Attorney Christine Wilton adds a California slant to the debate going on about “Fannie and Freddie Continue to Rely on Foreclosure Mills Despite Evidence of Fraud” over at Naked Capitalism.
Looking at the securitization issues from a California standpoint, we have both federal and state law to contend with. From a bankruptcy position, here in the Central District we have the In re Foreclosure cases , In re Hwang, In re Walker, and In re Vargas. Since the mortgage follows the note, we need a complete, and unbroken chain of custody of the note and adherence to the California Commercial Code. We are arguing the Creditor has no standing and even if they did, there are major computation errors in their claims. The fight goes on for now. Results may vary in California. Side effects include general frustration; nausea; possible foreclosure; and guilt for not paying your mortgage.