Alabama judge denies securitization trustee standing to foreclose. by KERRI PANCHUK Third Alabama judge takes on foreclosure standing for securitized trustees New York Supreme Court upholds MERS ability to foreclose Massachusetts Ibanez ruling sets stage for mortgage ownership remedy Mass. Supreme Court rules against US Bancorp, Wells Fargo in foreclosure case Ala. court says alleged problems with securitization aren’t a borrower concern
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Alabama judge denies securitization trustee standing to foreclose. If we don’t get control of servicing, they will drive us into a depression that will take 20 years to get out of.". The case involves certificate holders of Bear Stearns Asset Backed Securities I LLC, asset-backed certificates series 2006-EC2.
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With reference to foreclosure of mortgages, a party seeking to enforce the rights associated with a mort-gage must prove that it is a real party in interest to have "standing" in court. The Restatement of Property (Third) states: Only the proven mortgagee may main-tain a foreclosure action. The requirement
Alabama is a "non-judicial" foreclosure state. That means foreclosures are done by private sale. In Congress the securitization trustee held a sale and received a quitclaim deed from the mortgagee MERS. The securitization trustee then brought an ejectment action against the homeowner. The decision was in the ejectment action, not the.
filed by mortgage securitization trustees because the trustees failed to demonstrate they were the owners and holders of the notes and mortgages upon which the suits were filed. Because the trustees did not satisfy this requirement, the courts found they lacked standing to pursue the foreclosure actions and dismissed the cases without prejudice.
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Fink for American Legal & Financial Network and United Trustees. s authority to foreclose and the borrower’s ability to challenge that authority have been framed as questions of “standing.” (See, e.
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denied standing to debtors attempting to assert assignment-based defenses. Borrowers Face New Scrutiny, WALL ST J., Apr. 15, 2009, at Al. handled expeditiously to reduce the backlog, judges apparently. is owned by a securitized trust.62 In other cases, borrowers may argue that an assignment.
Indianapolis Hotel Owner Files to Stop Foreclosures The owner of. The bankruptcy judge denied the motion for rehearing and entered judgment. On appeal, the defendants won. The trustee argued that.