We hold these truths to be self evident: that Chase never acquired any loans from Washington Mutual and that Bank of America never acquired any loans from Countrywide. A review of the merger documents approved by the FDIC reveals that neither Chase nor Bank of America wanted to assume any liabilities in connection with the lending operations of Washington Mutual or Countrywide, respectively. The loans were expressly left out of the agreement which is available for everyone to see on the FDIC website in the reading room.
SEC Corroborates Livinglies Position on Third Party Payment While Texas BKR Judge Disallows Assignments After Cut-Off Date
By Neil Garfield
Garfield Gwaltney Kelley and White | LivingLies
Maybe this should have been divided into three articles:
Saldivar: Texas BKR Judge finds Assignment Void not voidable. It never happened.
Erobobo: NY Judge rules ownership of note is burden of the banks. Not standing but rather capacity to sue without injury.
SEC Orders Credit Suisse to disgorge illegal profits back to investors. Principal balances of borrowers may be reduced. Defaults might not exist because notices contain demands that include money held by banks that should have been paid to investors.
But these decisions are so interrelated and their effect so far-reaching that it seems to me that if you read only one of them you might head off in the wrong direction. Pay careful attention to the Court’s admonition in Erobobo that these defenses can be waived unless timely raised. Use the logic of these decisions and you will find more and more judges listening with increasing care. The turning point is arriving and foreclosures — past, present and future — might finally get the review and remedies that are required in a nation of laws.
Back in high school, we all had to run the short race that was a flat out sprint. More injuries occur in the shorter races than do in the races of duration for one simple reason…it places a higher impact on all muscles in the shortest amount of time, and with sometimes career ending results.
The recent run-up in housing prices, spurned by dog-fights at the auctions between private home buyers and investor money looking for another “bargain”, is a red herring. REO properties and direct sales in the short sale and traditional MLS (Multiple Listing Service) listings are now seeing one of the first signs of a healthier economy. Or so says the Real Estate industry. The numbers do not lie, however, there is a lot of activity to be sure, as compared to even one year ago, but this is a short race, so tape up and stretch.