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I have often reminded lawyers that Judges NEVER get reversed when they deny a motion for summary judgment. When they grant summary judgment in foreclosure cases, their vulnerability to a reversal increases exponentially. In the SALMON case, the appellate court greets the foreclosing party with sarcasm and frustration, reversing the peremptory granting of summary judgment of foreclosure entered by the trial judge.
The shell game of changing entities combined with inexplicable acronyms in the names of new entities entering the picture is alerting courts across the country that we might just be dealing with organized crime. It is at least true that these strategies are typically used by criminal organizations to avoid detection and prosecution by creating an endless series of layers, transfers and roadblocks through the process of incorporation, trade names, and powers of attorney.
The Banks are trying to make it as complicated as possible — beyond the ken of the average judge. But the truth is much simpler than the snowstorm of paper offered by Wall Street banks. If the LENDER funded a loan with its own risk and capital and the disclosures are right THEN there is an enforceable contract and there is no way out of it for either side. If the LENDER SELLS the loan to another party the paperwork can be enforced by the purchaser as a holder in due course unless the loan was already in default at the time of the sale. If the purchaser sells it again, the same principles apply. But where there is no sale and there is no consistency in the chain of title, the party at the end of the chain has no more rights than the parties before him.
We are starting to reach critical mass. More and more courts are starting to opine that these mortgages and notes might not be real and that the wrong parties are coming into court to enforce them. This SALMON case is just one more case showing how the courts are not only turning away from the presumptions claimed by the banks but ridiculing the wily attempts of Banks to avoid the true facts. 4th DCA Salmon v Foreclosed Asset sales and Transfer CorpDOC042315