Erika Morphyis co-editor of Debt and Equity Journal, from whichthis article is excerpted.
Cleveland—A ruling in federal court here could have apotentially destabilizing effect on RMBS pools containing homesthat have gone into foreclosure. Federal District Court JudgeChristopher A. Boyko dismissed 14 foreclosure cases brought tocourt by special servicer Deutsche Bank National Trust Co.on the grounds that Deutsche Bank, as the trustee, had failed toprove it actually owned the properties.
Even after receiving three weeks to produce the necessarydocumentation, such as loan assignments that proved the lender wasthe legal owner of the properties, Deutsche Bank was unable to doso. The judge ruled in favor of the defendants.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
