Bofa Mortgage Morass Deepens After Employee Says Notes Not Sent

Missing Mortgage Notes Delay Some Foreclosures





If the notes werent properly transferred to the trusts, then investors have the mother of all put-back claims, Adam J. Levitin , an associate professor at Georgetown University Law Center in Washington, wrote on a blog four days after citing the Wizmur ruling during a hearing by a House Financial Services subcommittee. Trust Law Giving notes to the trustees after the fact isnt a solution because the rules governing trusts, enforced by New York trust law, require that assets are in place by a specified closing date, said O. For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2010-11-30/bofa-mortgage-morass-deepens-after-employee-says-trustee-didn-t-get-notes.html
















The new world of securitized mortgages, she says, is layered and nuanced. Some courts, overwhelmed by a growing backlog of foreclosures, can even be hostile to attorneys who want to slow down the process. But in some cases, it's the judges who are beginning to ask probing questions of plaintiffs seeking foreclosures. For the original version including any supplementary images or video, visit http://www.npr.org/templates/story/story.php?storyId=101665800





Lender News of Note





It says, The most recent increase in housing activity and prices has not been accompanied by an acceleration in residential mortgage credit growth. This suggests that homebuyers are purchasing homes with larger down payments and that existing homeowners are taking advantage of low interest rates to pay off their mortgages at a faster rate. Some may decode that as The DoF will not add new mortgage rules. But the budget re-states, The Government remains vigilant in monitoring the sector and is willing to take further action should the situation warrant. The government reiterated that CMHC will pay guarantee fees to the Receiver General in 2014. That's to compensate the Government for mortgage insurance risks and align CMHC with guarantee fees paid by private mortgage insurers. Those fees include a 10 bps charge on portfolio insurance, which some claim CMHC was notably underpricing prior to 2012. For the original version including any supplementary images or video, visit http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2014/02/more-mortgage-changes-from-the-2014-budget.html





Mortgage Changes from the 2014 Budget





Real estate investors in Ontario can also qualify for it. The fact that OSFI signed off on the Opti-85 is reassuring. Theres been speculation that bundled mortgages might go extinct. That would have reduced options for high-ratio borrowers who dont qualify for insured mortgages. For the original version including any supplementary images or video, visit http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2014/01/lender-news-of-note.html