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Commercial Law Keyed to Whaley
In re Dixon-Ford
Citation:
2011 WL 6749083Facts
In 2006, Debtor engaged Weichert Realtors as her real estate representative to find a multi-family home. Debtor later found a home and sought to finance the purchase of it with a mortgage loan from WFS. Debtor contracted with WFS for a “stated income” mortgage loan where the borrower applies for financing based on her income, which is later confirmed with a Verification of Employment (“VOE”) directly with the borrower’s employer. A post-closing review revealed the existence of two VOEs and the incorrect VOE showing Debtor’s income to be much higher was supplied to the WFS underwriter. Debtor was able to purchase and live in the property with several family members until she later defaulted.
During this time, an investment bank contracted with U.S. Bank to be the trustee of a Pooling and Services Agreement to hold bundled residential mortgage loans it had purchased. Among these mortgage loans was Debtor’s loan she had executed with WFS. In her bankruptcy filing, Debtor claimed that it was a WFS loan officer who fraudulently altered her income and employment details in order to qualify her for a larger mortgage loan. Debtor also brought a fraud claim against U.S. Bank, alleging that it knew or should have known of the alleged misrepresentations made in connection with the origination of Debtor’s mortgage. U.S. Bank asserted holder in due course status.
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