a Rule 403 objection,
he or she must be prepared to demonstrate why any prejudice is not unfair, when measured against the
probative value of the evidence. In this case, counsel did not address whether Rule 403 was implicated
with respect to the electronic evidence attached to their summary judgment memoranda.


In this case the failure of counsel collectively to establish the authenticity of their exhibits,
resolve potential hearsay issues, comply with the original writing rule, and demonstrate the absence
of unfair prejudice rendered their exhibits inadmissible, resulting in the dismissal, without prejudice,
of their cross motions for summary judgment. The discussion above highlights the fact that there are
five distinct but interrelated evidentiary issues that govern whether electronic evidence will be
admitted into evidence at trial or accepted as an exhibit in summary judgment practice. Although each
of these rules may not apply to every exhibit offered, as was the case here, each still must be
considered in evaluating how to secure the admissibility of electronic evidence to support claims and
defenses. Because it can be expected that electronic evidence will constitute much, if not most, of the
evidence used in future motions practice or at trial, counsel should know how to get it right on the first
try. The Court hopes that the explanation provided in this memorandum order will assist in that

May 4, 2007


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© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

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CAVEAT EMPTOR |MERS Transfers May Have Cloud Homeownership With `Blighted Titles’

CAVEAT EMPTOR |MERS Transfers May Have Cloud Homeownership With `Blighted Titles’

This is what this site is about…”ClOUDED TITLES”! This quote below should have added that it was in 65 Million mortgages not in some. I hope you all read my NO. THERE’S NO LIFE AT MERS…I highly recommend it because it came the heart.

In some cases, mortgages were conveyed using the Reston, Virginia-based Mortgage Electronic Registration System, or MERS, designed to cover transfers among system members. Promissory notes also often were endorsed as payable to the bearer to avoid the need for multiple transfers. Both practices have been challenged in court.

Foreclosure Errors Cloud Homeownership With `Blighted Titles’

By Kathleen M. Howley – Oct 1, 2010 12:00 AM ET

U.S. courts are clogged with a record number of foreclosures. Next, they may be jammed with suits contesting property rights as procedural mistakes in those cases cloud titles establishing ownership.

“Defective documentation has created millions of blighted titles that will plague the nation for the next decade,” said Richard Kessler, an attorney in Sarasota, Florida, who conducted a study that found errors in about three-fourths of court filings related to home repossessions.

Attorneys general in at least six states are investigating borrowers’ claims that some of the nation’s largest home lenders and loan servicers are making misstatements in foreclosures. JPMorgan Chase & Co. is asking judges to postpone foreclosure rulings, while Ally Financial Inc. said Sept. 21 its GMAC Mortgage unit would halt evictions. The companies said employees may have completed affidavits without confirming their accuracy.

Such mistakes may allow former owners to challenge the repossession of homes long after the properties are resold, according to Kessler. Ownership questions may not arise until a home is under contract and the potential purchaser applies for title insurance or even decades later as one deed researcher catches errors overlooked by another. A so-called defective title means the person who paid for and moved into a house may not be the legal owner.

‘Nightmare Scenario’

“It’s a nightmare scenario,” said John Vogel, a professor at the Tuck School of Business at Dartmouth College in Hanover, New Hampshire. “There are lots of land mines related to title issues that may come to light long after we think we’ve solved the housing problem.”

Almost one-fourth of U.S. home sales in the second quarter involved properties in some stage of mortgage distress, RealtyTrac Inc. said yesterday. In August, lenders took possession of record 95,364 homes and issued foreclosure filings to 338,836 homeowners, or one out of every 381 U.S. households, according to the Irvine, California-based data seller.

The biggest deficiency in foreclosure suits is missing or improperly handled documents, Kessler found in his study of court filings in Florida’s Sarasota County. When home loans are granted, borrowers sign a promissory note outlining payment obligations and a separate mortgage that puts an encumbrance on the property in the lender’s name. If mortgages are resold, both documents must be properly conveyed to prevent competing claims.

Mortgage Bonds

Most of the document errors involved mortgages that had been bundled into securities sold to investors, Kessler said. At the end of the U.S. real estate boom in 2005 and 2006, about 70 percent of the $6.1 trillion in mortgage lending was packaged into bonds, according to the Securities Industry and Financial Markets Association in New York.

Continue reading…BLOOMBERG


© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.

Posted in assignment of mortgage, auction, Bank Owned, bloomberg, bogus, chain in title, CONTROL FRAUD, corruption, deed of trust, DOCX, Economy, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, forgery, jpmorgan chase, Lender Processing Services Inc., LPS, MERS, MERSCORP, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., note, rmbs, robo signers, securitization, servicers,, sub-primeComments (2)

Promissory Notes | How Negotiability Has Fouled Up the Secondary Mortgage Market, and What to Do About It

Promissory Notes | How Negotiability Has Fouled Up the Secondary Mortgage Market, and What to Do About It


via: 83jjmack

Copyright (c) 2010 Pepperdine University School of Law
Pepperdine Law Review

Author: Dale A. Whitman*

The premise of this paper is that the concept of negotiability of promissory notes, which derives in modern law from Article 3 of the Uniform Commercial Code, is not only useless but positively detrimental to the operation of the modern secondary mortgage market. Therefore, the concept ought to be eliminated from the law of mortgage notes.

This is not a new idea. More than a decade ago, Professor Ronald Mann made the point that negotiability is largely irrelevant in every field of consumer and commercial payment systems, including mortgages. 1 But Mann’s article made no specific recommendations for change, and no change has occurred.

I propose here to examine the ways in which negotiability and the holder in due course doctrine of Article 3 actually impair the trading of mortgages. Doing so, I conclude that these legal principles have no practical value to the parties in the mortgage system, but that they impose significant and unnecessary costs on those parties. I conclude with a recommendation for a simple change in Article 3 that would do away with the negotiability of mortgage notes.

I. The Secondary Mortgage Market

In this era, it is a relatively rare mortgage that is held in portfolio for its full term by the originating lender. Instead, the vast majority of mortgages are either traded on the secondary market to an investor who will hold them, 2 or to an issuer (commonly an investment banker) who will securitize them. Securitization …

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Posted in foreclosure, foreclosure fraud, note, originator, securitization, servicersComments (1)

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