Wednesday, November 24, 2010

In re Kemp: a landmark case on (non-) enforceability of most securitized mortgages

This case is covered in an excellent article by Daily Finance, which can be read at, as was also reported by Neil Garfield on his LivingLies blog.

To my knowledge, this is the first decision that mentions (albeit does not address) the issues of (non-) transfer of notes into securitzation trusts in violation of Pooling and Servicing Agreements (PSAs).  In this case, the judge was able to deny the bank's claim for other reasons (complete lack of possession of the note at any time since the note's inception), but expect more decisions shortly addressing non-enforceability of securitized mortgages.
The opinion can be found at  


  1. Greg,
    Brian Davies, MRS denied for Onewest movant, and Onewest servicing agent for Deutsche Bank. Now in 7 and trustee has just written to abandon claim. Filed to delay discharge till Feb 1, 2010.

    Need comment on 1st and 2nd unsecured deed of trust dealings

  2. This case has now been used to obtain a standing-related victory in Virginia, whereby the lender was ruled to have no standing to mess with the homeowner's chain of title.