Lurking behind the scenes as a player in a high percentage of foreclosure cases is German banking titan Deustsche Bank. One of the key issues I’ve been aggressively pursuing over the last several months is the fact that I don’t believe many of the Plaintiffs in foreclosure cases have any real stake in the outcome of the litigation, because the real party in interest is the certificateholders or investors, not the servicer who is typically named as the plaintiff in the suit. Oftentimes you’ve got to push hard to uncover the true identity of the real party in interest in foreclosure litigation, but when you do, changes in the outcome of the case usually follow. This is important to keep in mind as we proceed with litigation and mediation, because until we get the real parties at interest in these cases, no real resolution will be forthcoming.
Read this article in today’s Wall Street Journal for insight on how shadowy players in the mortgage underworld retain much of the interest in the outcome of the cases.