twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Foreclosure Issues Litigated

Recent foreclosure lawsuits

Dec. 15, 2009

By SAM GARCIA


A New York judge who invalidated a mortgage is now calling the parties back to court, while a Massachusetts judge agreed to leave a mortgage lien as invalid. Meanwhile, Wells Fargo & Co.'s banking subsidiary appears to have won the judge's sympathy in a Maryland foreclosure case.

The National Law Journal reported that a bankruptcy court ruling which allowed the trustee to treat a mortgage as an unsecured claim was upheld by U.S. District Court Judge Patti Saris. Mortgage Electronic Registration Systems Inc., the plaintiff, wanted the state to determine whether the omission of a borrower's name on an acknowledgement form is a material defect that voids the Massachusetts mortgage.

The July 2005 foreclosure on a $292,500 loan made in August 2004 was overturned by a New York judge who, upset with the conduct of a lender in an action foreclosing an underwater residential mortgage loan, ordered that the promissory loan note is "canceled, voided, avoided, nullified, set aside and is of no further force and effect."

The court described the lender's bungled attempt at a forbearance agreement, refusal of a short sale, refusal of a modification with no principal forgiveness and equivocation over the borrower's offer to provide a deed in lieu.

Now the judge, New York Supreme Court Justice Jeffrey Spinner, has ordered the bank and the borrowers back to court to discuss a recent letter from IndyMac Mortgage Services that says $474,936.78 still is owed, Newsday reported.

MTGLQ Investors, a subsidiary of Goldman Sachs, filed an unusually high 55 lawsuits in Nevada's Clark County District Court as of month-to-date Nov. 23, the Las Vegas Business Press reported. In what was cited as a possible trend, the cases were filed against second-lien borrowers who had already lost their homes to first mortgage foreclosures.

The City of Baltimore filed a lawsuit last year against Wells Fargo Bank, N.A., claiming that the lender is responsible for "tens of millions of dollars" in lost tax revenues to the city because of a few hundred foreclosures during the past seven years.

But the Baltimore Sun reported that a new judge might dismiss the lawsuit. U.S. District Judge J. Frederick Motz reportedly said the case might cost taxpayers "a lot of money."


Mortgage Electronic Registration Systems Inc. (MERS) v. Warren E. Agin, trustee.
(U.S. District Court)

IndyMac Bank F.S.B. vs. Dian Yano-Horoski, Wells Fargo Bank Minnesota National Association as Trustee for Soundview Home Equity Loan Trust 2001-1 and Kimberly Horoski.
Nov. 19, 2009 (Supreme Court, Suffolk County, State of New York).

Mayor and City Council of Baltimore v. Wells Fargo Bank, N.A.
Case No. 08-00062-BEL, January 2008 (U.S. District Court for the District of Maryland).


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail:
[email protected]




Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders