By Aaron Krowne & Moe Bedard
In a decision piggy-backing on Judge Boyko’s recent Deutsche Bank ruling (announced on this site Tuesday), Judge Rose has thrown out another batch of foreclosures, making the following summary remarks:
“This court is well aware that entities who hold valid notes are entitled to receive timely payments in accordance with the notes. And, if they do not receive timely payments, the entities have the right to seek foreclosure on the accompanying mortgages.
However, with regard the enforcement of standing and other jurisdictional requirements pertaining to foreclosure actions, this court is in full agreement with Judge Christopher A Boyko for the Northern District of Ohio who recently stressed, ‘That the judicial integrity of the United States District Court is ‘Priceless.’”
The ruling is another HUGE victory for consumer advocate attorneys and homeowners in general.
A pdf file of the full ruling is available here.
Jacksonville Legal Aid attorney April Charney remarked to us regarding the two Ohio decisions:
As to the real ramification of the Ohio decision, aside from slowing the foreclosure trains, is that the fact that there were no “original” assignments rendering the sales of the mortgages to the trusts, in violation of the true sale obligations imposed by securities law. ”
For more comments by April and us on this foundational issue of these rulings, see our next post. There we also address some criticisms and critiques we’ve received since our original coverage.
