Foreclosure & Mortgage Litigation Overview

After introducing the program and his guest speakers, Max leads with a discussion of the Mortgage Bankers Association’s presentation on combating Boot Camp attorneys and what this tells us about arguments to expect from the other side and how to respond.

Then, Dick Shepherd leads a discussion (with contributions from all speakers) on securitization and servicing that includes:

  • the basics of securitization,
  • document custodians and the custodial file,
  • the players in the securitization process,
  • what Jay Patterson can uncover and how to use it,
  • Fannie/Freddie history and status,
  • QWR changes,
  • repurchases,
  • adding Fannie/Freddie as a party to your case,
  • REMIC structure and tax benefits,
  • loan documents to look for in F/F deals,
  • payment application issues as pressure point for modifications,
  • accounting systems,
  • what’s in the note and Deed of Trust,
  • impact of servicing standards under the AG settlement, and
  • requests for information.

Jay Patterson walks through an MSP life of loan transaction history and the panel discusses the information contained in evaluation reports from rating agencies, what to ask for in discovery, the importance of looking at computer records, new QWR standards and using requests to admit.

An in-depth discussion follows of the negotiability of mortgage notes, uniform documents, relevant case law, applicability of Article 3 and Article 9, standing, terminology under the law, actual transfer processes/endorsements/allonges, the accuracy of loan schedules, chain of title, delivery requirements and the practical upshot of all of these issues.

Max discusses the servicing standards set forth under the AG settlement at some length and how these open doors.  Then, all attorneys join in a discussion of the practical application of the strategies and issues discussed and how each approaches them in his/her practice.