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District Judge Sterling Johnson of the Eastern District of New York wallops MERS and Deutsche Bank in Tshering v. Fairfield Financial, 08-CV-2777

District Judge Sterling Johnson of the Eastern District of New York wallops MERS and Deutsche Bank in Tshering v. Fairfield Financial, 08-CV-2777

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Published by Nicholas M. Moccia
Nicholas M. Moccia, Esq., appears for oral argument in the Eastern District of New York in Yanki Tshering v. Fairfield Financial, 08-CV-2777, wherein District Judge Sterling Johnson rendered a judgment voiding a $900,000 high cost loan. Attorneys for Deutsche Bank attempt to convince Judge Johnson to vacate the judgment and allow them to intervene as the "real parties in interest". Judge Johnson criticizes MERS and Deutsche Bank for a troubling "lack of transparency" with regard to the transfer of notes and mortgages, and expresses concerns that MERS may be a vehicle for banks to avoid taxes and filing fees in connection with the transfer and recordation of mortgages.
Nicholas M. Moccia, Esq., appears for oral argument in the Eastern District of New York in Yanki Tshering v. Fairfield Financial, 08-CV-2777, wherein District Judge Sterling Johnson rendered a judgment voiding a $900,000 high cost loan. Attorneys for Deutsche Bank attempt to convince Judge Johnson to vacate the judgment and allow them to intervene as the "real parties in interest". Judge Johnson criticizes MERS and Deutsche Bank for a troubling "lack of transparency" with regard to the transfer of notes and mortgages, and expresses concerns that MERS may be a vehicle for banks to avoid taxes and filing fees in connection with the transfer and recordation of mortgages.

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Published by: Nicholas M. Moccia on Apr 26, 2011
Copyright:Public Domain

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04/26/2011

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HenryR.Shapiro225CadmanPlazaEastBrooklyn,NewYork718-613-2509UNITEDSTATESDISTRICTCOURTEASTERNDISTRICTOFNEWYORK2
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~TSHERING,
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-against-
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UnitedStatesCourthouse
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Brooklyn,NewYorkFAIRFIELDFINANCIAL8MORTGAGEGROUP,INC.,etal,9Defendants.10----XApril14,20119:30o'clocka.m.11TRANSCRIPTOFSTATUSCONFERENCEBEFORETHEHONORABLESTERLINGJOHNSON,JR.,12UNITEDSTATESDISTRICTJUDGE13APPEARANCES:14ForthePlaintiff:OFFICEOFROBERTBROWN44WallStreetNewYork,N.Y.10005BY:NICHOLASM.MOCCIA,ESQ.
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TOMPKINSMcGUIRE,~&1516FortheDefendant:1718BARRY,LLP100MulberryStreetNewark,N.J.07102BY:WILLIAMC.SANDELANDS,ESQ.92021CourtReporter:2223
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25Proceedingsrecordedbymechanicalstenography,transcriptproducedbycomputer.
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THECOURT:Now,yourepresent,asIunderstandit
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THECLERK:Tshering~FairfieldFinancial.
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Stateyour,appearances
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MR.MOCCIA:FortheplaintiffNicholasMocciaof
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counseltothelawOfficeRobertE.Brownfortheplaintiff
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sheringWilliamSandelandsofTompkins,MR.S~NDrrLANDS:
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Me6ttre,{1Ja.shelifernBarry,LLP,forproposedintervenors
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proposeforMortgageElectronicsRegistrationSystemInc.,10DeutscheBankofAmericaandAuroraLoanServices.11THECOURT:Now,tellmesomethingaboutthiscase,12Counsel.Theplaintiff.13MR.MOCCIA:TheplaintiffasfaraswhatIfeelis14themostoutrageousaspectofthiscaseisthatin2008orI15shouldsayattheendof2007andthenreferencedin2008,16theplaintiffherselfhadameetingwiththechiefexecutive17officeofFairfieldFinancialwhoasagestureto--forthe
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18~ofcustomerservicediscussedthepossibilityof19modifyingtheplaintiff'sloan,whichwasinherviewahigh20costloanandshemadeacomplaintthatwarrantedthe21attentionofthechiefexecutiveofficerandtheDepartment22ofBankingandthismeetingiswhatledustobelievethat23Fairfieldwastheappropriatedefendantatthetimethatwe24commencedthisaction.252
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MR.SANDELANDS:Theywereoutofthepicturewell1MERS.MR.SANDELANDS:MERS,Deutsche,whichistheowner3oftheloan,andAuroraLoanwhichissays,whichisthe4servicerfortheloanunderaservicingagreement.They5have--Deutschehasownedtheloansincewellbeforethis6actionevercommenced.
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THECOURT:Letmeaskyouthis:Yourepresent8threedifferentpartieswhoareseekingintervention:9Numberone,underRule24youareseekingtointervene.Howcanyouintervenewhenthereisadefault
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thatisoutstandingistheissue10judgement?The112ofdamages.13MR.SANDELANDS:Iunderstandthat,yourHonor.What14wedidwemovedtointerveneandtovacatethedefault15judgement.Movingtointerveneasparties--asthereal16partiesininterestinthematterandthentovacatethe
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securingthe7default18underlyingnote.19MR.MOCCIA:Inourview,yourHonor,theonly20remedythattheproposedintervenorshaveisagainst21FairfieldFinancialandnottheplaintiffinthismatter.22THECOURT:Whyisitthatyoushouldnothavea23causeofactionagainstFairfield?
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25beforeplaintiffevercommenceditsaction.Fairfield
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