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Big news in BofA MBS litig: Kapnick tosses Walnut vs Counrtywide case

Big news in BofA MBS litig: Kapnick tosses Walnut vs Counrtywide case


Alison Frankel via Reuters Legal/ On the Case is working on this story.

Please check back.

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YVES SMITH: The Legal Lie at the Heart of the $8.5 Billion Bank of America and Federal/State Mortgage Settlements

YVES SMITH: The Legal Lie at the Heart of the $8.5 Billion Bank of America and Federal/State Mortgage Settlements


H/T Abigail – If you had any doubts about whether ‘your’ federal gov’t works for you or BofA, read Yves Smith’s latest:

One in a while, you can discern a linchpin lie on which other important lies hinge. We can point to quite a few in America: the notion of a permanent war on terror, which somehow justifies vitiating not just the Constitution, but even the Magna Carta, or the idea of an imperial executive branch.

Now the apparently-to-be-filed-in-court-today Federal/state attorneys general mortgage settlement is less consequential than matters of life and limb. But it still show the lengths to which the officialdom is willing to go to vitiate the law in order to get its way.

HUD Secretary Donovan, the propagandist in chief for the Federal/state mortgage pact, has claimed he has investor approval to do the mortgage modifications that are a significant portion of the value of the settlement. We’ll eventually see what is actually in the settlement, but the early PR was that “no less than $10 billion” of the $25 billion headline total was to come from principal reductions. Modifications of mortgages not owned by banks, meaning in securitized trusts, are counted only 50% and before Donovan realized he was committing a faux pas, he said he expected 85% of the mods to be from securitizations, so that means $17 billion.

[NAKED CAPITALISM]

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2nd Circuit greenlights novel vehicle for BofA’s MBS settlement

2nd Circuit greenlights novel vehicle for BofA’s MBS settlement


Alison Frankel-

Way back in June, a day or so after Bank of America announced its proposed $8.5 billion settlement with Countrywide mortgage-backed securities investors, I wrote about the very peculiar vehicle through which the bank was seeking judicial approval of the arrangement. The settlement was filed by the Countrywide MBS trustee, Bank of New York Mellon, under Article 77 of the New York state code. Article 77, which allows a trustee to seek a judicial endorsement of trust-related decisions, is usually invoked in garden-variety trust disputes, not in an $8.5 billion deal affecting thousands of beneficiaries in 530 trusts. But the law offered distinct advantages for BofA, BNY Mellon, and the group of 22 institutional investors that negotiated the Countrywide MBS settlement. Under New York trust law, trustees have broad discretion to make decisions on behalf of the trusts they oversee. As long as the judge presiding over an Article 77 proceeding determines that the trustee has acted reasonably and hasn’t abused its discretion, the trustee’s decision gets a stamp of judicial approval. Anyone who disagrees with the trustee — and the banks and institutional investors that negotiated the BofA proposed settlement knew that there would be many investors who didn’t like it — bears the heavy burden of proving that the trustee acted outside the bounds of reason.

[REUTERS LEGAL]

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NY, Delaware AGs may intervene in BofA, BNY Mellon MBS settlement

NY, Delaware AGs may intervene in BofA, BNY Mellon MBS settlement


What a team!

HW-

Attorneys General for Delaware and New York secured permission from a U.S. District Judge to intervene in court proceedings discussing the Bank of New York Mellon (BK: 18.03 -0.33%) $8.5 billion settlement with Bank of America (BAC: 5.045 -3.90%) over toxic mortgage-backed securities.

The AGs are eager to get a presence in the proceedings, so they can represent the interests of the investing public in their respective states before a final deal is reached. Admission to the process gives the AGs a chance to hear where talks are going and an opportunity to object to provisions of the deal.

[HOUSING WIRE]

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NY, Delaware AGs Allowed To Intervene In $8.5B Bank of America Settlement

NY, Delaware AGs Allowed To Intervene In $8.5B Bank of America Settlement


“This action concerns far more than the financial interests of a few sophisticated investors,” Pauley wrote. “And the intervention of the State AGs in this action will protect the interests of absent investors.”

 WSJ-

The federal judge presiding over the landmark $8.5 billion settlement between Bank of America Corp. (BAC) and major investors in mortgage-backed securities has allowed the state attorneys general of New York and Delaware to intervene in the case.

In a ruling dated Friday, Judge William H. Pauley agreed with the state lawmakers that the massive settlement carries implications for the nation’s financial markets, not just the investors who will be impacted by the pact.

“This action concerns far more than the financial interests of a few sophisticated investors,” Pauley wrote. “And the intervention of the State AGs in this action will protect the interests of absent investors.”

[WALL STREET JOURNAL]

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Why Judge Pauley kept $8.5bn BofA MBS case in federal court [READ RULING]

Why Judge Pauley kept $8.5bn BofA MBS case in federal court [READ RULING]


REUTERS-

The key paragraph in Manhattan federal judge William Pauley III‘s 21-page ruling Wednesday in Bank of America’s proposed $8.5 billion settlement with Countrywide mortgage-backed-securities investors is the last one.

“The settlement agreement at issue here implicates core federal interests in the integrity of nationally chartered banks and the vitality of the national securities markets,” Pauley wrote. “A controversy touching on these paramount federal interests should proceed in federal court.”

[REUTERS]

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Grais fights to keep $8.5 billion BofA case in fed. court

Grais fights to keep $8.5 billion BofA case in fed. court


If your trust is listed in the initial Notice of Petition to Intervene complaint, I highly recommend you go to the court house and make sure your last page to the “Note”, which was filed is still there :)’

REUTERS-

On Wednesday night, Grais & Ellsworth filed a 29-page brief laying out its arguments for why Bank of America’s proposed $8.5 billion settlement with Countrywide mortgage-backed securities investors belongs in federal court, not in New York state court, where Bank of New York Mellon, as Countrywide MBS trustee, filed it. I’ll talk about Grais’s assertions in a moment, but first, I want to explain why the jurisdictional question is so crucial to the ultimate fate of BofA’s proposed deal. Two transcripts tell that tale.

BNY Mellon, you’ll recall, used a highly unusual device when it asked for court approval of the proposed $8.5 billion settlement in late June. The bank filed the case as an Article 77 proceeding in New York state supreme court, taking advantage of a state law that permits trustees to seek a judge’s endorsement of their decisions. Using Article 77 was a deliberate tactic by BNY Mellon, BofA, and the 22 institutional investors who support the settlement. The lawyers who put together the deal considered and rejected other possible vehicles for court approval, but decided that Article 77 was the fastest, cleanest way to resolve claims involving 530 separate trusts. The provision, which is usually invoked in garden-variety trust cases, gives broad discretion to trustees, who are generally assumed to be acting in the best interests of trust beneficiaries.

[REUTERS]

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FORECLOSURE FRAUD | AFFIDAVIT IN SUPPORT FOR ‘SUMMARY JUDGMENT’

FORECLOSURE FRAUD | AFFIDAVIT IN SUPPORT FOR ‘SUMMARY JUDGMENT’


AFFIDAVIT FAIL!

Just like the Lis Pendens arriving before the Assignment from Mortgage Electronic Registration Systems, Inc. with 1st Vice President Mark Bishop (who also signs for CityWide Mortgage Corp and America’s Wholesale Lender,etc.). There is no Assignment “created” from MERS to BAC Home Loan Servicing LP.

In this Affidavit we have Suzanne M. Haumesser signing as SR. Vice President of BAC Home Loan Servicing, LP. For Owner and Holder of Mortgage and Note, Bank of New York as Trustee for the Certificate Holders CWALT inc Alternative Loan Trust 2006-oa10 mortgage pass through certificates, series 2006-oa10

The Notary is Dolores V. Bald from Erie County, New York.

The day of service August 26. 2010

Date showing for the amount due “FEBRUARY 17, 2010”

Signed in California but notarized in New York!

Did Suzanne make a special trip just to sign this in NY?

NOW, Take a look at when this was NOTARIZED DECEMBER 30, 2009 (?08) months before the February 17, 2010 tally of the amounts due! It also looks like an 08 instead of a 09. Last the date of service was August 26, 2010. C’mon get real! Why does it take all these months?

If this was done in 2008 New York Notary Commissions are good for 4 years.


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Posted in bac home loans, bank of new york, chain in title, conflict of interest, conspiracy, CONTROL FRAUD, corruption, countrywide, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, MERS, mortgage, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Notary, notary fraud, note, securitization, servicers, STOP FORECLOSURE FRAUD, trade secrets, trustee, Trusts, Wall StreetComments (4)

FORECLOSURE ATTORNEYS | TRUSTEE NETWORK

FORECLOSURE ATTORNEYS | TRUSTEE NETWORK


Attorney / Trustee Network/ FORECLOSURE MILLS

NetDirector provides a centralized data exchange for a growing network of attorneys and trustees as they realize the value of this unique solution. The current network represents participants in 49 states with both judicial and non-judicial law practices. As critical mass builds, attorneys and trustees have more leverage over banks, service providers, and other trading partners to move toward standards and provide product/service enhancements. The following attorneys/trustees currently subscribe to the NetDirector Data Exchange:

Albertelli Law, P.L. (AL, GA & FL)
Baer, Timberlake, Coulson & Cates, P.C. (OK)
Barrett, Daffin, & Frappier, L.L.P. (GA)
Barrett, Daffin, Frappier, Treder & Weiss, L.L.P. (CA)
Barrett, Daffin, Frappier, Turner & Engel, L.L.P. (TX)
Bendett & McHugh, P.C. (CT, MA, ME, NH, RI & VT)
Ben-Ezra & Katz, P.A. (FL)
Buonassissi, Henning & Lash P.C. (DC, MD & VA)
Cal-Western Reconveyance (AZ, CA, HI, ID, NV, OR, TX, UT & WA)
Camner, Lipsitz & Poller (FL)
Castle, Meinhold & Stawiarski, L.L.C. (CO, NM, NV, UT & WY)
Clay Chapman Iwamura Pulice & Nervell (HI)
Codilis & Associates, P.C. (IL)
Codilis & Stawiarski, P.C. (TX)
Codilis, Stawiarski & Moody, P.C. (MO)
Cohn, Goldberg & Deutsch, L.L.C. (DC & MD)
Dale & Decker, L.L.C. (CO)
Davidson Fink, L.L.P. (NY)
Dean Morris, L.L.P. (LA)
Doyle Legal Corporation, P.C. (IN)
Dunakey & Klatt, P.C. (IA)
Fein, Such, & Crane, P.C. (NY)
Fein, Such, Kahn & Shepard, P.C. (NJ)
Feiwell & Hannoy, P.C. (IN)
Finkel Law Offices, L.L.C. (SC)
Fisher & Shapiro, L.L.P. (IL)
Florida Default Law Group, P.L. (FL)
Freedman, Anselmo, Lindberg & Rappe, L.L.C. (IL)
Friedman & MacFadyen, P.A. (DC, MD, & VA)
Gilbert McGrotty Group, P.A. (FL)
Goldbeck, McCafferty & McKeever (NJ & PA)
Gray & Associates, L.L.P. (WI)
Greenspoon Marder, P.A. (FL)
Harmon Law Offices, P.C. (MA, RI, & NH)
Hellerstein & Shore, L.L.C. (CO)
Hudnall, Cohn, Fyvolent & Shaver, P.C. (GA)
Johnson & Freedman, L.L.C. (GA)
Kass, Shuler, Solomon, Spector, Foyle & Singer, P.A. (FL)
Kivell, Rayment & Francis, P.C. (OK)
Korn Law Firm, P.A. (SC)
Law Office of Patrick D. Hendershott, L.L.C. (OH)
Law Office of Ira T. Nevel, L.L.C. (IL)
Law Offices of Daniel C. Consuegra (FL)
Law Offices of Marshall C. Watson, P.C. (FL)
LOGS Network (AR, DC, FL, GA, IN, IL, KY, MD, MN, NY, OH, OR, PA, TN & VA)
Lundberg & Associates (UT)
Mackoff Kellogg Law Firm (MT, ND & SD)
Martin & Brunavs (GA)
McCabe, Weisberg & Conway, P.C. (CT, DC, MD, NJ, NY, PA & VA)
McCalla, Raymer, L.L.C. (AL, GA, TN & TX)
Morris & Associates (MS)
National Default Exchange, L.P. (CA, GA, IN, MI, MN & TX)
Nectar Projects, Inc. (VA)
Northwest Trustee Services, Inc. (CA, OR, WA, HI, ID, & MT)
O’Kelley & Sorohan, L.L.C. (GA)
Partridge Snow & Hahn, L.L.P. (MA, RI)
Pendergast & Jones, P.C. (GA)
Pierce & Associates, P.C. (IL)
Pite Duncan, L.L.P. (AZ, CA, HI, ID, NV, OR, TX, UT & WA)
Potestivo & Associates, P.C. (MI)
Powers Kirn, L.L.C. (NJ)
Powers, Kirn & Javardian, L.L.C. (PA)
Prommis Solutions, L.L.C. (All)
Regional Trustee Service Corporation (AK, AZ, CA, ID, MT, NV, OR & WA)
Reimer, Arnovitz, Chernek & Jeffrey, Co. L.P.A. (OH)
Richard M. Squire & Associates, L.L.C. (PA)
Robert J. Hopp & Associates, L.L.C. (CO)
Rogers Townsend & Thomas, P.C. (NC)
Routh Crabtree Olsen, P.S. (CA, OR, WA, HI, ID, & MT)
Routh Cooper Castle Olsen, L.L.C. (AZ)
Routh Crabtree, A.P.C. (AK)
Rutherford Mulhall, P.A. (FL)
Samuel I. White, P.C. (DC, MD, VA & WV)
Scott Law Firm, P.A. (SC)
Shapiro & Burson, L.P.P. (DC, MD & VA))
Shapiro & DeNardo, L.L.C. (PA)
Shapiro, DiCaro & Barak, L.P.P. (NY)
Shapiro & Fishman, L.P.P. (FL)
Shapiro & Kirsch, L.P.P. (AR & TN)
Shapiro & Sutherland, L.L.C. (OR)
Shapiro & Swertfeger, L.P.P. (GA)
Shapiro, Van Ess, Phillips & Barragate, L.P.P. (IN, KY & OH)
Shapiro & Zielke, L.P.P. (MN)
Shechtman Halperin Savage, L.L.P. (CT, MA, ME, NH, RI & VT)
Sirote & Permutt, P.C. (AL)
Smith, Hiatt & Diaz, P.A. (FL)
South & Associates, P.C. (MO, KS & NE)
Spear & Hoffman, P.A. (FL)
Stein, Weiner & Roth, L.L.P. (NY)
The Cooper Castle Firm, L.L.P. (NV)
The Law Offices of Hutchens, Senter & Britton, P.A. (NC)
Tiffany & Bosco, P.A. (AZ)
Trott & Trott, P.C. (MI)
Weiss Spicer Cash, P.L.L.C. (TN)
Weltman, Weinberg & Reis CO. L.P.A. (IL, IN, KY, MI, NJ, OH & PA)
Wilford & Geske, P.A. (MN)
Wilson & Associates P.L.L.C. (AR & TN)

In accordance with Title 17 U.S.C. Section 107, any copyrighted work 
in this message is distributed under fair use without profit
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Default can spur revenge desire…

Default can spur revenge desire…


Maybe they are staying there for free because they are jobless…and the government that keeps bailing out the CROOKS …probably don’t give a “hoot” what happens to these families. For Mr. Sanchez…you should be ashamed for yourself!

You got that right…WE ARE PISSED OFF… YES!!

TAMPA, Fla. – April 6, 2010 – The mortgage crisis is causing more than just heartburn for homeowners. It’s changing their moral compass.

Homeowners are walking away – even when they can afford their payments. Some loot on the way out the door, carting off light fixtures, appliances, anything of value.

Others trash the home to ruin the bank’s chances of selling it. They pour cement down the drains, flood the house or punch holes in the walls.

A few years ago, such behavior would have been considered reprehensible.

But today’s homeowners are tired of watching the lenders who triggered the financial meltdown get bailed out while they suffer. They want revenge.

They feel entitled.

“It went from being a shame to being behind on your mortgage to feeling like it’s a big joke,” said Jim Kelly, a Tampa homeowner who said numerous neighbors have stopped paying. “The big talk at cocktail parties is how underwater is your house and how long have you lived there for free.”

Homeowners’ attitudes are changing as they realize their home values have dropped below what they owe. Nearly one-quarter of U.S. mortgages are underwater.

In some neighborhoods, experts say, it could take a decade or longer for prices to catch up. Some people blame lenders for steering them into a bad loan. Even homeowners who have faithfully paid their bills are angry. With so many of their neighbors defaulting, more people are giving in to the temptation.

“The social norms are changing,” said Luigi Zingales, a professor at the University of Chicago’s Booth School of Business. “The more people hear about their neighbors doing these things, the more acceptable it is.”

About 36 percent of the nation’s defaults in December were what Zingales calls “strategic defaults,” meaning homeowners deliberately let the home go into foreclosure. That’s up from 25 percent in March 2009, according to research Zingales conducted with colleagues at Northwestern University’s School of Business.

“People are afraid to walk away if they don’t know what will happen to them,” Zingales said. “Once they learn it’s not that bad, they’re more likely to do it.”

Consider Lutz’s Shawn Aaron, a friend of Kelly’s.

Expensive paintings and flat-screen TVs line the walls of his 5,800-square-foot home in the Cheval community. A Corvette sits in his garage. He paid $1.3 million for the home in November 2004.

More than two years ago, he stopped paying his mortgage and thinks a lot of other homeowners should follow his example. The way Aaron sees it, after the lender to which he agreed to make payments sold his mortgage, he doesn’t have a contract with the loan’s new owner. That lender, he says, has filed for foreclosure but has yet to prove it owns his loan.

“No one has answered my questions about my mortgage,” Aaron said. “I hope I win the case and stay here long term.”

Aaron said he also has stopped paying the mortgage on an investment property.

Aaron has such intense feelings about the housing crisis that he started a company, US Lender Audit, to help homeowners fight banks. The company reviews mortgages and finds what it thinks are problems with loans. Attorneys then use the report to fight for their clients in foreclosure cases.

“People have a right to question their mortgage,” Aaron said.

Aaron’s rationalization puts Kelly in an uncomfortable spot. The two are good friends, but have conflicting views on the mortgage crisis. They agree to disagree and don’t let it affect their friendship.

Kelly paid off his mortgage 17 years ago and never tapped his equity, even though he saw the appraised value jump a couple of hundred thousand dollars.

Neighbors of his took a different approach. That couple bought a house 25 years ago for $80,000, took out home-equity loans, and bought furniture and went on exotic trips. They owe $250,000 and stopped paying the mortgage.

“It’s a moral issue,” Kelly said. “You borrowed the money and because of the world credit issues that have nothing to do with your house, you think you’re entitled to something.”

Tampa real estate agent Paul De La Torre said he often sees the entitled attitude. Clients who are trying to sell their homes for less than the mortgage – called a short sale – are increasingly asking to take items with them.

“They want to take the appliances and other things they bought with their equity money,” said De La Torre, of Keller Williams. “I tell people that if you didn’t pay for it with your own money, it should stay with the house. Taking it just makes it more difficult to find a buyer.

“I just sold one house where the guy took the wall plates,” De La Torre said. “Those are like 60 cents at Home Depot.”

De La Torre said he has come across homes for sale that look great on the outside but are destroyed inside. Some people left food in the sink to stink up the house. They ripped out cabinets and toilets.

“Everybody says: Look what the bank did to me,” De La Torre said. “But when people were selling their homes for $100,000 profit, no one complained.”

Alex Sanchez, president and chief executive of the Florida Bankers Association, said people who destroy homes or deliberately stop paying should be ashamed.

“What happened to the American values of pulling yourself up by your bootstraps?” he said. “By the time we get our hands on these homes, they are ruined. People take sledgehammers to them. … It’s something our parents would not be proud of.”

Professor Zingales said his research has shown that the economy is continuing to change homeowners’ perceptions of right and wrong.

“We asked homeowners, ‘Would you walk away if your value dropped $50,000 below what you owe? What about $100,000 or $150,000?’” he said. “Eighty percent said they thought it was immoral to walk away. But that doesn’t mean they won’t.”

That leaves Kelly, who owns his house free and clear, feeling stuck.

“I feel like a jerk in some respects,” Kelly said. “I paid my mortgage and worked hard to pay off my house and send my kids to college. Others lived like champs, and they’ll end up getting their houses for free.”

Copyright © 2010 Tampa Tribune, Fla., Shannon Behnken. Distributed by McClatchy-Tribune Information Services.

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