Editor’s note: This is red meat for investors and borrowers seeking restitution for losses caused by improper appraisals, ratings and representations concerning loan and property values, loan viability, securities fraud, deceptive lending practices, TILA violations etc.
Obama Bank Policy Signals $1 Trillion in Writedowns
April 3 (Bloomberg) — U.S. regulators may force Bank of America Corp., Citigroup [...]
Fresh off the press of the 2nd District Court of Appeals, today the 2nd DCA issued a stunning shot across the bow of US financial institutions by reversing a trial court’s decision to grant summary judgment in favor of US Bank, NA.
In virtually all cases you will not find a person with any relationship to the creditor, investor, or pool. This is because servicers, trustees and other firms in the securitization chain are proceeding on their own initiating foreclosures without instructions, knowledge or any documentation from the creditor, investor or pool.
Editor’s Note: Greyhawk is of course [...]
Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008.
Mortgage – Bank of America – Business – Loan – Financial Services
This ruling could ultimately end up being the demise of ALL foreclosure actions involving securitized loans. One thing is clear in that the federal court identifies the investors as the owners of the loan and is so doing the court also recognizes that the servicer/intermediaries/pretender lender have no authority to do ANYTHING in the way of enforcement, modification, collection through legal means such as a foreclosure action because they simply have no standing (the alleged debt is not owed to anyone other than the investors).
