California bankruptcy court rules against MERS

MBA: New home purchase apps fall 8% New Home Purchase Apps Up 8.2% – The Mortgage Leader – "Even though new home sales decreased 3.9 percent over the month, the average monthly number of homes sold so far this year (648,000 units) is around 8 percent higher than a year ago, and last month’s 8.2 percent annualized gain in purchase applications points to continued demand for new homes," said Joel Kan, MBA associate vice president.

The Court of Appeal of the State of California Second Appellate District affirmed a trial court’s order dismissing a wrongful foreclosure lawsuit against MERSCORP Holdings. In Matlock v.J.P.

Florida single-family home prices up 14% over last year BREVARD COUNTY, FLORIDA – The median sales price for Brevard County single-family homes is up 1.5% to $229,750 compared to a year ago, which was $226,323. "I’m seeing more buyers taking.

Bankruptcy – money_selfhelp – California Courts – Bankruptcy is a legal process to help debtors (people who owe money) get relief from the debts they cannot pay and, at the same time, help creditors (people who are owed money) get paid from whatever property or assets the debtor has that he or she does not need to live.

In rule changes announced to MERS members on July 21, the. lawyer who is specialist in foreclosure actions in bankruptcy courts, said the.

A. The Court Lacks Subject Matter Jurisdiction to Rule on the Claim against Faber, but May Have Jurisdiction to Rule on the Claim against MERS. Pursuant to 28 U.S.C. 1334(b), the Court has jurisdiction over an adversary proceeding (1) arising under the Bankruptcy Code, (2) arising in or (3) related to a case brought under the Bankruptcy Code.

The Bankruptcy Court, in In re Eleazar Salazar, issued on April 11, 2011, held that MERS’ recorded interest did not allow the assignee to bypass the California Civil Code Section 2932.5 requirement that an assignment be recorded before the assignee exercises the power of sale under a DOT.

Federal Judge Rules: MERS Mortgage Transfers are Illegal. However, by the "Rooker-Feldman" doctrine (or res judicata), the US Bankruptcy Court is prohibited from "looking behind" the state court’s decision to determine the issue of legal standing. Hence, Judge Grossman ruled in the bank’s favor on that particular issue.

FHFA delays principal reduction ruling It will provide immediate relief to 1.75 million homeowners, in part by forcing banks to reduce the principal balance on many loans, refinancing loans for “underwater” borrowers, and paying billions.

There have been numerous court rulings against MERS — including decisions made by state supreme courts. What is significant about the US Bankruptcy Court of New York’s ruling is that the judge specifically set out to examine the legality of MERS’s business model. As the judge

Housing risk rising as more loans don’t meet QM on DTI The Federal Housing Administration (FHA) is the prime source of this risk. In February, virtually all of the home purchase loans it guaranteed had a down payment of less than 5 percent, and one.

Bankruptcy Judge rules against MERS but the decision was overturned. "Aside from the inappropriate reliance upon the statutory definition of "mortgagee," MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best. – Judge Grossman, Federal Bankruptpcy Court The Court recognizes that an adverse ruling regarding MERS’s authority to assign mortgages or act on behalf of its [.]

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