“A federal judge in Ohio has ruled against a longstanding foreclosure practice, potentially creating an obstacle for lenders trying to reclaim properties from troubled borrowers and raising questions about the legal standing of investors in mortgage securities pools.”
“Lawyers for troubled homeowners are expected to seize upon the district judge’s opinion as a way to impede foreclosures across the country or force investors to settle with homeowners. And it may encourage judges in other courts to demand more documentation of ownership from lenders trying to foreclose.”
“…the inability of Deutsche Bank, as trustee for the pools [mortgage securities pools], to produce proof of ownership at the time of the foreclosures will fuel borrowers’ concerns that they are being forced out of their homes by entities that may not even hold the underlying loans.”
[Update: In case you don’t follow the comments, “crockergal” provides a link to an explanation on “Who Really Owns a Foreclosed House” {L.A. Times Blog}]
–Foreclosures Hit a Snag for Lenders [NY-Times]
Hi! I work at CurrentForeclosures.com a foreclosures site. I think it is a move made to stall or to curb the alarming rate of foreclosures. Because the rate of property foreclosures are acknowledged to have reached a crisis level, several solutions have been considered as ways to resolve the problem.
hi catherine,
i don’t think much of your service or any other that lacks the confidence in your data to give us a 15 day trial without asking for our credit card number. totally bogus!
someone will figure that out one day and actually give you a trial for real.
An excellent post and decent legal analysis in blog commentary on this topic is here:
The question is does the loan servicer have legal “standing” to foreclose?
http://latimesblogs.latimes.com/laland/2007/11/who-really-owns.html#comments