Alabama judge denies securitization trustee standing to foreclose
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: RESIDENTIAL CAPITAL, LLC, et al., Silver challenges GMACM’s standing to foreclose based on an allegedly forged. as trustee and Mortgage Electronic Registration Systems,
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· Thus, as discussed in Part II.B., infra, under Alabama law, the trustee had standing to foreclose on the property. B. Negotiability of the Note The Thomases contend that the note was nonnegotiable because it did not represent “an unconditional promise to pay a fixed amount of money” without requiring an “additional undertaking.”
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· One New Jersey judge decided to take a stand by dismissing a foreclosure action brought by Deutsche Bank Trust Company of America. The defendants required Deutsche Bank to produce the note as part of their discovery process.
Securitization Trustees in the Crosshairs in Mortgage Mess. by Yves Smith. Tom Adams pointed to an article in American Banker by Kate Berry which discusses how mortgage securitization trustees are increasingly coming under scrutiny in the foreclosure crisis.
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Lack of Standing cases in other States . Alabama: Horace v.LaSalle, Bear Stearns, EMC Mortgage, Bank of America (3/11) First, the Court is surprised to the point of astonishment that the defendant trust (LaSalle) did not comply with the terms of its own PSA and further did not comply with NY Law in attempting to obtain assignment of plaintiff’s note and mortgage.