Kansas State Court Ruling Puts Ability to Foreclose on 60 MM Mortgages @ Jeopardy

I commented this was not new information in that there are home owners willfully not making any payments after they find out the bank they're making the payments to does not have a copy of the title.

So the information that you can own your home free and clear without making a payment for 5 years is not new information.

What banks did was sell partial lots of ONE home to several securities buyers. In effect, the banks DO NOT own the home. It's the individual purchasers of the fragmented title that own the place.

The home owners should send a letter of thanks to Phil Gramm. This couldn't have happened without Phil Gramm and the republicans deregulating the financial sector to the point of utter stupidity.




Quote from ByLoSellHi:

One of the most prominent judges in federal court in Manhattan, who plaintiff and defense attorneys both regard as one of the sharpest federal judges in the country, is demanding original copies of all mortgage documents, period, pursuant to federal civil court rules, or he is tossing foreclosure complaints out routinely - no exceptions; none.

By the way - this Kansas Supreme Court case, while not a federal case (though it soon may be), is a new decision. To all of you saying "nothing new here," yes there is.
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Quote from ByLoSellHi:

One of the most prominent judges in federal court in Manhattan, who plaintiff and defense attorneys both regard as one of the sharpest federal judges in the country, is demanding original copies of all mortgage documents, period, pursuant to federal civil court rules, or he is tossing foreclosure complaints out routinely - no exceptions; none.
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Really? Who is that? Got a citation? And why is a foreclosure action being tried in federal court? Foreclosure is a state court remedy in the vast majority of cases. For the federal court to have jurisdiction, there has to be a either a "federal question" involved; a bankruptcy, or there has to be diversity of citizenship between the parties. It is very unlikely that a plaintiff would file a foreclosure action in Federal Court. Too much paperwork involved. Every motion requires a written memorandum. Much easier in state court.
 
Quote from IanMacQuaide:

Then why are State and Federal Judges demanding the originals or refusing to let the lender foreclose?
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Show me a case where a judge has dismissed a foreclosure action and the lender went away empty handed, where the originals weren't produced, and the judge refused to allow the plaintiff to re-establish the terms of the note under UCC 3-309.
 
Quote from trendy:

Show me a case where a judge has dismissed a foreclosure action and the lender went away empty handed, where the originals weren't produced, and the judge refused to allow the plaintiff to re-establish the terms of the note under UCC 3-309.
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You're right; it's state court in NY. It's also a state court issue (until it isn't on appeal). Mea culpa.

Anyways - here it is:

http://cityroom.blogs.nytimes.com/2...?scp=1&sq=manhattan foreclosures judge&st=cse

This is in addition to several other courts, including the one mentioned in the OP.
 
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