Mortgagors Lack Standing
The Illinois Appellate Court, Second District, held that mortgagors lack standing to challenge the propriety of an assignment of mortgage loans into a pooled-asset trust in alleged violation of a pooling and servicing agreement, as any alleged failing would not void the assignment but instead was a “voidable” act that could be ratified by trust beneficiaries.
The Court also ruled that the mortgagors could not rely on a breach of contract theory as to the pooling and servicing agreement, because they were not third-party beneficiaries of the pooling and servicing agreement.
Carol A. Lawson, Esq., 28870 U.S. Hwy19 #300, Hodusa Towers, Clearwater, FL 33761 Phone: (727) 410-2705; email: calh@gate.net
