In observance of the Jewish holiday of Yom Kippur, my office will be closed Wednesday, September 23. The following article was scheduled in advance:

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See Anh N. Tran, et al. v. Bank of New York SCOTUS Certiorari_SRCH

READ THE ENTIRE BRIEF SLOWLY AND STUDY IT.

I think we have another case here where the pen of Justice Scalia (if they grant the writ and hear the case) will be dripping with sarcasm , just like we saw in Jesinoski. The New York Law says that the “transfer” to the REMIC Trust is void if it violates the terms of the Pooling and Servicing Agreement. The problem for the banks is that they MUST rely on the PSA in order to give standing to their trustee and servicer. If the trust does not have the loan, then the trustee has no authority over the loan and neither does the servicer…

This is a definitely a nightmare. The Dodd-Frank bill is not strengthen to include hedge funds into mortgage guidelines. Banks and non-banks are held accountable for their actions on mortgages. Now add hedge funds to the list.

Seven years after the real estate market crashed, major investors are again buying mortgages by the thousands. This time, they are buying from the government — at a significant discount. 

Emilie Udell for the Center for Public Integrity

Julius Uwansc was in trouble with his mortgage after refinancing in 2009, just after the real estate bubble popped. Like millions of others, he found himself owing more on his house than it was worth.

The Nigerian-born father of four moved into his house on Richardson Road in Gwynn Oak, Maryland, in 2005. “We loved it because it has this big yard where the kids can play,” Uwansc says.

But soon after closing on the…