New Jersey Decision against truestee in foreclosure case

Here is an important decision regading housing trusts and securitized mortgages in NewJersey. 

Court reverses foreclosure for failiure to comply with pre suit notice statute.
publication a decision which reversed an Ocean County, New Jersey trial court foreclosure judgment and remanded with directions that the case be dismissed without prejudice due to the Plaintiff’s failure to comply with New Jersey’s pre-suit notice statute, which requires a foreclosing party to identify the name and address of the lender (who owns the obligation). The Court held that identification of the “servicer acting on behalf of the owner” is legally insufficient, and fails to comply with the statute. The case is Bank of New York as Trustee of CWALT, etc. v. Laks, No. A-4221-0593.

http://foreclosuredefensenationwide.com/?p=375






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Economy still deep in the woods

We are still deep in the woods with the economy.  We have gone beyond what would be considered normal or even a long recession and unemployment is still near 10%.  The government is still trying to spin the reality into a yarn that says that things are turning around.  They statistics the government using are manipulated to push the agenda of the White House and administration that thinks class room economic theory is similar to the real world, but that is for another story. 

Our economy is relying on unemployment checks and aid for food to keep money circulating.   We have turned over control of the economy to the CEO's that put us in this structured depression.  Hopefully the recent cases that ruled in favor of the plaintiff and against the big banks will be a catalyst for real structural change to the banking system.  Kemp vs Countrywide and the recent Wells Fargo case  could set precedent for action against the too big to fail banks.

It is possible that the only way the government will step up to the plate and demand accountability from the banks is if judges make the effort understand the Pooling Service Agreements for the Residential Mortgage Backed Securities.  They will then easily see how the bankers have torn the economy to shreds through fraud and deception.




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Wells Fargo case