Thursday, April 14, 2011

HERE IS A CALIFORNIA JUDGE THAT "GETS IT" (AND HOW!) REGARDING MERS -- BK JUDGE MARGARET M. MANN

ANOTHER CALIFORNIA BANKRUPTCY JUDGE SLAMS PRETENDER LENDERS AND MERS

Posted on April 14, 2011 by Neil Garfield

CLE SEMINAR: SECURITIZATION WORKSHOP FOR ATTORNEYS — REGISTER NOW

Bankruptcy Judge Margaret M. Mann GETS IT!

1 Posted by Dan Edstrom on April 12, 2011 at 8:19 pm
Bankruptcy Judge Margaret M. Mann GETS IT!
By Daniel Edstrom
DTC Systems, Inc.
Coming off of the heels of in re: Agard (http://dtc-systems.net/2011/02/mers-agency-york-bankruptcy-court-agard/), the Honorable Judge Mann from the United States Bankruptcy Court Southern District of California took 76 days to review the Motion for Relief From Automatic Stay for the in re: Salazar Chapter 13 bankruptcy (Bankruptcy No: 10-17456-MM13).   The findings of fact and conclusions of law were an amazing reading that confirms many of the issues we have been discussing in regards to loans, securitization and foreclosure.  Like Judge Grossman in the agard case, Judge Mann goes to great lengths to research the details that are applicable to this case.   Here are some highlights:

  • Assignments must be recorded before the foreclosure sale

  • Civil Code Section 2932.5 applies to Deeds of Trust

  • Recorded assignments are necessary despite MERS’ role

  • The Gomes case does not apply [to the Salazar case]

  • US Bank or MERS cannot contract away their obligations to comply with the foreclosure statutes

  • As a matter of law, Salazar’s acknowledgment cannot be read as a waiver of his right to be informed of a change in beneficiary status.

  • MERS System is not an alternative to statutory foreclosure law

  • US Bank as the foreclosing assignee was obligated to record its interest before the sale despite MERS’ initial role under the DOT, and this role cannot be used to bypass Civil Code section 2932.5.  Since US Bank failed to record its interest, Salazar has a valid property interest in his residence that is entitled to protection through the automatic stay

  • Cause does not exist to grant relief from stay

  • Denying relief from stay at this time is the least prejudicial option for both parties


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12 Responses

  1. DyingTruth, on April 14, 2011 at 12:11 pm said:
    Don’t get your hopes up yet kiddies, the Fraudclosure industry has many more Aces in the hole and plenty of dirt on all judges state and federal. And I have yet to see any one of them call anybody out on the fact their pensions were defrauded and all homes were foreclosed illegally, because SECURITIZING MORTGAGES IS IMPOSSIBLE AND PAYMENT FOR EVERY LOAN WAS ALREADY RECEIVED IN FULL.
  2. angry & NOT TAKING IT, on April 14, 2011 at 10:39 am said:
    this is some of the better news..
    thx – kickboxer& “THE A MAN,
    EXCUSE ME MAY G-D ALMIGHTY INFLICT THE 10 PLAGUES ON THE BANKSTERS.”
    I have faith that He will. The entire corrupt system will be destroyed and we will watch the vultures pick the meat off of them.
  3. kickboxer, on April 14, 2011 at 8:43 am said:
    Quote:
    “THE A MAN, on April 14, 2011 at 8:05 am said:
    EXCUSE ME MAY G-D ALMIGHTY INFLICT THE 10 PLAGUES ON THE BANKSTERS.”
    I have faith that He will. The entire corrupt system will be destroyed and we will watch the vultures pick the meat off of them.
  4. THE A MAN, on April 14, 2011 at 8:05 am said:
    EXCUSE ME MAY G-D ALMIGHTY INFLICT THE 10 PLAGUES ON THE BANKSTERS.
  5. THE A MAN, on April 14, 2011 at 8:04 am said:
    Monday night is the start of Passover. The Pharoahs didnt get it either. We must inflict the 10 plagues on the Banksters.
    HAPPY PASSOVER NEIL GARFIELD FAMILY AND ASSOCIATES.
    TO MY CHRISTIAN BROTHERS AND SISTERS HAPPY EASTER.
    AND TO THE REST OF HUMANITY HAPPY HOLIDAYS.
  6. ANONYMOUS, on April 14, 2011 at 8:00 am said:
    “Lenders” are not saying “UNCLE.”
    See below quote from the article. “More normal level of foreclosures”?????? Are these guys kidding??? How did foreclosures become a “Goal” to be achieved???
    Why Foreclosures Could Be Set to Rise Again
    By THE ASSOCIATED PRESS
    “The bottleneck is opening up a little bit and we’re starting to see the first inklings that we might be getting back to more normal levels of foreclosures,” said Rick Sharga, a senior vice president at RealtyTrac.
    By normal levels, Sharga means the elevated pace of foreclosure activity that led to more than 1 million homes being taken back by lenders last year.”
  7. cubed2k, on April 14, 2011 at 7:35 am said:
    California Civil Code Section 2932.5
    Legal Research Home > California Laws > Civil Code > California Civil Code Section 2932.5
    Where a power to sell real property is given to a
    mortgagee, or other encumbrancer, in an instrument intended to secure
    the payment of money, the power is part of the security and vests in
    any person who by assignment becomes entitled to payment of the
    money secured by the instrument. The power of sale may be exercised
    by the assignee if the assignment is duly acknowledged and recorded.
    ASSIGNMENT must be recorded.
  8. kickboxer, on April 14, 2011 at 7:28 am said:
    Yes, it is about time that California judges start applying the law. I was beginning to think all Cali judges were bought and paid for.
  9. Louise, on April 14, 2011 at 6:53 am said:
    The tide is slowly turning. I have been waiting for this for three years. California has been one of the worst-hit states in the fraudclosure crisis. It is good to see something come around for them. California has very expensive real estate, and the banksters want to get their hands on it. I hope there is a giant surge of lawsuits in or out of bankruptcy court. Kick their butts. Burmese8@yahoo.com
  10. confused, on April 14, 2011 at 6:51 am said:
    Attorney blog with dozens of motion to dismiss complaint examples.
  11. THE A MAN, on April 14, 2011 at 6:14 am said:
    John posted this 2 days ago. thanx john and thanx dan edstrom.
  12. THE A MAN, on April 14, 2011 at 6:08 am said:
    But this is only one judge and the Appelate courts must recognize.

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