Glaski Decision in California Appellate Court Turns the Corner on “Getting It”
By Daniel Edstrom
DTC Systems, Inc.
The following article was posted by Neil F. Garfield of livinglies.wordpress.com and comes from the following URL: http://livinglies.wordpress.com/2013/08/02/glaski-decision-in-california-appellate-court-turns-the-corner-on-getting-it/
On the other hand we should not assume that they have arrived nor that this decision will have pervasive effects throughout California or elsewhere in the United States or other countries.
J.P. Morgan did suffer a crushing defeat in this decision. And the borrower definitely receive the benefits of a judicial decision that will allow the borrower to sue for wrongful foreclosure including equitable and legal relief which in plain language means reversing the foreclosure and getting damages. Probably one of the most damaging conclusions by the appellate court is that an examination of whether the loan ever made it into the asset pool is proper in determining the proper party to initiate a foreclosure or to offer a credit bid at a foreclosure auction. The court said that alleged transfers into the trust after the cutoff date are void under New York State law which is the law that governs the common-law trusts created by the banks as part of the fraudulent securitization scheme.
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Update on Foreclosures in Oregon
Ambrose Law Group, LLC
Here is the latest, which while limited to Oregon, certainly can be applicable to any other states permitting nonjudicial foreclosure actions but requiring the recording of assignments of the mortgage or trust deed.
You may recall the postings about the decision of Judge Alley in U.S Bankruptcy Court in Oregon (McCoy v BNC Mortgage), finding that in to proceed with nonjudicial foreclosures in Oregon, the applicable statute requires that there be a chain of recorded assignments (which, by the way, in Oregon you cannot record a document unless it is notarized), from the original beneficiary to the current beneficiary, and that MERS is not the beneficiary.
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Daniel Pennell Explains why MERS is Completely out of Control
By Daniel Edstrom
DTC Systems, Inc.
Daniel Pennell has the following qualifications:
- Certified Lean Six Sigma (Process & Quality Control)
- Certified Technical Program & Risk Manager
- Former investment advisor and insurance broker
- 16 Years designing and automating & business processes in regulated environments
- Florida State Supreme Court
- Florida 20th & 6th Judicial Circuits
- Chubb Insurance
- Other State, Federal and Fortune 500 clients
Mr. Pennell goes on to give a professional analysis of the Frankenstein (MERS) process. Which can only be described as completely out of control. It is of significance to note that the very entities that created and brought forth Frankenstein are governed by the Office of the Comptroller of the Currency. It is just as important to note that Frankenstein is NOT governed by the Office of the Comptroller of the Currency, nor governed by federal, state or county land recordation laws. The OCC requires that national banks have “effective risk management procedures and internal controls to conduct the activities safely and soundly.” It is apparent to everyone except OCC that this is not and has not been the case (i.e. rampant industry standards of notary violations, no personal knowledge, forgery, perjury, etc). It is also apparent that the national banks are using other entities such as Frankenstein and foreclosure mills such as the Stern Law Firm and Dolan Media (NDEx West) to perpetuate these activities. Dolan Media specifically states to their investors they are proudly not involved in the robo-signing fiasco (notary violations, no personal knowledge, forgery, etc). If Mr. Pennell did an analysis of the shoddy work done by Dolan Media he would find that they give Frankenstein a run for its money. What I want to emphasize though is that Frankenstein, because of the very nature of its work, is required to have “effective risk management procedures and internal controls to conduct activities safely and soundly.” But this was the OPPOSITE of the INTENT of the parties when they created this monster in their laboratories. I can still hear the echos of their diabolical laughter. As a side note, see Fred Smith explain why Frankenstein (MERS) was involved: http://livinglies.wordpress.com/2011/01/23/fred-smith-explains-why-mers-was-involved-multiple-securitizations/
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