Breaking News
  • Freddie Mac reports $354M net loss in first quarter

    Freddie Mac reported a $354 million net loss in the first quarter, significantly down from its $2.2 billion net income recorded in the fourth quarter of 2015. The news is a reminder of the GSE's net loss in the third quarter of 2015, which marked the first loss in four years. But despite the news, Freddie CEO Donald Layton remains positive on the results. Click the headline to find out why.

Calif. Supreme Court denies plaintiff petition for review in MERS case

The California Supreme Court denied a petition for review from a homeowner who lost his property through foreclosure. The Golden State's highest court chose not to review a 4th Appellate District Court decision that upheld the right of the Mortgage Electronic Registration Systems to the deed of trust on the home, giving MERS the right to foreclose. Ehud Gersten, a San Diego lawyer, filed the petition on behalf of Jose Gomes. "I have discussed this with my client, and we are considering filing an appeal with the United States Supreme Court," Gersten said. "The court’s decision to deny review of the court of appeal’s decision, given the plethora of information coming out especially in the last few months, of bank misconduct and fraud upon California homeowners and homeowners nationwide, is shameful." Gersten said California homeowners are improperly being foreclosed upon and "have no right to question" the process. "We believe California homeowners are not receiving due process in the courts," he said. "California courts have said someone can take your property and the homeowner has no recourse. Hopefully, we will be able to achieve legal justice for California homeowners that they are apparently unable to receive from their own judiciary in their home state." Gersten has 90 days to file a writ with the nation's highest court. A MERS spokeswoman declined to comment on the California Supreme Court decision. Write to Jason Philyaw.

Services Guide

Comments powered by Disqus