Judicial Branch saves US Private Property Rights, MASS Supreme Court throws out ‘securitized servicer foreclosures’ by Wells and US Bank in Ibanez, LaRace cases
Update: Full ruling here. And some appropriate theme music from Judas Priest~
Update 2: From the ruling:
Focusing first on the Ibanez mortgage, U.S. Bank argues that it was assigned the mortgage under the trust agreement described in the PPM, but it did not submit a copy of this trust agreement to the judge. The PPM, however, described the trust agreement as an agreement to be executed in the future, so it only furnished evidence of an intent to assign mortgages to U.S. Bank, not proof of their actual assignment. Even if there were an executed trust agreement with language of present assignment, U.S. Bank did not produce the schedule of loans and mortgages that was an exhibit to that agreement, so it failed to show that the Ibanez mortgage was among the mortgages to be assigned by that agreement. Finally, even if there were an executed trust agreement with the required schedule, U.S. Bank failed to furnish any evidence that the entity assigning the mortgage–Structured Asset Securities Corporation–ever held the mortgage to be assigned. The last assignment of the mortgage on record was from Rose Mortgage to Option One; nothing was submitted to the judge indicating that Option One ever assigned the mortgage to anyone before the foreclosure sale. [FN19] Thus, based on the documents submitted to the judge, Option One, not U.S. Bank, was the mortgage holder at the time of the foreclosure, and U.S. Bank did not have the authority to foreclose the mortgage.
Continues after the break:
Now that NASA is out of the manned space business I was THRILLED to hear about this launch today. Jeebus through the looking glass again. I used to bxtch about 1000 points of light and now I want the Electric Eye in the sky protecting us. Maybe that’s just turning 40, maybe it’s the occupant of the WH…
…is this part of slowly turning conservative? Does it begin with fiscal conservatism which is how I started down this path? Our first Tea Party sign said ‘CONGRESS STOP SPENDING’ and that was April of ’09 when they kicked off with Spendulus…Now I’m all hawkish on national defense and I did a happy dance when I heard we launched this awesome X51 today.
I have been a mom since I was 20 so it isn’t ‘motherhood fear’ which some of my lib friends have the bxlls to suggest is the cause of my voting GOP now…well whatever it is if the GOP keeps putting up candidates like Rubio, Scott Brown, Bachmann, Lowden I will keep sending them money and on another whole level I will keep voting downticket GOP until I see any signs of sanity in the Democratic party…and cap and trade and amnesty is further signs of the Fall of the House of Democrats who seem to be mentally deteriorating…
…But eventually, Prompt Global Strike could encompass new generations of aircraft and armaments five times faster than anything in the current American arsenal. One candidate: the X-51 hypersonic cruise missile, which is designed to hit Mach 5 — roughly 3600 mph. The goal, according to the U.S. Strategic Command’s deputy commander Lt. Gen. C. Robert Kehler, is “to strike virtually anywhere on the face of the Earth within 60 minutes.”…
CONFIRMED! Unions throw middle class under the bus! CALL YOUR CRITTERS! : A-HA! WH/Congress Dems reach tentative deal to exempt labor from excise tax on health insurance benefits…
1/15 WSJ confirms that the Dems have cut a deal for 12% of the middle class and left the other 88% of us to pay the excise tax. No no no. They are dividing the Middle Class against itself. Nice job labor. Right to work states should what? Die younger? No I don’t think so.
Democratic negotiators acceded to union demands for a scaled-back tax on high-end health-insurance plans, exempting union contracts from the tax until 2018, five years beyond the start date for other workers.
The deal helped Democrats clear a key hurdle, but the reduced tax added to the pressure to find new revenue to pay for their health bill, which is designed to give coverage to tens of millions of uninsured Americans. Negotiators were considering increasing the financial hit on drug makers, nursing homes and medical-device makers, according to people familiar with the discussions….
I knew it! J’ACCUSE!!! Those frakkers! If they think this will fly and they can exempt 12% of the middle class (labor) from the excise tax and leave the other 88% of us twisting they are barking up the wrong tree…
Jane Hamsher has it at FDL:
You could see this one coming down Sepulveda, ever since the Senate started doing carve-outs for individual unions to exempt them from the excise tax:
Unions tentatively struck a deal Tuesday to exempt collectively bargained healthcare plans from a tax on high-cost plans expected to be used to help raise revenue for the healthcare overhaul….
Oh, and they also, tossed the employer mandate. “The better to stick you with high deductible, low quality plans on which to tax you my dear”, said the Wolf from Aetna….
Update 2: Middle Class Home Values Free Fallin’, but Team Obama will NOT urge banks to reduce principal…Obama Plan calls for taxpayer subsidized payment assistance, via hardship & means testing…
Update 2: The housing plan will be announced by POTUS, Geithner and HUD’s Shaun Donovan in Mesa tomorrow at 10:30am MST..we will cover it!
Update: Hey you know what just occurred to me? By adding subsidies and focusing on the payment not the principal, Obama and the Banks are putting the TAXPAYERS on the hook for these subsidies where we should have had the banks taking a loss on the principal writedowns..niiiiiceee,,,great move Team O, or Team Zero which is how it is starting to look…….paging Joe Biden and his Middle Class Task Force……..please report to Phoenix Wednesday to represent American Middle Class Taxpayers and Homeowners….
THEY JUST DO NOT GET IT!! and we are going to keep free falling in housing values..
It appears they are going to implement the FAILING plan that the FDIC already tried with IndyMac, extending the length of the loan, adding principal on forbearance to the end of the loan, but adding a subsidy for monthly payments with means testing ….effectively leaving out all those middle class homeowners underwater who still have a job….
REPEAT-THIS DID NOT WORK!! Office of Thrift Supervision has ALREADY told us 40% of those modified loans REDEFAULTED WITHIN 6 MONTHS
Know why? BECAUSE THE BANKS DIDNT REDUCE THE PRINCIPAL!!! That is what Sheila Bair of the FDIC has already acknowledged!!!
I KNEW Hillary and MAC were to the left of Obama on housing but this is frakkin ridiculous!!!
We are 4 years into the housing bubble now, 2 years in a devaluation freefall and Team Obama will STILL NOT MAKE THE BANKS WRITE DOWN PRINCIPAL
This means the middle class is FRAKKED TOTALLY FRAKKED, this plan won’t help you if you are still on your feet and it wont let Americans refi at 4% which EVEN THE GOP CONGRESS CRITTERS PROPOSED DOING!!
TEAM OBAMA IS TO THE RIGHT OF THE FRAKKIN GOP ON THE HOUSING CRISIS, ARRRRRRGGGGLLLE!!
Well buy gold peeps, the ride is getting even more bumpy it would seem..
From Bloomberg today:
The White House is willing to spend more than the $50 billion already pledged to stem home foreclosures and intends to focus its efforts on reducing monthly mortgage payments, rather than principal, said Lawrence Summers, the president’s top economic adviser.
“We’re prepared to do what is necessary,” Summers said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” yesterday. “Going directly at the problem means addressing affordability by addressing payments.”
No jackass! Affordability is addressed at the level of PRINCIPAL, what a bunch of maroons, playing nice with banks that have billions in our tax dollars, I don’t give a flying frak what they get paid as the CEO, make them write down principal and share the hits the homeowners and taxpayers are taking ARRRGGGLE
There is not a progressive bone in all of TEAM OBAMA, I want my Hillary and my HOLC dammit! EVEN THE FEDERAL RESERVE SAYS THE BANKS NEED TO WRITE DOWN THE PRINCIPAL, WHY ISN’T TEAM OBAMA DOING THE RIGHT THING?? IS FRIENDSHIP WITH JAMIE DIMON MORE IMPORTANT THAN AMERICAN HOMEOWNERS SECURITY????
Home foreclosures in the U.S. surged 81 percent last year to 2.3 million, the highest on record, according to RealtyTrac Inc. of Irvine, California, a provider of real estate data.
Federal Reserve chairman Ben S. Bernanke suggested late last year that banks may need to write down principal on some mortgage loans to stem rising defaults and foreclosures.
In yesterday’s interview, Summers stressed the importance of lowering monthly payments, saying that “will have a quite substantial” impact on foreclosure rates.
Obama will release his housing plan in Phoenix, Arizona on Feb. 18, the same day a Commerce Department report is forecast to show a further decline in U.S. housing starts.
As Judas Priest would say, we are OUT IN THE COLD AMERICAN HOMEOWNERS, GIRD YOUR LOINS!!