This page contains a sampling of case law, significant Federal and Colorado legislation, and secondary materials related to challenges faced by homeowners in foreclosure. It is not intended to be exhaustive, and is not legal advice. If you have any questions concerning any material on this site, contact a lawyer.
Homeowners Facing Foreclosure Demand Recourse, Andrew Martin & Motoko Rich, The New York Times, October 27, 2010.
STATE ATTORNEY GENERAL SUITS
Arizona v. Bank of America, CV2010-033580, Maricopa County Superior Court, Complaint Filed December 17, 2010.
Nevada v. Bank of America, A-10-631557-B, Clark County District Court, Complaint Filed December 17, 2010.
SEC v GOLDMAN SACHS
Complaint filed April 16, 2010 (SD NY)
SIGNIFICANT RECENT CASELAW
Federal Court Rulings
City of Baltimore v. Wells Fargo, No. 1:08-CV-00062, Order of Dismissal (D Md., January 2, 2010)
Nosek v. Ameriquest et al., No. 08-40095-WGY (D MA 05 26 09)
Rand Corp. v Moua et al., No. 07-2544 (8th Cir., March 20, 2009) TILA/HOEPA disclosures must not be confusing to consumer borrowers.
Alaska v Flowserve, No. 07-11303 c/w 08-10071 (5th Cir, June 19, 2009)
Malack v BDO Seidman, No. 08-0784 (ED PA August 3, 2009) Class certification of noteholders denied under fraud on the market theory against auditor of issuer of mortgage-backed securities.
Cervantes v Countrywide et al., No. CV 09-517 (D AZ 09 24 09) Order on Motions to Dismiss
Bankruptcy Court Rulings
In re Agard, Case No. 810-77338-reg (ED NY Bkrptcy, February 10, 2011)
In the Matter of John T. Kemp v. Countrywide Home Loans, Inc., Case No. 08-18700-JHW, Adversary No. 08-2448 (ED NJ, November 17, 2010)
In Re: Jaaskelainen, No. 07-12832-WCH (ED MA, July 7, 2008) TILA Rescission Allowed, mortgage held to be unsecured.
In Re Sheridan, No. 08-20381 (D ID, March 12, 2009) MERS is not real party in interest to file Motion for Relief from Stay.
In Re: Taylor, No. 07-15385DWS (ED PA, April 15, 2009) Foreclosure abuses using NewTrak automated system
In Re: Jacobson, No. 08-41520 (WD WA, March 10, 2009) Decision on Relief from Stay
In Re: Vargas, No. LA08-17036SB (CD CA, October 22, 2008) Findings & Conclusions on MERS Motion for Relief from Stay
State Court Rulings
US Bank v Ibanez, Supreme Judicial Court of Massachusetts, Slip Opinion (January 7, 2011)
Lacy-McKinney v. Taylor, Bean & Whitaker Mortgage Corp., No. 71A03-0912-CV-587 (Ind. App., November 19, 2010) [failure to comply with HUD pre-foreclosure requirements is affirmative defense to foreclosure].
Bank of New York v. Gindele, 2010-Ohio-542 (February 19, 2010)
In Re Amendments to the Florida Rules of Civil Procedure, SC09-1460, SC09-1579 (Fla. 2010)
Landmark National Bank v. Kesler et al. No. 98, 489 (Kan., August 28, 2009) MERS, as nomineee for lender on Deed of Trust, lacked standing to intervene to set aside default judgment.
Jackson v MERS, 770 NW2d 487 (Minn., August 13, 2009) MERS separates Deed of Trust from Note, but may foreclose as nominee under Minnesota’s “MERS statute” (Minn. Stat. 507.413).
MERS, Inc. v. Southwest Homes, No. 08-1299 (Ark., March 19, 2009). Arkansas Supreme Court rules MERS has no interest in property, and lacks standing to foreclose.
Bellistri v. Ocwen Loan Servicing, LLC, 284 S.W.3d 619 (Mo. App., 2009), MERS assignment of deed of trust separate from note was not effective; assignee had no interest in note or deed of trust.
US Bank v. Ibanez, Massachusetts Land Court ruling on three foreclosures.
IndyMac Bank FSB v. Yano-Horoski, 2009 NY Slip Op 52333(U) (Ny Sup, Suffolk County, November 19, 2009)
NYCTL 2004-A Trust v Alessandro, 2009 NY Slip Op 52204(U) (NY Sup, Kings County, November 4, 2009)
Wells Fargo v Melgar, No 37619-2007 (NY Sup, October 15, 2009)
Deutsche Bank v Abbate, 2009 NY Slip Op. 52154 (NY Sup. October 6, 2009)
HSBC Bank USA, NA v. Valentin, 2008 NY Slip Op 50164(U) [18 Misc 3d 1123(A)], (NY Sup, Kings County, January 30, 2008)
ACTIONS AMONG SECURITIZERS
United Guaranty v. Countrywide et al., CV-09-1888 (CD Cal, October 5, 2009) Order Granting Motions to Dismiss
Citibank, NA v. Morgan Stanley & Co. International, 09-CIV-8197 (SD NY, filed September 25, 2009) Complaint for breach of credit default swap agreement.
Greenwich Financial Services et al. v. Countrywide et al., 08-CIV-11343 (SD NY, August 18, 2009) Memorandum Opinion and Order remanding to State court.
SIGNIFICANT RECENT PLEADINGS
Thorne et al. v. LPS et al., N.D. Miss. Bkrptcy, Adversary Proceeding Number: 10-01172-DWH, Second Amended Complaint, October 11, 2010.
Clark v. Countrywide, No. C09-0036-MJP (WD WA, February 13, 2009) First Amended Class Action Complaint
The Wall Street Reform and Consumer Protection Act of 2009, H.R. 4173, passed by the House on December 12, 2009.
Colorado House Bill 09-1207 Amending foreclosure requirements, effective January 1, 2010
Helping Families Save Their Homes Act of 2009, signed by President May 20, 2009.
HR-1728. Mortgage Reform and Anti-Predatory Lending Act, makes substantial amendments to TILA to address mortgage crisis and predatory lending. Passed House on May 7, 2009, submitted to Senate.
CONGRESSIONAL OVERSIGHT PANEL
Examining the Consequences of Mortgage Irregularities for FInancial Stability and Foreclosure Mitigation, Congressional Oversight Panel, November 17, 2010
Philadelphia Field Hearing on Mortgage Foreclosures, Congressional Oversight Panel, September 24, 2009.
The Continued Risk of Troubled Assets, Congressional Oversight Panel, August 11, 2009.
Foreclosure Crisis: Working Toward a Solution, Congressional Oversight Panel, March 6, 2009.
NATIONAL CONSUMER LAW CENTER
Why Servicers Foreclose When They Should Modify and Other Puzzles of Servicer Behavior, Diane E. Thompson, National Consumer Law Center, October, 2009
State and Local Foreclosure Mediation Programs: Can They Save Homes?, Geoffry Walsh, National Consumer Law Center, September, 2009.
Restore the States’ Traditional Role as First Responder, NCLC White Paper, September, 2009.
Homeowners Need Mandatory Loan Modifications and Expanded Access to Mediation, National Consumer Law Center, September 11, 2009.
Progress of the Making Home Affordable Program, Testimony of Alys Cohen, National Consumer Law Center and National Association of Consumer Advocates, before Subcommittee on Housing and Community Opportunity, House Committee on Financial Services, U. S. House of Representatives, September 9, 2009.
Mortgage Modifications During the Foreclosure Crisis: Is There a Role for Bankruptcy Courts?, Testimony of John Rao, National Consumer Law Center, Before the United States Senate Committee on the Judiciary, August 20, 2009.
Summary of Loan Modification Programs, National Consumer Law Center
Foreclosure Prevention Resource Center, National Consumer Law Center
SIGNIFICANT ACTIVE CASES
Edwards et al v. Aurora Loan Services et al, 09-CV-2100 (D DC) (HAMP Class Action)
In Re Countrywide Litigation, MDL No. 1988 (SD CA)
Lopez et al. v. Executive Trustee Services et al., Case No. 3:09-cv-180-ECR-VPC (D NV)
MERS MDL (D AZ Case No. 09-2119)
In Re MERS Litigation, Panel on MultiDistrict Litigation, MDL No. 2119, Transfer Order of MERS class actions to District of Arizona (December 7, 2009)
MERS Reply in Support of Motion to Dismiss (12 23 09)
Notice of Opposition to Motion for TRO (01 08 10)
Notice of Orders in Transferred Cases (01 14 10)
Greenwich FInancial Services v. Countrywide, Case No. 08-11343 (SD NY)
Memorandum and Opinion, Remand to State Court (August 18, 2009)
Bakir v U. S. Bank et al., Case No. 08-9997-TUC-JMM (D AZ Bkrptcy)
LAW REVIEWS & WORKING PAPERS
Analysis of Mortgage Servicing Performance, State Foreclosure Prevention Working Group (January 2010)
White, Underwater and Not Walking Away: Shame, Fear, and the Social Management of the Housing Crisis, Arizona Legal Studies Discussion Paper No. 09-35 (November, 2009)
Peterson, Foreclosure, Subprime Mortgage Lending, and the Mortgage Electronic Registration System (October 5, 2009)
Adelino, Gerardi, Willen, Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization (August 2009)
Guiso, Sapienza, Gonzales, Moral and Social Constraints to Strategic Defaults on Mortgages (Preliminary Version, July, 2009)
Peterson, Predatory Structured Finance, 28:5 Cardozo Law Review 2185 (2007)
SECURITIZATION INDUSTRY NEWS
American Securitization Forum’s Companion Report to NERA Study (June 17, 2009)
Foreclosure Update: Over 8 Million Foreclosures Expected, Credit Suisse (December 4, 2008)
Asset Securitization Comptroller’s Handbook, Comptroller of the Currency (November 1997)
New York Courts Vow Legal Aid in Housing, David Streitfeld, New York Times, February 15, 2011.
Don’t Just Tell Us. Show Us That You Can Foreclose. (U.S.Trustee Taking On Banks in Mortgage Mess). Gretchen Morgenson, The New York Times, November 27, 2010.
Taking On a Second Mortgage to Pay the Foreclosure Lawyer, David Streitfeld, The New York Times, November 6, 2010.
Homeowners Facing Foreclosure Demand Recourse, Andrew Martin & Motoko Rich, The New York Times, October 27, 2010.
The Mortgage Morass, Editorial, The New York Times, October 26, 2010.
Short Sales Are Resisted as Foreclosures Are Revived, Michael Powell, The New York Times, October 24, 2010.
Niche Lawyers Spawned Housing Fracas, Robbie Whelan, The Wall Street Journal, October 21, 2010.
Foreclosure Lawyer Under Scrutiny Lived the American Dream, Owns a Bugatti, Yacht and Mansions, Debra Cassens Weiss, ABA Journal Law News Now, October 19, 2010.
Battle Lines Forming in Clash Over Foreclosures, Gretchen Morgenson & Andrew Martin, The New York Times, October 20, 2010.
Largest U. S. Bank Halts Foreclosures in All States, David Streitfeld & Nelson D. Schwartz, The New York Times, October 8, 2010.
Goldman Executives Cheered Housing Market’s Decline, Newly Released e-mails Show, Zachary A. Goldfarb, The Washington Post, April 25, 2010
Judge Finds “Fraud” in Foreclosure Mess, Amir Efrati, The Wall Street Journal, April 19, 2010
Judge Bashes Bank in Foreclosure Case, Amir Efrati, The Wall Street Journal, April 17, 2010
A Wall Street Invention that Let the Crisis Mutate, Joe Nocera, New York Times, April 16, 2010
U. S. Probes Foreclosure-Data Provider, Amir Efrati & Carrick Mollenkamp, The Wall Street Journal, April 3, 2010
When It’s OK to Walk Away from your Home, Brett Arends, The Wall Street Journal, February 26, 2010
Wall Street’s Bailout Hustle, Matt Taibbi, Rolling Stone, February 17, 2010
The Year in Foreclosures, Editorial, New York Times, February 14, 2010
Homeowner Wants to Walk, Despite New Loan Terms, Ted Robbins, NOR Morning Edition, January 26, 2010
Fallout is Wide in Failed Deal for Stuyvesant Town, Charles V. Bagli and Christine Haughney, New York Times, January 25, 2010 (”the poster child for the entire housing bubble”)
Underwater, but Will They Leave the Pool? Richard H. Thaler, New York Times, January 23, 2010
So, About the Collapse in Commercial Real Estate . . ., The AmLaw Daily, January 21, 2010
U. S. Loan Effort Is Seen as Adding to Housing Woes, Peter S. Goodman, New York Times, January 1, 2010
Courts See Recession’s Toll: Judge Schack Strikes Again, Amir Efrati, WSJ Law Blog, December 28, 2009
House Under Water: Walk Away? Nikki Waller (Ed.), Wall Street Journal, December 28, 2009
Judges Taking On Foreclosures: Activism or Necessity? Jennifer Forsyth, WSJ Law Blog, December 24, 2009
Foreclosure Challenges Raise Questions About Judicial Role, Amir Efrati, Wall Street Journal, December 24, 2009
Banks Bundled Bad Debt, Bet Against It and Won, Gretchen Morgenson and Louise Story, New York Times, December 23, 2009
Does Morgan Stanley “Walking Away” from CRE Contribute to Strategic Defaults? Calculated Risk, December 17, 2009
Walking Away News: Morgan Stanley Gives Properties Back to Lender, Emily Friedlander, WSJ Blogs, December 17, 2009
Is Walking Away from your Mortgage Immoral? James R. Hagerty, Wall Street Journal, December 17, 2009
Debtor’s Dilemma: Pay the Mortgage or Walk Away, James R. Hagerty and Nick Timiraos, Wall Street Journal, December 17, 2009
Obama’s Mortgage Modifications to Fail, Amherst’s Goodman Says, Dawn Kopecki, Bloomberg.com, December 8, 2009.
Revisiting a Fed Waltz with AIG, Gretchen Morgenson, New York Times, November 21, 2009.
Fair Game: The Mortgage Machine Backfires, Gretchen Morgenson, New York Times, September 26, 2009.
Landmark Decision Promises Massive Relief for Homeowners and Trouble for Banks, Ellen Brown, The Huffington Post, September 21, 2009.
Facing Foreclosure? Don’t Pack Just Yet. Marilyn Lewis, MSN Real Estate, September 21, 2009.
Hive Mind: Organizational Psychology and the Origins of the Financial Crisis, Marlene Givant Star, The Investment Professional, Spring 2009.
Frustration Rises over Mortgage Relief Program, MSNBC, August 20, 2009.
Countrywide Loses Ruling in Loan Suit, New York Times, August 19, 2009
Subprime Debt’s New Threat to Housing, Wall Street Journal, July 14, 2009
Financial Crisis Illustrates Influence of Emotions, Behavior on Markets, Lea Winerman, PBS NewsHour, October 8, 2008
TABLES & CHARTS
Summary of Government-Sponsored Loss Mitigation Programs, National Consumer Law Center
Follow the Paper Trail: Anatomy of a Securitization, Neighborhood Economic Development Advocacy Project (NEDAP), 2004