Welcome to Scribd. Sign in or start your free trial to enjoy unlimited e-books, audiobooks & documents.Find out more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL STABILITY AND FORECLOSURE MITIGATION

EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL STABILITY AND FORECLOSURE MITIGATION

Ratings: (0)|Views: 83|Likes:
Published by 83jjmack
CONGRESSIONAL OVERSIGHT PANEL- NOVEMBER OVERSIGHT REPORT *

----------

EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL
STABILITY AND FORECLOSURE MITIGATION

.............Further, this discussion only addresses the validity of transfers
between sellers and buyers of mortgage loans. It does not address the
enforceability of those loans against homeowners, which requires
physical possession of the original note. Thus, for both securitized
and non-securitized loans, it is necessary for a party to show that it
is entitled to enforce the promissory note (and therefore generally
that it is a holder of the physical original note) in order to complete
a foreclosure successfully.
CONGRESSIONAL OVERSIGHT PANEL- NOVEMBER OVERSIGHT REPORT *

----------

EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL
STABILITY AND FORECLOSURE MITIGATION

.............Further, this discussion only addresses the validity of transfers
between sellers and buyers of mortgage loans. It does not address the
enforceability of those loans against homeowners, which requires
physical possession of the original note. Thus, for both securitized
and non-securitized loans, it is necessary for a party to show that it
is entitled to enforce the promissory note (and therefore generally
that it is a holder of the physical original note) in order to complete
a foreclosure successfully.

More info:

Published by: 83jjmack on May 10, 2014
Copyright:Traditional Copyright: All rights reserved

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

06/05/2014

pdf

text

original

 
[JPRT, 111th Congress] [From the U.S. Government Printing Office] CONGRESSIONAL OVERSIGHT PANEL NOVEMBER OVERSIGHT REPORT * ---------- EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL STABILITY AND FORECLOSURE MITIGATION November 16, 2010.--Ordered to be printed * Submitted under Section 125(b)(1) of Title 1 of the Emergency Economic Stabilization Act of 2008, Pub. L. No. 110-343 CONGRESSIONAL OVERSIGHT PANEL NOVEMBER OVERSIGHT REPORT *  __________ EXAMINING THE CONSEQUENCES OF MORTGAGE IRREGULARITIES FOR FINANCIAL STABILITY AND FORECLOSURE MITIGATION
 
 November 16, 2010.--Ordered to be printed * Submitted under Section 125(b)(1) of Title 1 of the Emergency Economic Stabilization Act of 2008, Pub. L. No. 110-343  ______ U.S. GOVERNMENT PRINTING OFFICE 61-835 PDF WASHINGTON : 2010  ___________________________________________________________________________ For sale by the Superintendent of Documents, U.S. Government Printing Office, http://bookstore.gpo.gov. For more information, contact the GPO Customer Contact Center, U.S. Government Printing Office. Phone 202-512-1800, or 866-512-1800 (toll-free). E-mail, gpo@custhelp.com. CONGRESSIONAL OVERSIGHT PANEL Panel Members Sen. Ted Kaufman, Chairman Richard H. Neiman Damon Silvers J. Mark McWatters Kenneth Troske
 
 C O N T E N T S ---------- Page Executive Summary................................................ 1 Section One: A. Overview.................................................. 4 B. Background................................................ 5 C. Timeline.................................................. 6 D. Legal Consequences of Document Irregularities............. 10 1. Potential Flaws in the Recording and Transfer of Mortgages and Violations of Pooling and Servicing Agreements............................................. 12 2. Possible Legal Consequences of the Document Irregularities to Various Parties...................... 19 3. Additional Considerations............................. 27 E. Court Cases and Litigation................................ 28 1. Fraud Claims.......................................... 29 2. Existing and Pending Claims under Various Fraud Theories............................................... 33 3. Other Potential Claims................................ 35 4. Other State Legal Steps............................... 36 5. Other Possible Implications: Potential ``Front-end'' Fraud and Documentation Irregularities................. 38 F. Assessing the Potential Impact on Bank Balance Sheets..... 42 1. Introduction.......................................... 42 2. Foreclosure Irregularities: Estimating the Cost to Banks.................................................. 48 3. Securitization Issues and Mortgage Put-backs.......... 52 G. Effect of Irregularities and Foreclosure Freezes on Housing Market............................................. 59

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->