Upcoming Max Gardner Seminar: UCC’s Impact on Securitization and Foreclosure Defense
Attention Foreclosure Defense Attorneys… It’s time to take it up a notch or two…
For attorneys engaged in foreclosure defense today, Max Gardner’s seminars are always important and extremely valuable… invaluable, in my opinion. But the two upcoming highly specialized sessions, one to be held in Ontario, California and the other in New York City, promise to deliver value on an entirely new level.
Why do I say that?
Well, because Max, along with his faculty of expert guest speakers, will be delivering two specially designed in-depth sessions each one laser focused on the topic of the UCC’s impact on mortgage securitization – and each of the seminars is specifically tailored for California and New York state law respectively.
Why is this topic so important?
Watch this video from Bloomberg… an interview with banking industry and securities expert, Christopher Whalen and it’ll become very clear, very quickly.
When you attend either of the upcoming seminars, you’ll learn about such topics as…
- Fannie & Freddie’s Securitization Model & Master Trust Agreements
- The Ginnie Mae Securitization Model
- Master Servicers, Primary Servicers, Back-Up Servicers, Default Servicers, Speciality Servicers and Sub-Servicers
- The REMIC Tax Act of 1986 and REMIC Tax Opinions
- Role of Pooling & Servicing Agreements & Section 1-302 of the UCC and PSA
- New York and Delaware Trust Law
- Custodians and the Custodial Guide & Agreements
- The Mortgage Electronic Registration System – MERS as Original Mortgage , MERS as Assignee, the Agency Theory of MERS, MERS and Delaware Corporate Law
- What is a Negotiable Note Under Article 3 of the UCC?
- Section 2.01 of the PSA and Non-Negotiability
- Article 9 of the UCC and Mortgage Notes
- Mortgage Loan Sale Agreements, Mortgage Schedules as Defined by the PSA and the Mortgage Custodial File as Required by the PSA
And not only is there much more on the agenda… but that’s only the beginning of what is sure to make these events invaluable to your practice. Just wait until you see whose speaking at each event.
The first one is…
September 17 & 18, 2011
At the University of La Verne College of Law
Speakers at the California seminar include:
Richard Shepherd – Former Vice-President and General Counsel for Saxon Mortgage (now Morgan Stanley).
Margery Golant – Former Assistant General Counsel at Ocwen Financial Corporation and Department Manager of a major plaintiffʼs foreclosure firm.
Jay Patterson – A leading Certified Fraud Examiner and Forensic Accountant.
Eric Clark – A leading consumer bankruptcy attorney in California He has been a panelist at the National Conference of Bankruptcy Judges, the Annual Convention of the National Association of Chapter Thirteen Trustees as well as the Annual NACBA Convention.
Michael G. Doan – He practices on the cutting edge of bankruptcy law, being the first attorney in the entire Southern District of California to file the very first Chapter 7 Bankruptcy and very first Chapter 13 Bankruptcy under the new Bankruptcy Laws which went into effect on October 17, 2005.
David Springer – With over 25 years experience in traditional and mortgage banking, Mr. Springer has served as employee, officer and consultant to some of America’s largest mortgage lenders. His direct experience in subprime loan securitization gives him a revealing eyewitness perspective to this important chapter in American financial history. Mr. Springer discusses in detail the processes, entities, and the management of documents in the lending and securitization process.
The cost to attend is only $1799, and if you’ve previously attended a Max Gardner training seminar you’ll receive a $400 discount!
And the second is…
September 24 & 25, 2011
New York City
New York Law School
Speakers at the New York City seminar include:
Judge Arthur Schack – New York Supreme Court Justice who has gained notoriety for taking the unusual stance “If you are going to take away someoneʼs house, everything should be legal and correct.”
Hon. Samuel L. Bufford – a former United States Bankruptcy Judge in the Central District of California, where he served for twenty-five years and presided over nearly 100,000 cases. Widely regarded as one of the foremost scholars of U.S. and comparative insolvency law, his teaching interests include bankruptcy, international and comparative insolvency law, commercial transactions, and international business transactions.”
Tara Twomey – Of Counsel to the National Consumer Law Center and the Amicus Project Director for the National Association of Consumer Bankruptcy Attorneys. She is currently a Lecturer in Law at Stanford, and has previously lectured at Harvard and Boston College Law Schools.
Thomas Cox – The attorney responsible for setting off the temporary freeze against foreclosures.
Richard Shepherd – Former Vice-President and General Counsel for Saxon Mortgage (now Morgan Stanley)
Margery Golant – Former Assistant General Counsel at Ocwen Financial Corporation and Department Manager of a major plaintiffʼs foreclosure firm
Jay Patterson – A leading Certified Fraud Examiner and Forensic Accountant.
The cost to attend is only $1999, and if you’ve previously attended a Max Gardner training seminar you’ll receive a $400 discount!
(I’ll be at both the California and New York events, by the way. Oh, and although it doesn’t happen often, speakers are subject to change without notice.)
That’s Max above… he’s my hero.
HERE’S THE BOTTOM-LINE…
You must attack the secured status of the Trustee of residential mortgage backed securitized trusts and you must challenge the mortgage servicer’s standing to foreclose.
In order to make these types of challenges in court, you must have a thorough understanding of how securitization is supposed to work and then determine whether the proper procedures were followed for your client’s mortgage.
To understand how securitization is supposed to work, you must have a thorough understanding of UCC Articles 3, 9 and 1-302. This session will present the most comprehensive look at the UCC and its impact on foreclosure defense available.
In order for a residential mortgage to be properly securitized within a trust, the note needs to have been properly assigned by ALL parties to the transaction.
By now it should be clear to all involved that, in reality, this rarely occurred during the last decade and Max refers to this as the “Alphabet Problem.”
According to Max and countless others with experience litigating these cases, you will rarely, if ever find that the parties, A, B, C, D etc. made the proper assignments of the mortgage or deed of trust or transfers of the note. What typically happens, however, is that the foreclosing party will “magically” find the “missing” assignment at the last minute before a trial claiming improper assignment from party A to D.
The Role of the UCC
Various Articles of the Uniform Commercial Code cover aspects of how a residential mortgage note in a securitized transaction should be transferred. If you are going to attack the secured status of the Trustee of residential mortgage backed securitized trusts, you must be fluent in “UCC” or as Max might say in the “ABC’s”.
Max is of the opinion that a residential mortgage note is NOT a negotiable instrument under Article 3 of the UCC and that Pooling and Servicing Agreements actually constitute “otherwise agreed” mandatory methods of perfection as permitted by Article 1-302 of the UCC.
According to one of Max’s recent articles…
“A review of all of the recent “standing” and “real party in interest” cases decided by the bankruptcy courts and the state courts in judicial foreclosure states all arise out of the inability of the mortgage servicer or the Trust to “prove up” an unbroken chain of “assignments and transfers” of the mortgage notes and the mortgages from the originators to the sponsors to the depositors to the trust and to the master document custodian for the trust.
As is likely stated in the PSA, however, the parties have represented and warranted that there is “a complete chain of endorsements from the originator to the last endorsee” for the note. And, the Master Document Custodian must file verified reports that it in fact holds such documents with all “intervening” documents that confirm true sales at each link in the chain.”
If you’re serious about winning the battle against foreclosure fraud for your clients don’t miss this opportunity to learn from the some of the top legal minds in the country how to drill down into the details of securitization and the impact of the UCC…
… with each seminar specifically adapted to California and New York state law respectively.
Can you really afford not to attend?
Did you miss Max Gardner when he was in Las Vegas last year with Operation Strike Back? Well, even if you did, you can still get the education by purchasing the event on video. It’s the next best thing to being there.
Oh, and by the way… when you purchase any of Max’s training products here, Mandelman Matters, a California non-profit corporation by the way, will receive 10% of the sale, which will be used to cover production costs of the documentary on the foreclosure crisis we are currently producing for release at the end of this year. So please… if you’re think of buying the Las Vegas Videos, or anything else that Max has to offer, buy it here. Thank you.