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Ten Dollars For 10,736 Mortgages: Should Nominal Consideration Supersede Real Property Recording Law, John P. Hunt
Ten Dollars For 10,736 Mortgages: Should Nominal Consideration Supersede Real Property Recording Law, John P. Hunt
John P Hunt
Our review of mortgage securitization transactions from 2005 to 2007 suggests that many intermediate mortgage transfers structured as promissory note sales involved the exchange of only nominal or other dubious consideration. The Uniform Commercial Code requires consideration “sufficient to support a simple contract” as a prerequisite for treatment of a transaction as a promissory note sale. Treatment as a sale triggers the Code’s “mortgage follows the note” provisions, which may protect transactions from claims that the mortgages involved are unenforceable, are vulnerable to competing claimants, or were never transferred in the first place. Mortgage securitization transactions are potentially exposed to …
Robo-Signers: The Legal Quagmire Of Invalid Residential Foreclosures Proceedings And The Resultant Potential Impact Upon Stakeholders, Pearson Liddell Jr.
Robo-Signers: The Legal Quagmire Of Invalid Residential Foreclosures Proceedings And The Resultant Potential Impact Upon Stakeholders, Pearson Liddell Jr.
Pearson Liddell Jr.
Press reports exposed a potentially virulent financial mishap in the mortgage industry wherein some of the largest mortgage companies used the same document processor to process foreclosure paperwork. These document processors, and others like them, who have come to be known as “robo-signers”, are alleged to have falsified documents to speedily effectuate foreclosures. Attorneys General in all fifty (50) states conducted an investigation and have recently reached a settlement with various financial institutions. In this process, one of the most prominent institutions in the mortgage recordation system, MERS, has had to reinvent itself as a result of the revelations. We …
Throw The Book At Them: Testing Mortgagor Remedies In Foreclosure Proceedings After U.S. Bank V. Ibanez, Claire Ward
Throw The Book At Them: Testing Mortgagor Remedies In Foreclosure Proceedings After U.S. Bank V. Ibanez, Claire Ward
Claire Alexis Ward
This article takes one state, Massachusetts, as its focus for a perspective on the residential mortgage foreclosure crisis. U.S. Bank v. Ibanez, in early 2011, signaled a changing tide which began to hold banks accountable for the shoddy practices they frequently used to foreclose. However, the promise of Ibanez was unfulfilled as successor cases failed to follow through with its vision. Mortgagor actions brought in the trial courts to prevent foreclosure have been unsuccessful with the elemental actions based in consumer protection, contract, and equity. However, this article proposes new and novel solutions to force banks to be held accountable …