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632 Notes to Chapter 22

23. Joseph H. Evers, Office of the Comptroller of the Currency, deputy comptroller for large bank su-
pervision, written testimony before the Congressional Oversight Panel for the Troubled Asset Relief Pro-
gram (TARP), COP Hearing on TARP Foreclosure Mitigation Programs, 111th Cong., 2nd sess., October
27, 2010, pp. 7–10. The OCC reported that mortgage servicers have modified 1,239,896 loans since early
2008. By the end of the second quarter of 2010, more than 26% of the modifications were seriously delin-
quent; 9% were in the process of foreclosure; and 4% had completed foreclosure. The OCC examined
modified loans that were 60 or more days delinquent that were modified during the second quarter of
2009, to determine when after loan modification that serious delinquency recurred. At 12 months after
modification, 43% of loans were delinquent by two or more months; at nine months after modification,
41% were in arrears; at six months, 34%; and at three months after a loan change, nearly 19% were delin-
quent. The OCC noted that more recent modifications have performed better than earlier modifications.
24. Julia Gordon, senior policy counsel, Center for Responsible Lending, written testimony before the
Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), COP Hearing on TARP
Foreclosure Mitigation Programs, 111th Cong., 2nd sess., October 27, 2010, p. 11.
25. David J. Grais, partner with Grais & Ellsworth LLP, interview by FCIC, November 2, 2010.
26. Calculation by Laurie Goodman, senior managing director, Amherst Securities. See PowerPoint
presentation to the Grais and Ellsworth LLP conference “Robosigners and Other Servicing Failures: Pro-
tecting the Rights of RMBS Investors,” October 27, 2010 (http://video.remotecounsel.com/
mediasite/Viewer/?peid=12e6411377a744b9a9f2eefd1093871c1d).
27. Grais, interview.
28. Goodman testimony before the House Financial Services Committee, December 8, 2009.
29. See Deposition of Jeffrey Stephan, GMAC Mortgage LLC v. Ann M. Neu a/k/a Ann Michelle
Perez, No. 50 2008 CA040805XXXX MB (Fla. Cir. Ct. Dec. 10, 2009), pp. 7, 10.
30. See, for example, Dwayne Ransom Davis and Melisa Davis v. Countrywide Home Loans, Inc.;
Bank of America, N.A.; BAC GP LLC; and BAC Home Loans Servicing, LP, 1:10-cv-01303-JMS-DML
(S.D. Ind. October 19, 2010).
31. Congressional Oversight Panel, “November Oversight Report: Examining the Consequences of
Mortgage Irregularities for Financial Stability and Foreclosure Mitigation,” November 16, 2010, p. 20.
32. See, e.g., Mortg. Elec. Registry Sys. v. Johnston, No. 420-6-09 Rdcv (Rutland Co. Vt. Super. Ct. Oct.
28, 2009), holding that MERS did not have standing to initiate foreclosure because the note and mortgage
had been separated.
33. The Honorable F. Dana Winslow, written testimony before the House Committee on the Judiciary,
Foreclosed Justice: Causes and Effects of the Foreclosure Crisis, 111th Cong., 2nd sess., December 2, 2010,
pp. 2, 4.
34. Order, Objection to Claims of Citibank, N.A. 4-6-10, (Bankr. E.D. Cal. May 20, 2010), p. 3. The or-
der cites In re Foreclosure Cases, 521 F. Supp. 2d 650 (S.D. Oh. 2007); In re Vargas, 396 B.R. 511, 520
(Bankr. C.D. Cal. 2008); Landmark Nat’l Bank v. Kesler, 216 P.3d 158 (Kan. 2009); LaSalle Bank v. Lamy,
824 N.Y.S.2d 769 (N.Y. Sup. Ct. 2006).
35. Winslow, written testimony before the House Committee on the Judiciary, pp. 2–3.
36. See John T. Kemp v. Countrywide Home Loans, Inc., Case No. 08-18700-JHW (D. N.J.), pp. 7–8.
37. Grais, interview.
38. Adam J. Levitin, associate professor of law, Georgetown University Law Center, testimony to Sen-
ate Committee on Banking, Housing, and Urban Affairs, Problems in Mortgage Servicing from Modifica-
tion to Foreclosure, 111th Cong., 2nd sess., November 16, 2010, p. 20.
39. Congressional Oversight Panel, “November Oversight Report,” pp. 5, 7.
40. Katherine Porter, professor of law, University of Iowa College of Law, written testimony before the
Congressional Oversight Panel for the Troubled Asset Relief Program (TARP), COP Hearing on TARP
Foreclosure Mitigation Programs, October 27, 2010, p. 8.
41. Levitin, written testimony before the Senate Committee on Banking, Housing, and Urban Affairs,
p. 20.
42. Erika Poethig, written testimony for the House Subcommittee on Housing and Community Op-
portunity, Impact of the Foreclosure Crisis on Public and Affordable Housing in the Twin Cities, 111th
Cong., 2nd sess., January 23, 2010, p. 5.