11-01-18 An End in Sight to Foreclosure Fraud in the Courts of Maryland? // Un final a la vista de Fraude ejecución de una hipoteca en los tribunales de Maryland? // 在马里兰州法院尾视线赎欺诈？

Maryland seems to be following Massachusetts in putting an end to foreclosure fraud in the courts.

In California, where the number of such foreclosures is much higher, the courts go on with the looting...

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Information Clearing House Newsletter

News You Won't Find On CNN
 January 17, 2011
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10,000 GMAC Foreclosures Stopped in Maryland:

In a major ruling Friday, a coalition of nonprofit defense lawyers and consumer protection advocates in Maryland successfully got over 10,000 foreclosure cases managed by GMAC Mortgage tossed out.
 http://news.firedoglake.com/2011/01/16/10000-gmac-foreclosures-stopped-in-maryland/

...if the Ibanez case, which questions the right for banks to foreclose at all, can be broadly applied, those rates will drop even further. And Georgetown Law Professor Adam Levitin thinks may be the case.

In Ibanez, the Massachusetts Supreme Judicial Court noted that PSA was insufficient to serve as an assignment of the loan because what was presented as the affiliated loan schedule:

“did not include property addresses, names of mortgagors, or any number that corresponds to the loan number or servicing number on the LaRace mortgage. Wells Fargo contends that a loan with the LaRace property’s zip code and city is the LaRace mortgage loan because the payment history and loan amount matches the LaRace loan.”

So how do other PSAs fare under the Ibanez metric? I’ve been looking at them, and it seems that there are lots of RMBS deals where the schedules in the PSAs are possibly insufficient to meet the Ibanez standard. And that means that there are lots of RMBS trusts that might not be able to successfully foreclose in Massachusetts or maybe in any other title theory state.