Legal Aid, April Charney et al File Amicus Brief

It’s not just a really good brief, it is a good resource. I recommend everyone read it. While it is specifically and powerfully directed against MERS, it also attacks the heart of the securitization scheme in terms of its effect “on the ground.”  You can learn a lot about the mortgage mess just by reading this document.

MERS Amicus Brief

12 Responses

  1. Is there a class action filed against Aurora Bank aka Aurora Loan Services? If so, I want in! Thanks

  2. INVESTOR LAWSUIT AGAINST CHASE — contains a long list of mortgage backed pass thru securities trusts which had loan originations from New Century, Countrywide, Greenpoint, Wells Fargo, WAMU, Ownit, ResMae, Accredited Home Lenders, American Home Mortgage etc.

    Billions and billions of dollars worth of mortgages.

    Lead Plaintiff’s oppositions are due June 21, 2010 (to the Motions to Dismiss).

    Moody’s is also named in complaint.

    Read what the other side is doing.

    http://www.scribd.com/doc/32794711/Investors-suing-Chase-includes-list-of-mortgage-backed-securities-various-originators-like-New-Century-WAMU-Wells-Fargo-ResMae-Greenpoint-Coun

  3. OH and it gets better. We have now found one Holly Etlin who became CEO of New Century after they declared bankrupcty.
    Just prior to that she was retained at a rate of over $650 per hour to be the Chief Restructuring Officer.

    Anyways, as CEO she has been signing POAs (blanket POAs)
    in 2008 and 2009 and then within them states ‘the POAs are effective to a date in 2007 etc.”…in other words backdating the POAs.

    Can this possibly be legal when months and years have gone by and suddenly there is a POA and it is effective to a date which has long come and gone??

    These blanket POAs obviously effect hundreds if not thousands of mortgages which have been securitized or sold and securitized.

  4. Also, my compliments to April Charney – she is a pioneer.

    Ms. Charney is mentioned in a Pepperdine Law Review (Pepperdiine University School of Law) article title “How Negotiability Has Fouled Up the Secondary Mortgage Market, and What To Do About it.” The author, Dale A. Whitman, discusses how instrumenst came to be negotiable, Article 111, and why some notes may not actually be negotiable. It is pointed out that “the holder in due course doctrine, a creature of Article 3, is available only if the note is negotiable, and negotiability can exist only if the requirements of Article 3 are satisfied.

    According to the author, “determining whether a note is or is not negotiable is a complicated and potentially difficult process, which requires a review and analysis of all of the note’s terms.” However, the author gives an instance where the note is clearly not negotiable due to a clause that incorporates additional “Loan documents” – that contain “a “chock full of promises” …. “To do…acts in addition to the payment of money.”

    Interesting article.

    Today, Mr. Ben Bernanke spoke before Congress. Mr. Bernanke has claimed that something is being done to help stop foreclosure – he continues to always mention loan modifications. One astute representative, whose name and state I missed, said: “Mr. Bernanke – the servicer modifications are not working.” Mr. Bernanke was silent for a moment – then brought up “short sales.”

    Is this Mr. Bernanke’s solution – short sales??

    Apparently, there is a conference being held by Federal Reserve members regarding discussion of mortgages. Hope Mr. Bernanke does not attend.

  5. Cannot open the “Brief”.

  6. Wish April charney could get Barbara shycoff of the tresurys dept of thrift supervision to get it. Senator McCain tried to help me thru her and she Assked indymac now onewest took that teeny weeny bit of smke n mirror load of manipulative misleading info. Minus my response and all the other info I had asked to be considered. Only to declares SHEWAS satisfied. Ofcourse I called her well tried got the office guy and faxed me response. Is this what we pay these officials for to sail us down the river without do much as a ” maybe she is telling the truth” keep fighting April charney we need people like you. Much respect

  7. Does it make any sense for people to write letters to the bankruptcy judges in our case for American Home mortgage Judge Sontchi and or the creditors asking how can the assignment of the property be done without the Bankruptcy Judges approval?

  8. ALERT TO NEIL

    I have logged on to the “Mers Amicus” first time nothing I click again and I get a virus warning.

    I shut down and tried again, same thing.

    Don’t see anyone else with a problem, maybe my anti virus is misinterpreting something but maybe you check to be on the safe side.

    Thanks,
    Juli

  9. where can find the Brief?

  10. I should have said,
    “a woman FIGHTING foreclosure in Washington state.”

  11. Thank you, April. You are the woman in the news that began my search for the truth. I finally found a lawyer “who gets it.”

    Signed,
    Woman in Foreclosure in Washington State

    Karen
    206-396-4486

  12. Sitting down to read it right now. Thank you.

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