Even after all this time, I still am not able to wrap my head around all this chaos…..
FORT LAUDERDALE (CN) ““ The Federal National Mortgage Association sued the Ben-Ezra & Katz law office, claiming the office refuses to deliver files on 15,000 foreclosure cases. Fannie Mae says it fired the law office in February but it refused to deliver the documents.
Here’s a simple question to sort out the “chaos”: Who was plaintiff in these 15,000 foreclosure cases? I’ll bet it was NOT Fannie Mae. WHAT does THAT mean? False pleadings? Is Fannie Mae itself guilty of 15,000 acts of fraud on the court in fraudclosures???
And IF Fannie Mae was NOT plaintiff in those 15,000 cases, then is this latest suit by Fannie Mae against BEK ALSO rife with fraudulent filings?
Not in any way to defend BEK… I just think that it’s beyond time that Fannie’s and Freddie’s acts are automatically given the presumption of “correctness.”
And… Think about THIS!!!!
There probably exists NO evidence that Fannie Mae actually OWNS the notes and mortgages that are said to be “in the files.”
Assuming, on the LOW side, that each of the 15,000 mortgage loans relates to a $75,000 home, Fannie Mae is asking the Circuit Court of the 17th Judicial District Court to transfer to Fannie Mae $1.125 BILLION in property. And this, Fannie asks, is all to be done on REDACTED “Agreements” with its “Attorney Network.”
Kinda makes your head spin…
And… Think about THIS!!!!
There probably exists NO evidence that Fannie Mae actually OWNS the notes and mortgages that are said to be “in the files” of the 15,000 cases.
Assuming, on the LOW side, that each of the 15,000 mortgage loans relates to a $75,000 home, Fannie Mae is asking the Circuit Court of the 17th Judicial District Court to transfer to Fannie Mae $1.125 BILLION in property. And this, Fannie asks, is all to be done on REDACTED “Agreements” with its “Attorney Network.”
Kinda makes your head spin…
wow….scary.
Matt,
This really is a case to watch. It demonstrates the absurd outcomes that we can expect if Florida embraces the Taylor 5th DCA opinion that opined that, under Florida UCC, a “holder” of a note is entitled to enforce a mortgage, even absent ownership of the note, even absent ownership of the mortgage, even if the “holder” is in wrongful posession of the note.
If Florida is to embrace the Taylor 5th DCA decision, then the BEK law firm could simply foreclose on the 15,000 mortgages as “holder,” using Fannie Mae’s pleadings as evidence of its status. Whether they were “wrongful” holder could be litigated later.
And, as I wrote earlier, Fannie Mae probably has absolutely no way to prove that IT is “owner” of those 15,000 notes and mortgages. This is all caused by the mess that is MERS and perfectly demonstrates why foreclosures should only be allowed by the “owner and holder” of the note and mortgage.
So, since Fannie Mae has alleged in this lawsuit the the BEK law firm “holds” the notes and mortgages, should they be on BEK’s accounting books? Who transferred the notes and mortgages to the BEK law firm? Was it really Fannie Mae?
Do we really want a mortgages to be treated as though they were “bearer bonds?” This really could be a bellwether case…