Tuesday, April 26, 2011

District Judge Sterling Johnson of the Eastern District of New York wallops MERS and Deutsche Bank in Tshering v. Fairfield Financial, 08-CV-2777

Nicholas M. Moccia, Esq. (of counsel)
Law Offices of Robert E. Brown, P.C.

Nicholas M. Moccia, Esq., of counsel for the Law Offices of Robert E. Brown, P.C., appears for oral argument in the Eastern District of New York in Yanki Tshering v. Fairfield Financial, 08-CV-2777, wherein District Judge Sterling Johnson rendered a judgment voiding a $900,000 high cost loan.  Attorneys for Deutsche Bank attempt to convince Judge Johnson to vacate the judgment and allow them to intervene as the "real parties in interest".  Judge Johnson criticizes MERS and Deutsche Bank for a troubling "lack of transparency" with regard to the transfer of notes and mortgages, and expresses concerns that MERS may be a vehicle for banks to avoid taxes and filing fees in connection with the transfer and recordation of mortgages.  As of now, Judge Johnson is reserving his decision as to whether to allow Deutsche Bank and MERS to intervene and vacate the judgment.

Context, put simply:  This office represents a homeowner with $900K mortgage given by Fairfield Financial. We convinced the judge to cancel the mortgage so that she does not owe the money anymore. A different bank comes out of the woodwork, namely Deutsche Bank, and argues that the mortgage really belongs to Deutsche, and that Deutsche did not get a chance to defend in this law suit. Accordingly, Deutsche Bank is asking the judge to let them intervene in the law suit, cancel the judgment, because our client purportedly owes Deutsche Bank the money, not Fairfield. Our position is that Deutsche should not intervene at Deutsche should sue Fairfield, its predecessor-in-interest for failing to notify Deutsche about our law suit. Basically, the judge is critical of the bank attorney's position and seems to be saying that it is too late for Deutsche to intervene, and that Deutsche should be more transparent with regard to the loans it owns at any given time.

**If you are unable to access the entire transcript on the viewer below, you can access the entire transcript by downloading it from scribd.com.

District Judge Sterling Johnson of the Eastern District of New York wallops MERS and Deutsche Bank in Tsher...

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