Derivatives and loan origination issues are creating interesting legal opportunities for foreclosure defendants in federal court. In these cases, the court dismissed foreclosures because the plaintiff was not the holder/owner of the mortgage. In these cases, the originators didn't bring the lawsuit, but the derivative owner or assignee. They were dismissed and the courts jumped through some legal holes in the derivitive ownership nuances. These decisions stand for the principle that the assingee must have been properly assigned the mortgage and paid actual present or past consideration (sticky point), verified by affidavit. These forclosing parties could not meet this burden. Was your mortgage assigned and wrapped into the derivative system? You may have an argument to buy some time. Read the court orders here and here.
Federal bankruptcy judge uses same rationale here.
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