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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  Does Glaski v BofA have any effect on this? (0+ / 0-)
    •  Not Really (1+ / 0-)
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      jpmassar

      Glaski involved a pleading question- whether or not the borrower had effectively pled foreclosure fraud because the foreclosing entity did not hold an ownership interest because it no longer legally existed (the securitization trust that held her mortgage, which had closed before the process of transferring the note was initiated, making the transfer void as a matter of New York law), such that the plaintiff was entitled to proceed with her lawsuit. It does not the same questions of compensable interest (which is not just related to title) that would arise in the Richmond suit.  It will be at least a couple of years before Glaski is litigated on the merits, so we can't read anything into the tea leaves as it relates to that subject.

      BTW, the Glaski court rejected (as other courts have here) the idea that the underlying foreclosure paperwork was improper just because it contained the forged signature of the lender's officer certifying the accuracy of the foreclosure, finding that the foreclosing trustee had ratified the forgery by proceeding.)

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