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Friday, December 31, 2010
Ind. Decisions - Indiana mortgage decision nationally noted [Updated]
The Nov. 19, 2010 Court of Appeals opinion in Florence R. Lacy-McKinney v. Bean Taylor and Whitaker Mortgage Corp. (one of the few the ILB has missed - cataract surgery) is written up today in an article by David Dayen of FireDogLake. A quote:
Even though the Treasury Department isn’t sanctioning servicers for their failure to comply with HAMP guidelines, it looks like in some cases, the courts could. In a case in the Indiana Court of Appeals, a foreclosure case was reversed * * * because the servicer, in this case, Taylor, Bean & Whitaker Mortgage Corp., did not follow FHA guidelines when proceeding to foreclosure. Specifically, they did not allow for a partial mortgage payment, as allowed under HUD guidelines (which guide FHA mortgages), and the servicer did not have a face-to-face meeting with the borrower. The court ruled these are binding conditions that the servicer must comply with before instigating a foreclosure.See also this item from CreditSlips headed "Noncompliance with HAMP Guidelines as an Affirmative Foreclosure Defense?"
[Updated] Two more mortgage-related stories today:
- "How a mortgage clearinghouse became a villain in the foreclosure mess," from the Washington Post, a lengthy examination of the Mortgage Electronic Registrations Systems (MERS) by Ariana Eunjung Cha and Steven Mufson.
- "Mortgage Bankers Association Takes Stand Against Successful Foreclosure Prevention Programs," written by Pat Garofalo of The Wonk Room.
Posted by Marcia Oddi on December 31, 2010 11:33 AM
Posted to Ind. App.Ct. Decisions