Ibanez

Proposed Settlement To Force Lenders To Pay For Principal Loan Reductions

February 24, 2011

The Wall Street Journal is reporting that The Obama administration is trying to push through a settlement with the major loan servicers that could force America’s largest banks to be on the hook for reductions in loan principal worth billions of dollars.  News of the proposed settlement is noteworthy because it would be the first […]

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Massachusetts SJC Agrees to Hear More Foreclosure Cases

February 17, 2011

Earlier this week, we posted an article regarding the Ibanez Effect and the Massachusetts SJC’s decision to immediately take up a direct appellate review of the Bevilacqua case which addresses whether a third party purchaser holds legal title to a property if they purchased it from a bank following foreclosure. The always informative Massachusetts Land Use Monitor blog […]

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The Ibanez Effect: Foreclosures, Securitization and Short Sales.

February 14, 2011

Early in 2011, the Massachusetts Supreme Judicial Court (SJC) approved a lower court ruling that called into question the validity of thousands of foreclosures throughout the Commonwealth. In US Bank vs. Ibanez, the SJC held that the lender did not have the legal authority to foreclose because they couldn’t actually prove that they owned the mortgage.  Specifically, […]

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Lenders, Servicers Scramble To Shift Foreclosure Cases To New Firms

December 17, 2010

News came out this week that foreclosures fell in November to their lowest levels in the past 18 months (http://tiny.cc/92wrq). This seemingly positive data is clearly a result of the foreclosure freeze enacted by most banks following the revelation that lenders improperly handled millions of foreclosure cases. As lenders and loan servicers scramble to correct […]

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