Keep up the good and honorable fight to protect homeowners like my 84 year old homeowner, Erice Davis. Fight the arrogant and out of control banks who continue to kick the weakest among us when they’re already down.
Fight to understand who really benefits if an elected circuit court judge throws their neighbor out on the streets. (Fat Cat Wall Street Bankers and foreign investors like Deutsche Bank)
Fight to uncover, expose and disclose who the real owners and beneficiaries of foreclosure litigation are…don’t let them hide behind servicers or straw-man litigants….make them come forward and fully disclose their claims.
Force litigants in foreclosure litigation to come to the settlement or mediation table prepared to accept real world, practical settlements rather than pre-programmed loss guidelines that are subsidized by our tax dollars. (Read the Onewest Shared Loss Agreement) and read a balanced and more credible review of the transaction here and the FDIC Press Release here.
And for the real, credible, admissible evidence, read deposition testimony and motions below:
Special thanks for all the work in this effort to Jon Coats, Mark Stopa, April Charney, Greg Clark, Ice Legal, all the JEDTI fighters who are working behind the scenes and David Acosta at Case Clarity who continues to provide exceptional trial support for this important effort. Bookmark the Case Clarity site here for important information on trial support in all cases.
Advocates must begin to band together to fight, share information and support our courts in the fight to restore justice and integrity to our court systems.
Please contact me for information and strategies that have been developed to pool resources and fight together.
Matt, you and other well informed and competent attorneys may already know this, but it may be news to your readers.
In regard to p-notes and the UCC requirements for indorsement and delivery in 3-201(1)and (2)…
Well, we already know that many of the assignments of mortgage being produced in foreclosure proceedings are fraudulent. Arranging for an indorsement by an appropriate party on an original p-note can be tricky. Enter the “allonge.” There seem to be an increasing number of allonges being produced if foreclosure proceedings as well.
And why not? Producing and executing a one page allonge is not a stretch for the folks that fabricate documents and evidence for a living.
But there is a catch, and one that they seem to have overlooked.
Most securitized mortgages are governed by a “Pooling and Servicing Agreement” (PSA) which lays out the duties and obligations of the parties involved. Among the interesting sections contained in most PSA’s is the one which binds the parties to New York law. Most PSA’s are rather boiler plate so most of them have willingly bound themselves to New York law.
You might find language like this:
“This agreement shall be construed in accordance with the laws of the state of New York and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws.” You might find this language in a section of “Miscellaneous Provisions,” in the subsection relating to “Governing Law; Jurisdiction.”
Now, the good news is that New York has not adopted the revised UCC. The old UCC still uses a “no space” test in regard to an allonge. In other words, in accordance with the old UCC, which New York is still using, a negotiable instrument must be completely filled, completely devoid of any clear space in which to add any further indorsements, before an allonge can be employed.
The allonges I’ve seen have been associated with p-notes that still have space out the wazoo, and further have no prior indorsements whatsoever.
I haven’t seen this put the test in court as of yet. But I’m anxious to see if any skilled litigator can prevail by having an allonge of this nature excluded.