FORECLOSURE_FOR_JUDGES[1] a

P R E D A T O R Y L E N D I N G & W R O N G F U L F O R E C L O S U R E S

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Predatory Lending

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Wrongful Foreclosures

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Contents

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+CIEJBDCK!#IAEHAL 3

Introductory Background

Information 3

Procedural Issues 4

Generalized Pleading 4

Judicial Notice 5

Deeds 5

Contracts 6

Notices of Default 7

Financial Code Division 1.6 7

Applicability 7

Remedies 10

Claim And Party Types 10

Generally 10

Loan Brokers 11

Lenders 11

Negligence 11

Fiduciary Duty 12

Special Relationship 12

Self Interests 13

Fraud 13

Loan Servicers 15

MERS 15

Yield Spread Premiums 16

Unfair Business Practices 17

Breach of Contract 18

Statutory Claims 18

Civil Code Section 1920 18

EESA 19

Generally 19

HAMP 19

TARP 20

TILA 21

Generally 21

Statute of Limitations 24

FDCPA 25

RESPA 26

CLRA 28

HOEPA 28

FTCA 30

Forgery 30

Preemption 30

HOLA 31

NBA 32

TILA 32

Successor Liability 32

:CDALMFN!ODCIGNDPFCIP 33

Generally 33

Tendering Debt 34

Promissory Notes 37

Procedural Irregularities 38

Statutory Compliance 39

Presumption Of Regular

Foreclosure 40

Notice Of Default 42

Trustee Duties 42

Participants Authorized To

Foreclose 43

Loan Modifications 45

Contract 45

Obligation 45

Private Right of Action 47

Statute of Frauds 48

Remedies 49

Civil Code Section 2925 49

Injunction 49

Setting Aside Sale 51

Declaratory Relief 52

Reformation 52

Damages For Wrongful

Foreclosure 52

Privileges 52

Common Law Claims 53

Intentional Infliction Of

Emotional Distress 53

Anti-SLAPP Protection 53

Lis Pendens 53

ODCIGNDPFCI!,IPGFIP 54

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1 Half of U.S. Home Loan Modifications Default Again, Bloomberg.com (3/24/10), at

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVYxPZ56vjys . 2 Increasing numbers of Californians are suing lenders to avoid foreclosures, Mercury News

(3/2/10), at

http://www.mercurynews.com/breaking-news/ci_14500350?source=rss&nclick_check=1 3 24% Of Home Mortgages 'Underwater,' MSN MONEY (2/24/10), at

http://articles.moneycentral.msn.com/Banking/HomeFinancing/24-percent-of-mortgages-

underwater.aspx . 4 Id. 5 Foreclosure rates surge, biggest jump in 5 years, YAHOO NEWS, at

http://news.yahoo.com/s/ap/20100415/ap_on_bi_ge/us_foreclosure_rates;_ylt=Auygcu1_fK7K

5GgRfhzn91iyBhIF;_ylu=X3oDMTJwN2FqYXMxBGFzc2V0A2FwLzIwMTAwNDE1L3Vz

http://news.yahoo.com/s/ap/20100415/ap_on_bi_ge/us_foreclosure_rates;_ylt=Auygcu1_fK7K5GgRfhzn91iyBhIF;_ylu=X3oDMTJwN2FqYXMxBGFzc2V0A2FwLzIwMTAwNDE1L3VzX2ZvcmVjbG9zdXJlX3JhdGVzBHBvcwMxBHNlYwN5bl9hcnRpY2xlX3N1bW1hcnlfbGlzdARzbGsDZm9yZWNsb3N1cmVy


http://www.bloomberg.com/apps/news?pid=20601087&sid=aVYxPZ56vjys

http://articles.moneycentral.msn.com/Banking/HomeFinancing/24-percent-of-mortgages-underwater.aspx

http://articles.moneycentral.msn.com/Banking/HomeFinancing/24-percent-of-mortgages-underwater.aspx


2

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o! >DCCDVICP!PBJBHPBHGJNNK!CJCINK!QJXI!WCIXJHNIE! HA!BQIHC!PBJBI!DC!MIEICJN!GJPIP9!

X2ZvcmVjbG9zdXJlX3JhdGVzBHBvcwMxBHNlYwN5bl9hcnRpY2xlX3N1bW1hcnlfbGlzd

ARzbGsDZm9yZWNsb3N1cmVy (4/15/10). 6 About Half Of U.S. Mortgages Seen Underwater By 2011, YAHOO! NEWS, at

http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank (Aug. 7, 2009). 7 For convenient summaries of recent California legislation, see, Office of the Governor, Press

Release, Governor Schwarzenegger Signs Mortgage Protection Legislation, available at

http://gov.ca.gov/press-release/13574/ (10/12/09). 8 “[T]he California Rules of Court do not prohibit citation to unpublished federal cases, which

may properly be cited as persuasive, although not binding, authority.” Landmark Screens, LLC

v. Morgan, Lewis & Bockius, LLP (2010) _ Cal.App.4th _, _ n.6, 2010 WL 1176494, 10.

Accord Tichinin v. City of Morgan Hill (2009) 177 Cal.App.4th 1049, 1070 n.10.

http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank

http://gov.ca.gov/press-release/13574/




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Procedural Issues !

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4


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Judicial Notice !

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5


CIMICIAGIE! BQI! EIIEP! HA! BQI! GDABIaB! DM! MDCIGNDPFCI! WCDGIIEHALPi9! !But see +DPIHEDA!X9!:DDENJAE!g788hi!4c7!.JN9&WW9bBQ!448d6!444h!gGDFCBP!UJK! BJTI! eFEHGHJN! ADBHGI! DM! CIGDCEIE! EIIEP6! SFB! ADB! BQI! QIJCPJK! DC!EHPWFBJSNI!MJGBP!JPPICBIE!HA!BQIUim!!%DFBQ!%QDCI!#JAE!.D9!X9!+IBICPIA!g4?dbi!77d!.JN9!&WW9!7E!h7c6!hbd!gGDFCBP!GJAADB!eFEHGHJNNK!ADBHGI!EIIEP!JAE!GDAXIKJAGIP!DM!WCHXJBI!WJCBHIP6!SFB!UJK!JP!BD!BQDPI!EDGFUIABP!JP!SIBVIIA!DMMHGHJN!IABHBHIPi9!!!!ODC! -AMDCUJBHDAJN! WFCWDPIP! DANK6! DAI! UHLQB! ADBI! BQJB! JA! FAWFSNHPQIE!.JNHMDCAHJ! DWHAHDA! gADB! GHBIJSNIi! CIJPDAIE! BQJB! NIJXI! BD! JUIAE! GJA!SI!GDABCJHAEHGJBIE! SK! eFEHGHJN! ADBHGI! DM! J! EIIE9! ! See ! (DAfJNIf! X9!=HGQINFGGHR;JCECHGT! g7848i! 7848!.JN9!&WW9!*AWFS9! #)p-%!7cb6! q4cR4d!g['DC! GJA! BQI! GDUWNJHAB! SI! JUIAEIE! BD! JNNILI! BQJB! BQIPI! EIMIAEJABP!VICI!lGCIEHBDCP6k!SIGJFPI!BQI!eFEHGHJNNK!ADBHGIE!EIIE!DM!BCFPB\9]i9!

!

Contracts

!#IPP!NHTINK!HP!BQI!WCDWCHIBK!DM!BJTHAL!eFEHGHJN!ADBHGI!DM!GDABCJGB!EDGFUIABP!FAJBBJGQIE!BD!BQI!GDUWNJHAB9!!3FEHGHJN! ADBHGI! DM! GDABCJGBP! HP! HUWCDWIC9! ! OCIIUDAB! -AEIU9! .D9! X9!OCIUDAB!(IAICJN!.DCW9!!g788hi!4b5!.JN9&WW9bBQ!?h6!44bR4c!gGDFCB!CFNHAL!DA!EIUFCCIC!GJAADB!BJTI!eFEHGHJN!ADBHGI!DM!GDABCJGB!JNNILIENK!JUSHLFDFP!DC!FAIAMDCGIJSNIim!!&ZFHNJ6!-AG9!X9!%FW9!.B9!g788hi!4b5!.JN9!&WW9!bBQ!ccd6!ch4m! !(DFNE! X9!=JCKNJAE!%DFAE! -AEFPBCHIP6! -AG9! g4??ci!`4!.JN9&WW9bBQ!44`h6! 44bcRbd! gY3FEHGHJN! ADBHGI! FAEIC! )XHEIAGI! .DEI! PIGBHDA! bc76!PFSEHXHPHDA! gQi! HP! HABIAEIE! BD! GDXIC! MJGBP! VQHGQ! JCI! ADB! CIJPDAJSNK!PFSeIGB! BD!EHPWFBI!JAE!JCI!IJPHNK! XICHMHIE9\! BQI! nMJGBn! J! GDABCJGB! IaHPBP!SIBVIIA! BQI! WJCBHIP! HP! MCIZFIABNK! BQI! PFSeIGB! DM! CIJPDAJSNI! EHPWFBI9Yi9!!See also generally :IHN!r!>CDVA6!.JN9!+CJG9!(FHEI2!.HX9!+CD9!>IMDCI!/CHJN!g/QI!,FBBIC!(CDFW!788?i!sh24hQm!!4!:HBTHA!.JN9!)XHE9!gbBQ!IE9!7888i!3FEHGHJN!'DBHGI!j`89!!:QIA! J! GDUWNJHAJAB! JBBJGQIP! JA! IABHCI! GDABCJGB! BD! J! GDUWNJHAB6! BQI!GDFCB! UJK! BJTI! eFEHGHJN! ADBHGI! DM! HB! gIXIA! HM! HB! HP! JA! FAPHLAIE! GDWKi9!!>FCAIBB!X9!.QHUAIK!%VIIW!g788bi!47`!.JN9!&WW9!bBQ!48ch6!48db9!! !:QIA!J!WNJHABHMM!JBBJGQIP!WJCB!DM!J!GDABCJGB!BD!J!GDUWNJHAB6!BQI!GDFCB!UJK!BJTI! eFEHGHJN! ADBHGI! DM! BQI! IABHCI! GDABCJGB! HA! CFNHAL! DA! J! EIUFCCIC9!!)UWNDKICP!-AP9!.D9!X9!%BJBI!DM!.JN9!g4?h8i!`!.JN9`E!ch`6!chc!A9!4!gADBHAL!PFGQ!MJGBP6!SFB!DANK!HUWNKHAL!BQI!CFNIi9!!!!

6


!:QIA! J! GDABCJGB! CINJBIP! BD! J! GDUWNJHAB6! BQI! GDFCB! UJK! BJTI! eFEHGHJN!ADBHGI!DM! BQI!GDABCJGB! HA! CFNHAL!DA!J!EIUFCCIC9! !&PGQICUJA!X9!(IAICJN!,IHAPFCJAGI!.DCW9!g4?5di!45`!.JN9!&WW9!`E!`8h6!`48!gADBHAL!PFGQ!MJGBP6!SFB!DANK!HUWNKHAL!BQI!CFNIi9 !!

Notices of Default !&!.DFCB!EIGNHAIE!BD!BJTI!GDAGNFPHXI!eFEHGHJN!ADBHGI!DM!J!ADBHGI!DM!EIMJFNB!MDC!BQI!JPPICBHDA!BQJB!BQI!UDCBLJLII!QJE!GDABJGBIE!BQI!SDCCDVIC!JP!CIZFHCIE!SK!.HXHN!.DEI!%IGBHDA!7?7`6!SIGJFPI!BQI!MJGB!GDFNE!SI!PFSeIGB!BD!EHPWFBI9!!>NJAGD!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6!-AG9!g)919.JN9!788?i!788?!:#!bdhb?8b6!?!A9c9!!!!!

Financial Code Division 1.6 !

Applicability !Y^/_QCDFLQ! BQI! IAJGBUIAB! DM! 1HXHPHDA! 49d6! BQI! #ILHPNJBFCI! QJP! MFNNK!DGGFWHIE!BQI!MHINE!DM!CILFNJBHDA!DM!WCIEJBDCK!BJGBHGP!HA!QDUI!UDCBLJLIP6Y!HAGNFEHAL! YIaGIPPHXI! WCIWJKUIAB! MIIP6! UJTHAL! NDJAP! VHBQDFB! JAK!CIJPDAJSNI!IaWIGBJBHDA! BQIK!GJA!SI! CIWJHE6! CIMHAJAGHAL!VHBQ!AD!SIAIMHB!BD! BQI!SDCCDVIC6!IAGDFCJLHAL!EIMJFNB!DA!JA!IaHPBHAL! NDJA! HA!GDAAIGBHDA!VHBQ! CIMHAJAGHAL! BQJB! NDJA6! MHAJAGHAL! FAAIGIPPJCK! WCDEFGBP! PFGQ! JP!GCIEHB! HAPFCJAGI6! FAMJHCNK! JGGINICJBHAL! HAEISBIEAIPP6! JAE! MHAJAGHAL!IaGIPPHXI!WDHABP!JAE!MIIP9Y! !&UICHGJA!OHAJAGHJN!%ICXHGIP!&PPA9!X9!.HBK!DM!$JTNJAE!g788ci!`b!.JN9!bBQ!47`?6!47cd!gGHBHAL6!e.g96!OHA9!.9!jb?h8!IB!PIZ9i9!!1HXHPHDA!49d!JWWNHIP! BD!J![GDAPFUIC! NDJA6]!UIJAHAL![J!GDAPFUIC!GCIEHB!BCJAPJGBHDA!BQJB!HP!PIGFCIE!SK!CIJN!WCDWICBK!NDGJBIE!HA!BQHP!PBJBI!FPIE6!DC!HABIAEIE! BD! SI! FPIE! DC! DGGFWHIE6! JP! BQI! WCHAGHWJN! EVINNHAL! DM! BQI!GDAPFUIC\9]!!OHA9!.9!jb?h8gEi9!!See also generally! !=HNNIC!r!%BJCC6!47!.JN9!,IJN!)PB9!j`d27?!g`E!IE9i9!!&NPD6!HB!JWWNHIP!BD!J![.DXICIE!NDJA6]!PBJBFBDCHNK!EIMHAIE!JP!MDNNDVP2!!

gSi![.DXICIE!NDJA]!UIJAP!J!GDAPFUIC!NDJA!HA!VQHGQ!BQI!DCHLHAJN!WCHAGHWJN! SJNJAGI!DM! BQI! NDJA!EDIP!ADB! IaGIIE! BQI!UDPB! GFCCIAB!GDAMDCUHAL! NDJA! NHUHB! MDC! J! PHALNIRMJUHNK! MHCPB! UDCBLJLI! NDJA!

7


IPBJSNHPQIE!SK!BQI!OIEICJN!'JBHDAJN!=DCBLJLI!&PPDGHJBHDA!HA!BQI!GJPI! DM! J! UDCBLJLI! DC! EIIE! DM! BCFPB6! JAE! VQICI! DAI! DM! BQI!MDNNDVHAL!GDAEHBHDAP!JCI!UIB2!!

g4i!ODC!J!UDCBLJLI!DC!EIIE!DM!BCFPB6!BQI!JAAFJN!WICGIABJLI!CJBI! JB! GDAPFUUJBHDA! DM! BQI! BCJAPJGBHDA! VHNN! IaGIIE! SK!UDCI! BQJA! IHLQB! WICGIABJLI! WDHABP! BQI! KHINE! DA! /CIJPFCK!PIGFCHBHIP! QJXHAL! GDUWJCJSNI! WICHDEP! DM! UJBFCHBK! DA! BQI!4cBQ!EJK!DM!BQI!UDABQ!HUUIEHJBINK!WCIGIEHAL!BQI!UDABQ!HA!VQHGQ!BQI!JWWNHGJBHDA!MDC!BQI!IaBIAPHDA!DM!GCIEHB!HP!CIGIHXIE!SK!BQI!GCIEHBDC9!!g7i!/QI!BDBJN!WDHABP!JAE!MIIP!WJKJSNI!SK!BQI!GDAPFUIC!JB!DC! SIMDCI! GNDPHAL! MDC! J! UDCBLJLI! DC! EIIE! DM! BCFPB! VHNN!IaGIIE!d!WICGIAB!DM!BQI!BDBJN!NDJA!JUDFAB9!

!!OHA9.9! jb?h8gSi9! ! See also! ! %FBQICNJAE! X9! 1HXICPHMHIE! .JWHBJN! -AG9!g'919.JN9!7885i! !7885!:#!7?c4`c`6!7! g[-A!3FAI!DM!788b6!OJAAHI!=JI!PIB! BQI! NDJA! NHUHB! MDC!J!PHALNIRMJUHNK! MHCPB!UDCBLJLI! NDJA!JB!t```6h88\9!/QI!IXHEIAGI!HP!FAEHPWFBIE!BQJB!BQI!NDJA!JB!HPPFI!VJP!MDC!tc8868886!JAE!VJP! BQICIMDCI! J! ADARGDAMDCUHAL! eFUSD! NDJA9! &P! J! CIPFNB! j! b?h`gMig4i!EDIP!ADB!JWWNK!BD!+NJHABHMMnP!NDJA9]i9!!&A! HPPFI!UJK! JCHPI! JP! BD! VQIBQIC! J! WNJHABHMM! QJP! JNNILIE! J! PBJBFBDCHNK!GDXICIE!NDJA!JP!EIMHAIE!HA!%IGBHDA!b?h8gSi9!!See, e.g.6!!'DDN!X9!;DUIu!%ICXHGHAL!g)919.JN9!788?i!788?!:#!7?8chbc6!c!g[EDIP!ADB!JNNILI!IHBQIC!BQJB! BQI! JAAFJN! WICGIABJLI! CJBI! JB! GDAPFUUJBHDA! DM! BQI! BCJAPJGBHDA!IaGIIEIE! BQI! /CIJPFCK! PIGFCHBHIP! CJBI! SK!UDCI! BQJA! IHLQB! WICGIABJLI!WDHABP!DC!BQJB!BQI!BDBJN!WDHABP!JAE!MIIP!WJHE!SK!BQI!GDAPFUIC!JB!DC!SIMDCI!GNDPHAL!IaGIIEIE!PHa!WICGIAB!DM!BQI!BDBJN!NDJA!JUDFAB9]i9!!OFCBQIC6!BQIPI!WCIEJBDCK!NIAEHAL!NJVP!DANK!CINJBI!BD!NDJA!DCHLHAJBHDAP9!&P!ADBIE!HA!#IEIPUJ!X9!O=.!.DCW9!g%919.JNi!7848!:#!hbbccd!JB!W9!`2!!!

+NJHABHMMPn!IHLQBQ!GNJHU!HP!MDC!XHDNJBHDA!DM!.JNHMDCAHJ!OHAJAGHJN!.DEI!PIGBHDA! b?h8! IB! PIZ9! +NJHABHMMP! GNJHU! BQJB! 1IMIAEJABPn! GDAEFGB![VJP! HA! XHDNJBHDA! DM!.JNHMDCAHJnP! WCIEJBDCK! NIAEHAL! NJVP9]! gO&.!s!dhi9!.JNHMDCAHJnP! WCIEJBDCK! NIAEHAL! NJVP6! QDVIXIC6! CINJBI! BD! NDJA!DCHLHAJBHDA9!%II!.JN9!OHA9.DEI!j!b?h`9!!

!&NPD6! BQI!1HXHPHDA! NHPBP! XJCHDFP! WCDQHSHBHDAP9! !E.g96! OHA9! .9! jb?h`9! ! ODC!HAPBJAGI2!

8


!o! [&! GDXICIE! NDJA! PQJNN! ADB! GDABJHA! J! WCDXHPHDA! MDC! AILJBHXI!JUDCBHfJBHDA!PFGQ!BQJB!BQI!WJKUIAB!PGQIEFNI!MDC!CILFNJC!UDABQNK!WJKUIABP! GJFPIP! BQI! WCHAGHWJN! SJNJAGI! BD! HAGCIJPI6! FANIPP! BQI!GDXICIE! NDJA! HP! J! MHCPB!UDCBLJLI!JAE! BQI!WICPDA!VQD!DCHLHAJBIP!BQI! NDJA! EHPGNDPIP! BD! BQI! GDAPFUIC! BQJB! BQI! NDJA! GDABJHAP! J!AILJBHXI! JUDCBHfJBHDA! WCDXHPHDA! BQJB! UJK! JEE! WCHAGHWJN! BD! BQI!SJNJAGI!DM!BQI!NDJA9]!!Id.!JB!jb?h`gGi9!!!

!o! [&! WICPDA! VQD! DCHLHAJBIP! GDXICIE! NDJAP! PQJNN! ADB! UJTI! DC!JCCJALI! J! GDXICIE! NDJA! FANIPP! JB! BQI! BHUI! BQI! NDJA! HP!GDAPFUUJBIE6!BQI!WICPDA!CIJPDAJSNK!SINHIXIP!BQI!GDAPFUIC6!DC!GDAPFUICP6!VQIA!GDAPHEICIE!GDNNIGBHXINK! HA! BQI!GJPI!DM!UFNBHWNI!GDAPFUICP6! VHNN! SI! JSNI! BD! UJTI! BQI! PGQIEFNIE! WJKUIABP! BD!CIWJK! BQI!DSNHLJBHDA!SJPIE!FWDA!J!GDAPHEICJBHDA!DM! BQIHC!GFCCIAB!JAE! IaWIGBIE! HAGDUI6! GFCCIAB! DSNHLJBHDAP6! IUWNDKUIAB! PBJBFP6!JAE!DBQIC!MHAJAGHJN!CIPDFCGIP6!DBQIC!BQJA!BQI!GDAPFUICnP!IZFHBK!HA!BQI! EVINNHAL! BQJB! PIGFCIP! CIWJKUIAB! DM! BQI! NDJA9]! ! Id.! JB!jb?h`gMig4i9!!^)UWQJPHP!JEEIE9_!!

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!!-A! JEEHBHDA6! UFGQ! CJCIC! GJPIP! HAXDNXHAL! MIEICJN! NJVP! UJK! HAXDNXI!BQIDCHIP! DM! WCIEJBDCK! NIAEHAL! HA! BQI! MDCU! DM! CIXICPI! CIENHAHAL6! VQICI!NIAEICP! EHPGCHUHAJBI! SK! IaBIAEHAL! GCIEHB! DA! NIPP! MJXDCJSNI! BICUP! BQJA!VDFNE!QJXI!SIIA!DMMICIE!BD!WIDWNI!DFBPHEI!BQI!GNJPP9!!E.g96!!:HNNHJUP!X9!7888!;DUIP!-AG9!g)919'9@9!788?i!788?!:#!77c7c756!b9!!!!

9


Remedies !/QI! PBJBFBDCK! CIUIEHIP! MDC! XHDNJBHDAP! DM!1HXHPHDA! 49d! gOHA9!.9! jb?h8! IB!PIZ9i!JCI!PBJBIE!JP!MDNNDVP2!!

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OHA9!.9!jb?h59!!!!

Claim And Party Types !

Generally !!-B! HP! QHLQNK! GDUUDA! MDC! NIAEICP6! NDJA! PICXHGICP! JAE! DBQIC! NDJA!WJCBHGHWJABP! BD! JCLFI! HA! EIUFCCICP6! DC!UDBHDAP! MDC! PFUUJCK! eFELUIAB6!BQJB! BQIK! DVI! AD! MHEFGHJCK! DC! DBQIC! EFBK! BD! J! SDCCDVIC9! ! -A! GDABCJPB6!SDCCDVICP! BKWHGJNNK! GDABIAE! BQJB! NIAEICP! QJE! XJCHDFP! EFBHIP! BD! JEXHPI!BQIU6!HAGNFEHAL!JP!BD!BQI!JGGFCJBI!HABICIPB!CJBI6!JAE!BQIHC!JSHNHBK!BD!JMMDCE!UDCBLJLI!WJKUIABP!HA!NHLQB!DM!BQIHC!HAGDUI9!!&P!JEECIPPIE!SINDV6!BQICI!JCI! IaGIWBHDAP! BD! BQI! LIAICJN! CFNI! DM! NJGT! DM! MHEFGHJCK! EFBK! DM! NIAEICP6!VQHGQ!UJK!JWWNK6!EIWIAEHAL!FWDA!BQI!MJGBP6!HAGNFEHAL!VQICI!BQI!NIAEIC!JGBP!SIKDAE!HBP!BCJEHBHDAJN!CDNI!HA!EIJNHAL!VHBQ!BQI!SDCCDVIC6!PFGQ!JP!SK!

10


PICXHAL! JP! JA! HAXIPBUIAB! JEXHPDC! gVQHGQ! PDUI! WNJHABHMMP! JNNILI! QJP!DGGFCCIEi9!!&NPD6!SIKDAE!BQI!EFBHIP!EIMHAIE!SK!PBJBFBDCK!DC!GJPI! NJV6!WNJHABHMMP!JAE!EIMIAEJABP!CILFNJCNK!DXICNDDT!BQI!HUWDCBJAGI!DM!BQI!LDXICAHAL!GDABCJGBP!BD!EIBICUHAHAL!JAK!EFBK!SIBVIIA!BQI!WJCBHIP!HAXDNXIE!HA!UDCBLJLI!NDJAP9!!&AK!MHEFGHJCK!EFBHIP!SIBVIIA!WJCBHGHWJABP!HA!UDCBLJLI!NDJA!BCJAPJGBHDAP6!HAGNFEHAL! NDJA!PICXHGICP6! GJA!EIWIAE!FWDA! BQI! BICUP!DM! BQI!JWWNHGJSNI!JLCIIUIABP9! !%9!+JG9!/QCHMB!r!#DJA!&PPnA! X9!%JX9!&PPnA!=DCBLJLI!.D9!g4???i!h8!.JN9!&WW9!bBQ!d`b6!d`?9!!>INDV6! NJV! JWWNHGJSNI! BD! IJGQ! BKWI! DM! NDJA! WJCBHGHWJAB! HP! GDAPHEICIE!PIWJCJBINK9! !;DVIXIC6!JP!J!WCJGBHGJN!UJBBIC6!VQICI!XJLFI6!LIAICJNHfIE!JAE! LCDFWIE! JNNILJBHDAP! JCI! HA! HPPFI6! J! CFNHAL! BJHNDCIE! BD! IJGQ!EIMIAEJABkP!CDNI!UJK!SI!HUWDPPHSNI9!!!

Loan Brokers !&!UDCBLJLI! NDJA!SCDTIC!DVIP!J! MHEFGHJCK!EFBK!DM!LDDE! MJHBQ!JAE!QJP!J!EFBK!DM!WCDXHEHAL!J! MFNN!EHPGNDPFCI!DM!JNN!UJBICHJN! MJGBP! BQJB!UHLQB!JMMIGB!BQI!EIGHPHDA!DM!J!SDCCDVIC!GDAGICAHAL!BQI!BCJAPJGBHDA9!!>JCCK!X9!,JPTDX!g4??4i!7`7!.JN9!&WW9!È!bbh6!bcc9!!!

Lenders !

Negligence ![^&_P! J! LIAICJN! CFNI6! J! MHAJAGHJN! HAPBHBFBHDA! DVIP! AD! EFBK! DM! GJCI! BD! J!SDCCDVIC!VQIA!BQI!HAPBHBFBHDAnP!HAXDNXIUIAB!HA!BQI!NDJA!BCJAPJGBHDA!EDIP!ADB! IaGIIE! BQI! PGDWI! DM! HBP! GDAXIABHDAJN! CDNI! JP! J! UICI! NIAEIC! DM!UDAIK9]!!'KUJCT!X9!;IJCB!OIE9!%JX9!r!#DJA!&PPnA!g4??4i!7`4!.JN9!&WW9!È! 485?6! 48?d! gMHAEHAL! AD! NIAEIC! EFBK! DM! GJCI! HA! WCIWJCHAL! WCDWICBK!JWWCJHPJNi9!!Accord!!:JLAIC!X9!>IAPDA!g4?58i!484!.JN9!&WW9!È!7h6!`c9!!!See also generally!48R48b!.JNHMDCAHJ!ODCUP!DM!+NIJEHAL!JAE!+CJGBHGIRR&AADBJBIE!g=>!788?i!j48b9c`!gDXICXHIV!DM!BIPBP!HA!EIBICUHAHAL!VQIBQIC!NIAEICP!IaGIIEIE!ADCUJN!JGBHXHBHIP!DM!NIAEICPi9!!&!.DFCB!MDFAE!AD!EFBK!DM!J!MHEFGHJCK6!DC!EFBK!DM!GJCI6!JP!BD!J!PJXHALP!JAE!NDJA!VQICI!BQICI!VJP!AD!IXHEIAGI!BQJB!BQI!NIAEIC!QJE!JGBIE!DFBPHEI!BQI!PGDWI! DM! BQI! ADCUJN! JGBHXHBHIP! DM! J! NIAEIC6! DC! QJE! UJEI! JAK!UHPCIWCIPIABJBHDAP! HA! GDAAIGBHDA!VHBQ! BQI! NDJA9! !=IKICP! X9!(FJCJABII!%JX9!r!#DJA!&PPA9!g4?h5i!h?!.JN9!&WW9!È!`8h6!`479!

11


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Fiduciary Duty !/QI!CINJBHDAPQHW!SIBVIIA!SJATP!DC!NIAEICP6!JAE!BQIHC!NDJA!GFPBDUICP6!HP!ADB!J!MHEFGHJCK!DAI9!!E.g96!!$JTP!=JAJLIUIAB!.DCW9!X9!%FW9!.B9!g788di!4bc!.JN9! &WW9! bBQ! bc`6! bddm! ! ! <HU! X9! %FUHBDUD!>JAT! g4??`i! 4h!.JN9!&WW9!bBQ!?hb6!?h?m!!+CHGI!X9!:INNP!OJCLD!>JAT!g4?5?i!74`!.JN9!&WW9!`E!bdc6!bhd9!!!

Special Relationship !

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[^/_QI!CINJBHDAPQHW!DM!J!SJATRGDUUICHGJN!SDCCDVIC!EDIP!ADB!GDAPBHBFBI!J!PWIGHJN! CINJBHDAPQHW! MDC! BQI!WFCWDPIP!DM! BQI!GDXIAJAB!DM!LDDE!MJHBQ!JAE!MJHC!EIJNHAL9]!!<HU!X9!%FUHBDUD!>JAT!g4??ì!4h!.JN9!&WW9!bBQ!?hb6!?h?9!!But see!.DWIPTK!X9!%FW9!.B9!g4??4i!77?!.JN9!&WW9!È!dh56!d?4!gPBJBHAL6!HA! EHGBJ6! BQJB6! FAEIC! PWIGHJN! GHCGFUPBJAGIP6! SJATP! GDFNE! FAEICBJTI!DSNHLJBHDAP!DM!J!PWIGHJN!CINJBHDAPQHW!VHBQ!GFPBDUICP6!DFBPHEI!DM!DCEHAJCK!CINJBHDAPQHWP6!PFGQ!JP!PWIGHMHG!MHEFGHJCK!PICXHGIP9i!!!

Self Interests !.DUUICGHJN! NIAEICP! JCI! ADB! NHJSNI! MDC! QJCEPQHWP! VQHGQ! UJK! SIMJNN!SDCCDVICP6! JAE! JCI! WCHXHNILIE! BD! WFCPFI! BQIHC! IGDADUHG! HABICIPBP! JAE!GDABCJGBFJN!CHLQBP9!!%HICCJR>JK!OIE9!#JAE!>JAT!&PPnA!X9!%FW9!.B9!g4??4i!77h!.JN9!&WW9!È!`456!``bR``c9!!!

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13


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14


!Loan Servicers

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15


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Yield Spread Premiums !!+NJHABHMMP!GDUUDANK!JNNILI!BQJB!NIAEICP!GDAGIJNIE!BQI!IaWIAPI!DM!J!KHINE!PWCIJE!WCIUHFU!JEEIE!BD!UDCBLJLI!WJKUIABP9!!&!KHINE!PWCIJE!WCIUHFU!g@%+i!HP!J!SDAFP!WJHE!BD!J!SCDTIC!DCHLHAJBHAL!J!NDJA6!JB!JA!HABICIPB!CJBI!QHLQIC!BQJA!BQI!UHAHUFU!HABICIPB!CJBI!JWWCDXIE!

16


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!

Unfair Business Practices

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17


+JABDeJ! X9! .DFABCKVHEI! ;DUI! #DJAP6! -AG9! g'919! .JN9! 788?i! 788?!:#!7b7`h8`6!?9!!&EEHBHDAJNNK6!JGGDCEHAL!BD!JEXHPDCK!MIEICJN!NJV6!JEECIPPHAL!BQI!GDABIaB!DM!WCIEJBDCK!NIAEHAL6!WNJHABHMMP!UJK!MJHN!BD!WNIJE!FNBHUJBI!MJGBP!HA!PFWWDCB!DM!GNJHUP! MDC! FAMJHC! SFPHAIPP! WCJGBHGIP9! ! See! .DNNHAP! X9! +DVIC! 1IMJFNB!%ICXHGIP6! -AG9! g'919.JN9! 7848i! 7848!:#! 7`b?876! b9! g[+NJHABHMMP! PHUWNK!JNNILI! BQJB! l1IMIAEJABP! GDUUHBBIE! FANJVMFN6! FAMJHC6! JAEoDC! MCJFEFNIAB!SFPHAIPP!WCJGBHGIPk\9]i9!!!!;DVIXIC6!FAEIC!SHAEHAL!.JNHMDCAHJ! NJV6!JWWNHGJSNI!LIAICJNNK6!GNJHUP! MDC!FAMJHC!SFPHAIPP!WCJGBHGIP!AIIE!ADB!SI!WNIE!PWIGHMHGJNNK9!!uFINHUJAI!.D9!X9! %BIVJCB! /HBNI! (FJC9! .D9! g4??5i! 4?! .JN9! bBQ! 7d6! bd! ! gHUWNHIENK!EHPJWWCDXHAL!CIZFHCIUIAB!DM!CIJPDAJSNI!WJCBHGFNJCHBK!PBJBIE!HA!<QDFCK!X9!=JNKnP! DM! .JN9! g4??`i! 4b!.JN9! &WW9! bBQ! d476! d4?im! ! vQJAL! X9! %FW9! .B9!g788?i! 4h5! .JN9! &WW9! bBQ! 48546! 485c! gGDFCB! HP! [CIZFHCIE! BD! LHXI! J!LIAICDFP! HABICWCIBJBHDA! DM! BQI! WNIJEHAL! HA! MJXDC! DM! PBJBHAL! J! GJFPI! DM!JGBHDA]!FAEIC!>FP9!r!+CDM9!.9!j4h788i9!!!!

Breach of Contract !&NNILJBHDAP!DM!J!XJLFI!WCDUHPI!BD!WCDXHEI!JA!JMMDCEJSNI!NDJA!JCI!HAPFMMHGHIAB!BD!PBJBI!J!GJFPI!DM!JGBHDA!MDC!SCIJGQ!DM!GDABCJGB6!JGGDCEHAL!BD!J!MIEICJN!EIGHPHDA9!!>NJAGD!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6!-AG9!g)919.JN9!788?i!788?!:#!bdhb?8b6!h9!!!!

Statutory Claims !

Civil Code Section 1920 !.HXHN! .DEI! %IGBHDA! 4?78! HUWDPIP! CIZFHCIUIABP! JP! BD! J! UDCBLJLI!HAPBCFUIAB! VHBQ! CILJCE! BD! XJCHJSNI! HABICIPB! CJBIP6! HAGNFEHAL! BQJB6![^P_BJAEJCEP! MDC! BQI! JEeFPBUIAB! DM! HABICIPB! CJBIP! DC! UDABQNK! WJKUIABP!PQJNN! GDAPHEIC! MJGBDCP! VQHGQ! GJA! CIJPDAJSNK! SI! EIIUIE! BD! JMMIGB! BQI!JSHNHBK!DM!SDCCDVICP!BD!UIIB!BQIHC!UDCBLJLI!DSNHLJBHDAP9]!!OFCBQIC! %IGBHDA! 4?78! CIZFHCIP! J! UHAHUFU! BKWI! PHfI6! JAE! JEXJAGI!ADBHGIP!PWIGHMKHAL!J!GQJALIE! HABICIPB! CJBI6!UDABQNK!WJKUIABP6!JAE! BQI!FAWJHE!WCHAGHWJN!SJNJAGI9!!

18


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EESA !

Generally !!/QICI!HP!AD!WCHXJBI!CHLQB!DM!JGBHDA!FAEIC!BQI!)UICLIAGK!)GDADUHG!%BJSHNHfJBHDA!&GB!DM!7885!g))%&6!47!*9%9.9!jj!c784!IB!PIZ9i6!MDC!EISBDCP!BD!MDCGI!NIAEICP!BD!IABIC!HABD!J!NDJA!UDEHMHGJBHDA6!DC!BQI!;DWI!MDC!;DUIDVAICP!&GB9!!%JABDP!X9!.DFABCKVHEI!;DUI!#DJAP!g)919.JN9!788?i!788?!:#!`hcd``h6!`!!!gGHBHAL!,JUHCIf!X9!#HBBDA!#DJA!%ICXHGHAL6!#+!!g19&CHf9!788?i!788?!:#!4hc8d4h6!4m!!>JCCIK!X9!$GVIA!#DJA!%ICXHGHAL6!##.!g19&CHP9!788?i!788?!:#!4?b8h4h6!4i9!!/QI!))%&!EDIP!ADB!CIZFHCI!NDJA!UDEHMHGJBHDAP9!!:HNNHJUP!X9!(IHBQAIC!g19=HAA9!788?i!788?!:#!`hch`586!d9!!!!

HAMP !!/QICI!HP!AD!.JNHMDCAHJ!EIGHPHDA!JEECIPPHAL!;&=+6!SFB!BQI!MIEICJN!1HPBCHGB!3FELI!EIGHEHAL!:HNNHJUP6!supra6!QINWMFNNK!IaWNDCIE!HB!HA!PDUI!EIBJHN9!!!.JNGFNJBHDAP!FAEIC!BQI!;DUI!&MMDCEJSNI!=DEHMHGJBHDA!+CDLCJU!g;&=+i6!HAXDNXI!JPPHLAHAL!XJNFIP!BD!GICBJHA!XJCHJSNIP!BQJB!JCI!NJCLINK!VHBQHA!PICXHGICPn!EHPGCIBHDA6!PFGQ!BQJB!BQICI!HP!AD!IABHBNIUIAB!BD!NDJA!UDEHMHGJBHDAP9!!:HNNHJUP!X9!(IHBQAIC!g19=HAA9!788?i!788?!:#!`hch`586!d9!!!!OJAAHI!=JI!JAE!OCIEEHI!=JG!GCIJBIE!;&=+6!WFCPFJAB!BD!BQI!))%&9!!:HNNHJUP!X9!(IHBQAIC!g19=HAA9!788?i!788?!:#!`hch`586!7!gGHBHAL!47!*9%9.9!jc784!g7885ii9!!%ICXHGICP!UJK!XDNFABJCHNK!WJCBHGHWJBI!HA!;&=+!JP!BD!UDCBLJLIP!DVAIE6!PIGFCHBHfIE6!DC!LFJCJABIIE!SK!OJAAHI!=JI!DC!OCIEEHI!=JG9!!Ibid.!!!!.CHBICHJ!MDC!ZFJNHMKHAL!JP!JA!INHLHSNI!SDCCDVIC!HAGNFEI2!!

w!/QI!NDJA!HP!J!MHCPBRNHIA!UDCBLJLI!DCHLHAJBIE!DA!DC!SIMDCI!3JAFJCK!46!788?m!

19


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:HNNHJUP!X9!(IHBQAIC!g19=HAA9!788?i!788?!:#!`hch`586!`9!!!

TARP !:HBQ! CILJCE! BD! BQI! /CDFSNIE! &PPIB! ,INHIM! +CDLCJU! g/&,+i6! DM!)UICLIAGK! )GDADUHG! %BJSHNHfJBHDA! &GB! g))%&i6! CIZFHCHAL! CIGHWHIABP! DM!

20


/&,+! MFAEP! BD! GDAPHEIC! JNBICAJBHXIP! BD! MDCIGNDPFCI6! J! GDFCB! CIJPDAIE!BQJB! J! WNJHABHMM! MJHNIE! BD! JNNILI! VHBQ! PFMMHGHIAB! GICBJHABK! BQJB! EIMIAEJABP!QJE!CIGIHXIE!PFGQ!MFAEP9!!>NJAGD!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6!-AG9!g)919.JN9!788?i!788?!:#!bdhb?8b6!?9!!!

TILA !

Generally !+NJHABHMMP!PDUIBHUIP!JNNILI!XHDNJBHDAP!DM!BQI!MIEICJN!/CFBQ!-A!#IAEHAL!&GB!g/-#&i6!SJPIE!FWDA!JNNILJBHDAP!DM!HAJEIZFJBI!JAE!HAJGGFCJBI!EHPGNDPFCI!PBJBIUIABP6!PFGQ!JP!BD!HABICIPB!CJBIP9!![,IL9! jj! 77d94h! JAE! 77d945! PIB! MDCBQ! /-#&nP! EHPGNDPFCI! CIZFHCIUIABP9!*AEIC! ,IL9! j! 77d945! J! GCIEHBDC! UFPB! EHPGNDPI! JWWNHGJSNI! HAMDCUJBHDA!JSDFB! BQI! NDJA! BCJAPJGBHDA6! HAGNFEHAL! BQI!JUDFAB! MHAJAGIE6! BQI! MHAJAGI!GQJCLI6!BQI!JAAFJN!WICGIABJLI!CJBI6!BQI!WJKUIAB!PGQIEFNI6!HAMDCUJBHDA!CILJCEHAL!BQI!XJCHJSNI!CJBI6!BQI!BDBJN!WJKUIABP!JAE!BDBJN!PJNI!WCHGI9]!!*9!%9!X9!+IBCDMMR<NHAI!gdBQ!.HC9!788?i!cch!O9`E!75c6!7?b9!![,IL9! j! 77d945gMig4i! CIZFHCIP! BQJB! MDC! XJCHJSNI! CJBI! NDJAP! VQICI! BQI!JAAFJN! WICGIABJLI! CJBI! UJK! HAGCIJPI! JMBIC! GDAPFUUJBHDA! DM! J!BCJAPJGBHDA6! BQI! GCIEHBDC!UFPB! EHPGNDPI! BQI! GHCGFUPBJAGIP! FAEIC!VQHGQ!BQI!CJBI!UJK! HAGCIJPI6!JAK! NHUHBJBHDAP!DA! BQI! HAGCIJPI6! BQI!IMMIGB!DM!JA!HAGCIJPI6!JAE!JA!IaJUWNI!DM! BQI!WJKUIAB!BICUP!BQJB!VDFNE!CIPFNB! MCDU!JA! HAGCIJPI9]! !*9!%9! X9!+IBCDMMR<NHAI! gdBQ!.HC9! 788?i! cch!O9`E!75c6! 7?c!A9`9!!&NPD6! FAEIC! %IGBHDA! 77d94?6! JP! BD! GICBJHA! UDCBLJLI! JAE! XJCHJSNIRCJBI!BCJAPJGBHDAP6!BQI!GCIEHBDC!UFPB!WCDXHEI!BQI!MDNNDVHAL!EHPGNDPFCIP2!!

g4i! /QI! SDDTNIB! BHBNIE! .DAPFUIC! ;JAESDDT! DA! &EeFPBJSNI! ,JBI!=DCBLJLIP!WFSNHPQIE!SK! BQI!>DJCE!JAE! BQI!OIEICJN!;DUI!#DJA!>JAT!>DJCE6!DC!J!PFHBJSNI!PFSPBHBFBI9!!!g7i!&! NDJA!WCDLCJU!EHPGNDPFCI! MDC!IJGQ!XJCHJSNIRCJBI!WCDLCJU! HA!VQHGQ! BQI! GDAPFUIC! IaWCIPPIP! JA! HABICIPB9! /QI! MDNNDVHAL!EHPGNDPFCIP6!JP!JWWNHGJSNI6!PQJNN!SI!WCDXHEIE2!!!

gHi!/QI! MJGB! BQJB! BQI! HABICIPB! CJBI6!WJKUIAB6!DC! BICU!DM! BQI!NDJA!GJA!GQJALI9!!!

21


gHHi!/QI!HAEIa!DC!MDCUFNJ!FPIE!HA!UJTHAL!JEeFPBUIABP6!JAE!J!PDFCGI!DM!HAMDCUJBHDA!JSDFB!BQI!HAEIa!DC!MDCUFNJ9!!!gHHHi!&A!IaWNJAJBHDA! DM! QDV! BQI! HABICIPB! CJBI! JAE!WJKUIAB!VHNN! SI! EIBICUHAIE6! HAGNFEHAL! JA! IaWNJAJBHDA! DM! QDV! BQI!HAEIa!HP!JEeFPBIE6!PFGQ!JP!SK!BQI!JEEHBHDA!DM!J!UJCLHA9!!!gHXi!&!PBJBIUIAB! BQJB! BQI!GDAPFUIC! PQDFNE!JPT!JSDFB! BQI!GFCCIAB!UJCLHA!XJNFI!JAE!GFCCIAB!HABICIPB!CJBI9!!!gXi!/QI!MJGB!BQJB!BQI!HABICIPB!CJBI!VHNN!SI!EHPGDFABIE6!JAE!J!PBJBIUIAB!BQJB!BQI!GDAPFUIC!PQDFNE!JPT!JSDFB!BQI!JUDFAB!DM!BQI!HABICIPB!CJBI!EHPGDFAB9!!!gXHi!/QI!MCIZFIAGK!DM!HABICIPB!CJBI!JAE!WJKUIAB!GQJALIP9!!

!gXHHi! &AK! CFNIP! CINJBHAL! BD! GQJALIP! HA! BQI! HAEIa6! HABICIPB!CJBI6! WJKUIAB! JUDFAB6! JAE! DFBPBJAEHAL! NDJA! SJNJAGI!HAGNFEHAL6! MDC! IaJUWNI6! JA! IaWNJAJBHDA! DM! HABICIPB! CJBI! DC!WJKUIAB! NHUHBJBHDAP6! AILJBHXI! JUDCBHfJBHDA6! JAE! HABICIPB!CJBI!GJCCKDXIC9!!!gXHHHi!&B!BQI!DWBHDA!DM!BQI!GCIEHBDC6!IHBQIC!DM!BQI!MDNNDVHAL2!!

!g&i!&!QHPBDCHGJN!IaJUWNI6!SJPIE!DA!J!t486888! NDJA!JUDFAB6! HNNFPBCJBHAL! QDV! WJKUIABP! JAE! BQI! NDJA!SJNJAGI!VDFNE!QJXI!SIIA!JMMIGBIE!SK! HABICIPB! CJBI!GQJALIP!HUWNIUIABIE!JGGDCEHAL!BD!BQI!BICUP!DM!BQI!NDJA!WCDLCJU!EHPGNDPFCI9!/QI!IaJUWNI!PQJNN! CIMNIGB!BQI! UDPB! CIGIAB! 4c! KIJCP! DM! HAEIa! XJNFIP9! /QI!IaJUWNI! PQJNN! CIMNIGB! JNN! PHLAHMHGJAB! NDJA! WCDLCJU!BICUP6! PFGQ! JP! AILJBHXI! JUDCBHfJBHDA6! HABICIPB! CJBI!GJCCKDXIC6! HABICIPB! CJBI!EHPGDFABP6!JAE! HABICIPB! CJBI!JAE! WJKUIAB! NHUHBJBHDAP6! BQJB! VDFNE! QJXI! SIIA!JMMIGBIE!SK!BQI!HAEIa!UDXIUIAB!EFCHAL!BQI!WICHDE9!!!g>i! /QI!UJaHUFU! HABICIPB! CJBI! JAE! WJKUIAB! MDC! J!t486888! NDJA! DCHLHAJBIE! JB! BQI! HAHBHJN! HABICIPB! CJBI!gHAEIa!XJNFI!WNFP!UJCLHA6!JEeFPBIE!SK!BQI!JUDFAB!DM!JAK! EHPGDFAB! DC! WCIUHFUi! HA! IMMIGB! JP! DM! JA!HEIABHMHIE! UDABQ! JAE! KIJC! MDC! BQI! NDJA! WCDLCJU!EHPGNDPFCI! JPPFUHAL! BQI! UJaHUFU! WICHDEHG!HAGCIJPIP! HA! CJBIP! JAE! WJKUIABP! FAEIC! BQI!WCDLCJUm! JAE! BQI! HAHBHJN! HABICIPB! CJBI! JAE! WJKUIAB!

22


MDC! BQJB! NDJA! JAE! J! PBJBIUIAB! BQJB! BQI! WICHDEHG!WJKUIAB! UJK! HAGCIJPI! DC! EIGCIJPI! PFSPBJABHJNNK!EIWIAEHAL!DA!GQJALIP!HA!BQI!CJBI9!!

!gHai!&A!IaWNJAJBHDA!DM!QDV!BQI!GDAPFUIC!UJK!GJNGFNJBI!BQI!WJKUIABP! MDC! BQI! NDJA! JUDFAB! BD! SI! SDCCDVIE! SJPIE! DA!IHBQIC2!!

!g&i! /QI! UDPB! CIGIAB! WJKUIAB! PQDVA! HA! BQI!QHPBDCHGJN!IaJUWNI!HA!WJCJLCJWQ!gSig7igXHHHig&i!DM!BQHP!PIGBHDAm!DC!!!g>i! /QI! HAHBHJN! HABICIPB! CJBI! FPIE! BD! GJNGFNJBI! BQI!UJaHUFU! HABICIPB! CJBI! JAE! WJKUIAB! HA! WJCJLCJWQ!gSig7igXHHHig>i!DM!BQHP!PIGBHDA9!!

!gai! /QI! MJGB! BQJB! BQI! NDJA! WCDLCJU! GDABJHAP! J! EIUJAE!MIJBFCI9!!!gaHi!/QI!BKWI!DM!HAMDCUJBHDA!BQJB!VHNN!SI!WCDXHEIE!HA!ADBHGIP!DM!JEeFPBUIABP!JAE!BQI!BHUHAL!DM!PFGQ!ADBHGIP9!!!gaHHi!&!PBJBIUIAB!BQJB!EHPGNDPFCI!MDCUP!JCI!JXJHNJSNI!MDC!BQI!GCIEHBDCnP!DBQIC!XJCHJSNIRCJBI!NDJA!WCDLCJUP9!!

!47! .9O9,9! j! 77d94?9! !See also! ! %FBQICNJAE! X9! 1HXICPHMHIE! .JWHBJN! -AG9!g'919.JN9!7885i!7885!:#!7?c4`c`6!`!gMHAEHAL!J!ADBI!PJBHPMHIE!EHPGNDPFCI!CIZFHCIUIABP![SK!WNJHANK!PIBBHAL!MDCBQ!BQI!EIBJHNP!DM!+NJHABHMMnP!JEeFPBJSNI!CJBI!\9]i9!!&GGDCEHAL!BD!JEXHPDCK!MIEICJN!NJV2!![/D!GDUWNK!VHBQ!/-#&!JAE!,ILFNJBHDA!v6!BQI!EHPGNDPFCIP!UFPB!lCIMNIGB!BQI!BICUP!DM!BQI!NILJN!DSNHLJBHDA!SIBVIIA!BQI!WJCBHIPk]!VQHGQ!UIJAP!EHPGNDPFCI!DM! BQI!UHAHUFU!UDABQNK!WJKUIAB!JUDFAB!BQJB!BQI!SDCCDVIC!HP![lNILJNNK!DSNHLJBIEk]!BD!WJK9!!.DAEIC!X9!;DUI!%JX9! DM! &UIC9! g.919.JN9! 7848i! 7848!:#! 4?5c4?6! `! gGHBHAL! 47! .9O9,9!77d94hgGig4ii9!!;DVIXIC6! /-#&! EDIP! ADB! CIZFHCI! EHPGNDPFCI! BQJB! UDCBLJLI! NDJA!WJKUIABP!VDFNE!SI!NIPP!BQJA!AIIEIE!HA!DCEIC!BD!JUDCBHfI!BQI!NDJA!JAE!BD! CIEFGI! WCHAGHWNI9! ! .DAEIC! X9! ;DUI! %JX9! DM! &UIC9! g.919.JN9! 7848i!7848!:#!4?5c4?6!`9!!&EEHBHDAJNNK6! /-#&! JAE! ,ILFNJBHDA! v! ED! ADB! WCDQHSHB! JA! JAAFJN!WICGIABJLI! CJBI! BQJB! GDAMNHGBP! VHBQ! BQI! HAHBHJN! HABICIPB! CJBI9! ! .DAEIC! X9!

23


;DUI!%JX9!DM!&UIC9! g.919.JN9!7848i!7848!:#!4?5c4?6!`! gGHBHAL6!I9L96!!4c!*9%9.9!j4d8di9!!OFCBQIC6!J!AIGIPPJCK!INIUIAB!DM!J!/-#&!GNJHU!MDC!CIPGHPPHDA6!AIIEHAL!BD!SI! JNNILIE! HA! J! GDUWNJHAB6! HP! BQI! WNJHABHMMkP! JSHNHBK! BD! WJK! SJGT! BD! BQI!NIAEIC! BQI! NDJA!WCDGIIEP! CIGIHXIE9! !E.g.,!<IIA!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6! -AG9! ! g)919.JN9!788?i!788?!:#!``58bcb6!bm! !(JCfJ!X9!&UIC9!;DUI! =DCBL9! g)919.JN9! 788?i! 788?! :#! 455d8b6! c! gGHBHAL! 4c! *9%9.9!j4d`cgSim!!JAE!47!.9O9,9!j77d97`gEii9!![1HPBCHGB!GDFCBP!HA!BQHP!GHCGFHB!QJXI!EHPUHPPIE! CIPGHPPHDA! GNJHUP! FAEIC! /-#&! JB! BQI! WNIJEHAL! PBJLI! SJPIE!FWDA! BQI!WNJHABHMMnP! MJHNFCI! BD!JNNILI!JA!JSHNHBK! BD! BIAEIC! NDJA!WCDGIIEP9]!!>NJAGD!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6!-AG9!g)919.JN9!788?i!788?!:#!bdhb?8b6!`9!![/-#&nP! CIPGHPPHDA! WCDXHPHDA! EDIP! ADB! JWWNK! BD! lJ! CIPHEIABHJN!UDCBLJLIk\9]! !(DUIf!X9!:JGQDXHJ!=DCBL9!.DCW9!g'919.JN9!7848i!7848!:#!7?454h6!c!gGHBHAL6!I9L96!!4c!*9%9.9!j4d87gVii9!!!

Statute of Limitations ![/QI! CIUIEHIP! FAEIC! /-#&! HAGNFEI! GHXHN! NHJSHNHBK! JAE! EJUJLIP9! -M! JAK!CIZFHCIE! EHPGNDPFCIP! JCI! ADB! LHXIA6! BQI! SDCCDVICnP! CHLQB! BD! CIPGHAE! HP!IaBIAEIE!MCDU!BQCII!EJKP!BD!BQCII!KIJCP!JMBIC!BQI!EJBI!DM!GDAPFUUJBHDA!DM! BQI! BCJAPJGBHDA9]! ! +JGHMHG! %QDCI! OFAEHAL! X9! #DfD! ! g788di! 4`5!.JN9&WW9bBQ!4`b76!4`c89!!OFCBQIC6!DAI!UHLQB!ADBI!BQJB!JA!FAWFSNHPQIE!DWHAHDA!QINE!BQJB!EJUJLIP!JCI!ADB!CIGDXICJSNI!MDC!J!/-#&!XHDNJBHDA!JSPIAB!J!PQDVHAL!BQJB!EJUJLIP!VICI! GJFPIE! SK! BQI! XHDNJBHDA6! JAE! BQJB! J! NIAEIC! EHE! ADB! GJFPI! J!SDCCDVICkP! MJHNFCI! BD! UJTI! BQI! WJKUIABP! EFI! NIJEHAL! BD! MDCIGNDPFCI9!!See! ! <HAAHGT! X9! %JCJBDLJ! .JWHBJN6! -AG9! g788?i! 788?! :#! `d84db?6! d!gGHBHAL! 4c! *9%9.9! j4db8gJig4im! ! -A! CI! %UHBQ! g?BQ! .HC9! 7887i! 75?! O9`E!44cc6!44chi9!![/-#&!CIZFHCIP!SDCCDVICP!BD!MHNI!JA!JGBHDA!lVHBQHA!DAI!KIJC!MCDU!BQI!EJBI!DM!BQI!DGGFCCIAGI!DM!BQI!XHDNJBHDA9k]!!+JGHMHG!%QDCI!OFAEHAL!X9!#DfD!g788di!4`5!.JN9&WW9bBQ!4`b76!4`cc!gZFDBHAL!g4c!*9%9.9!4db8gIii9!![&A!JGBHDA!MDC!EJUJLIP!FAEIC!/-#&!UFPB!SI!SCDFLQB!VHBQHA!DAI!KIJC!DM!BQI!JNNILIE!XHDNJBHDA\9]!!/QI!XHDNJBHDA!DGGFCP!FWDA!GDAPFUUJBHDA!DM!BQI!NDJA9]!!.DAEIC!X9!;DUI!%JX9!DM!&UIC9!g.919.JN9!7848i!7848!:#!4?5c4?6!7!gGHBHAL!4c!*9%9.9!j!4db8gIim!!>IBJAGDFCB!X9!.DFABCKVHEI!;DUI!#DJAP6!-AG9!g19.DND9!788bi!`bb!O9%FWW97E!47c`6!47c5i6!order!

24


superseded by!!.DAEIC!X9!;DUI!%JXHALP!DM!&UIC9!g.919.JN9!4o7ho486!'D9!.0!8hRh8c4!&(!g./pii9!!;DVIXIC6! BQI! CHLQB! BD! CIPGHAE! IAEP! VHBQ! BQI! SDCCDVICkP! PJNI! DM! BQI!WCDWICBK9! ! :ISIC! X9! #JALQDNf! g4??ci! `?! .JN9! &WW9! bBQ! 4ch56! 4c5bm!!=IKIC!X9!&UICHZFIPB!=DCBL9!.D9!g?BQ!.HC9!.JN9!788ì!`b7!O9È!5??6!?8`!gGHBHAL! 47! .O,! j! 77d97`gJigìim! ! 'DDN! X9! ;DUIu! %ICXHGHAL! g)919.JN9!788?i!788?!:#!7?8chbc6!79!!!OFCBQIC6! BQI! NHUHBJBHDAP! WICHDE! DM! 4c! *9%9.9! %IGBHDA! 4db8gIi! UJK! SI!IZFHBJSNK! BDNNIE! [FABHN! BQI! SDCCDVIC! EHPGDXICP! DC! QJE! CIJPDAJSNI!DWWDCBFAHBK! BD!EHPGDXIC! BQI! MCJFE!DC!ADAEHPGNDPFCIP! BQJB! MDCU!BQI!SJPHP!DM!BQI!/-#&!JGBHDA9]!!<HAL!X9!.JNHMDCAHJ!g?BQ!.HC9!.JN9!4?5di!h5b!O97E!?486!?4cm! ! +NJPGIAGHJ! X9! #IAEHAL! 4PB! =DCBL9! g'919.JN9! 788?i! 788?! :#!7cd?h`76!d9!!!

FDCPA !

(IAICJNNK6! BQI!OJHC!1ISB!.DNNIGBHDA!+CJGBHGIP!&GB! gO1.+&i6! LDXICAP!EISB!GDNNIGBHDA6! GCIEHBDCPk! LHXHAL! ADBHGI! BD! EISBDCP! JSDFB! BQI! EISB6! JAE! BQI!DWWDCBFAHBK!MDC!EISBDCP!BD!EHPWFBI!EISBP9!!See!!4c!*9%9.9!j4d?7L9!

'D! WFSNHPQIE! .JNHMDCAHJ! EIGHPHDA! BD! EJBI! JEECIPPIP! BQI! O1.+&! HA! BQI!GDABIaB! DM! WCIEJBDCK! NIAEHAL! DC! VCDALMFN! MDCIGNDPFCIP9! ! ODC! HAMDCUJBHDAJN!WFCWDPIP!DANK6!DAI!UJK!ADBI!BQJB!JA!FAWFSNHPQIE!EIGHPHDA!gADB!GHBJSNIi!QJP!DWHAIE! BQJB6! [HB! HP! FAGNIJC!VQIBQIC! BQI!OJHC! 1ISB!.DNNIGBHDA!+CJGBHGIP!&GB!JWWNHIP! BD! UDCBLJLI! MDCIGNDPFCIP9]! ! See! ! %FNJT! X9! =DCBLJLI! )NIG9!,ILHPBCJBHDA!%KP9!g788bi!788b!:#!78?78`76!`9!

,IGIAB! JEXHPDCK! MIEICJN! EIGHPHDAP! QJXI! QINE! BQJB! BQI! O1.+&! JWWNHIP! BD!EISB! GDNNIGBDCP6! SFB! ADB! BD! GDAPFUICPk! GCIEHBDCP6! UDCBLJLI! PICXHGICP6! DC!JPPHLAIIP! DM! EISBP9! !See! ! #JN! X9! &UIC9! ;DUI! %ICXHGHAL6! -AG9! g)919! .JN9!7848i!7848!:#!77cc7b6!c!g[[O1.+&nP!EIMHAHBHDA!DM!EISB!GDNNIGBDC!lEDIP!ADB!HAGNFEI! BQI! GDAPFUICnP! GCIEHBDCP6! J!UDCBLJLI! PICXHGHAL! GDUWJAK6! DC! JAK!JPPHLAII! DM! BQI! EISB9k]im! !;IAAHALBDA! X9! (CIIAWDHAB!=DCBL9! OFAEHAL6! -AG9!g'919!(J9!=JK!4c6!788?i!788?!:#!4`h7?d46!d!gGHBHAL!4c!*9%9.9!j4d?7Jgdi6!JAE! MHAEHAL6! [1IMIAEJABP! VICI! ADB! EISB! GDNNIGBDCP! SIGJFPI! BQIK! VICI!JBBIUWBHAL!BD!GDNNIGB!BQIHC!DVA!EISB!MCDU!+NJHABHMM9]i9!!

%HUHNJCNK6! DBQIC! eFELIP! QJXI! QINE! BQJB6! BQI! O1.+&! GDAGICAP! FAMJHC! EISB!GDNNIGBHDA! JMBIC! J! NDJA! VJP! UJEI6! JAE! EDIP! ADB! JWWNK! BD! J! MDCIGNDPFCI!WFCPFJAB! BD! J! EIIE! DM! BCFPB9! !See, e.g.6! ! 3IAPIA! X9!uFJNHBK! #DJA!%ICXHGI!

25


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!

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26


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27


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28


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!!&P! UDCI! MFNNK! IaWNJHAIE! HA! Cooper v. First Government Mortg. and Investors Corp.!g1919.9!7887i!7`5!O9%FWW97E!c86!cb2!!

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29


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!!

FTCA !/QI!OIEICJN!/CJEI!.DUUHPPHDA!&GB!gO/.&i6!JEECIPPHAL!EIGIWBHXI!NDJA!WCJGBHGIP6![EDIP!ADB!WCDXHEI!J!WCHXJBI!CHLQB!DM!JGBHDA9]!!(DUIf!X9!:JGQDXHJ!=DCBL9!.DCW9!g'919.JN97!848i!7848!:#!7?454h6!c9!!!!

Forgery !&ADBQIC! BQIDCK!WCDMMICIE! HA! PFWWDCB! DM! CINHIM! JP! BD!J! NDJA!UHLQB!SI! BQI!MDCLICK! DM! BQI! WNJHABHMMkP! PHLAJBFCI! DA! UDCBLJLIRCINJBIE! EDGFUIABP6!VQHGQ! UJK! ADB! WCIXJHN! HM! CJBHMHGJBHDA! DC! IPBDWWIN! IaHPBP6! HM! BQI! WNJHABHMM!TADVHALNK!WICMDCUIE!WJCB!DM!BQI!JLCIIUIABP6!PFGQ!JP!SK!UJTHAL!PDUI!NDJA!WJKUIABP9!!Cf9!!,JTIPBCJV!X9!,DECHLFIP!g4?h7i!5!.JN9`E!dh6!hbRhc!gTADVHAL!WJKUIABP!VHBQDFB! WCDUWB! CIPGHPPHDA! PFWWDCBIE! GDAGNFPHDA!DM!XDNFABJCK! CJBHMHGJBHDA6! JP! BD! J! NDJA! ADB! HAXDNXHAL! J! QDUI! UDCBLJLIim!!>IQAHVJN!X9!=Ha!g788ci!4``!.JN9!&WW9!bBQ!487h6!48b8Rb79!!!!

Preemption !

30


!HOLA

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31


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32


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:CDALMFN!ODCIGNDPFCIP! Generally

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33


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Tendering Debt

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34


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35

http://www.lexis.com/


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36

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!

!

Procedural Irregularities !!

38


Statutory Compliance !+NJHABHMMPk!JNNILJBHDAP!DM!EIMIGBHXI!ADBHGIP!DM!EIMJFNB!UJK!SI!BDD!UHADC!DC!XJLFI! BD! SI! JGBHDAJSNI9! *AEIC! UDCI! UDEICA! JFBQDCHBHIP6! PBCHGB!GDUWNHJAGI!VHBQ!PBJBFBDCK! MDCIGNDPFCI! CIZFHCIUIABP! HP!ADB! CIZFHCIE6!SFB!DANK!PFSPBJABHJN!GDUWNHJAGI9!!*AEIC! JA! DNEIC! XHIV6! BQICI! UFPB! SI! PBCHGB! GDUWNHJAGI! VHBQ! BQI!WCDGIEFCIP!MDC!MDCIGNDPHAL!WFCPFJAB!BD!J!EIIE!DM!BCFPB6!JAE!BQI!PBJBFBDCK!CIZFHCIUIABP!PIB!MDCBQ!HA!.HXHN!.DEI!PIGBHDA!7?7b6!IB!PIZ9!!=HNNIC!X9!.DBI!g4?57i!47h!.JN9&WW9`E!5556!5?b9!!=DEICANK6! BQICI! HP! PFMMHGHIAB! GDUWNHJAGI! VHBQ! BQI! PBJBFBI! CIZFHCHAL! J!ADBHGI! DM! EIMJFNB! SIMDCI! MDCIGNDPFCI! g.HX9.9! j7?7bi6! VQICI! BQI! ADBHGI!GDABJHAP! J! GDCCIGB! PBJBIUIAB! DM! J! PFMMHGHIABNK! PFSPBJABHJN! SCIJGQ6!ADBVHBQPBJAEHAL!PDUI! HUUJBICHJN! HAJGGFCJGHIP! HA! BQI!ADBHGI9! !<AJWW!X9!1DQICBK!g788bi!47`!.JN9&WW9bBQ!hd6!??9!!&A!DWHAHDA!EIPGCHSIP!BQI!ADAeFEHGHJN!MDCIGNDPFCI!WCDGIEFCIP!JP!MDNNDVP2!!

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39


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Presumption Of Regular Foreclosure !OFCBQIC6!J!CISFBBJSNI!WCIPFUWBHDA!BQJB!J!MDCIGNDPFCI!PJNI!VJP!GDAEFGBIE!CILFNJCNK! JAE! MJHCNK! UFPB! WCIXJHN6! FANIPP! J! WCDGIEFCJN! HCCILFNJCHBK!GDAPBHBFBIE! J! PFSPBJABHJN! EIMIGB! BQJB! HP! WCIeFEHGHJN! BD! BQI! BCFPBDC! DC!GNJHUJABP9! ! <AJWW! X9! 1DQICBK! ! g788bi! 47`! .JN9&WW9bBQ! hd6! ?d9!!&EEHBHDAJNNK6!BQI!SFKIC!GJAADB!SI!J!SDAJ!MHEI!WFCGQJPIC9!!d!&ALINP6!-AG9!X9! %BFJCBR:CHLQB! =DCBLJLI6! -AG9! g7884i! 5c! .JN9&WW9bBQ! 47h?6! 475d!gY/QFP6! DAGI! J! EIIE! CIGHBHAL! BQJB! JNN! NILJN! CIZFHCIUIABP! QJXI! SIIA!PJBHPMHIE!QJP!SIIA!BCJAPMICCIE!BD!J!SFKIC!JB!J!MDCIGNDPFCI!PJNI6!BQI!PJNI!GJA!SI! PFGGIPPMFNNK! JBBJGTIE!DA! BQI! LCDFAEP!DM! WCDGIEFCJN! HCCILFNJCHBK!DANK!HM!BQI!SFKIC!HP!ADB!J!SDAJ!MHEI!WFCGQJPIC9]i!![-M! BQI! BCFPBIInP! EIIE! CIGHBIP! BQJB! JNN! PBJBFBDCK!ADBHGI! CIZFHCIUIABP!JAE!WCDGIEFCIP!CIZFHCIE!SK!NJV!MDC!BQI!GDAEFGB!DM!BQI!MDCIGNDPFCI!QJXI!SIIA!PJBHPMHIE6! J! CISFBBJSNI! WCIPFUWBHDA! JCHPIP! BQJB! BQI! PJNI! QJP! SIIA!GDAEFGBIE!CILFNJCNK!JAE!WCDWICNKm!BQHP!WCIPFUWBHDA!HP!GDAGNFPHXI!JP!BD!J!SDAJ!MHEI!WFCGQJPIC9]!!=DINNIC!X9!#HIA!g4??bi!7c!.JN9!&WW9!bBQ!5776!5`4!gGHBHAL6!e.g96!.HX9.9!j7?7bi9!!!^)UWQJPHP!JEEIE9_!!Accord!!=INIAECIf!X9!1!r! -! -AXIPBUIAB6! -AG9! g788ci! 47h! .JN9&WW9bBQ! 47`56! 47cc9! ! ! See also!.HX9.9!j!`b`?985gJi! gY&! BCJAPMIC!DC!JA!DSNHLJBHDA! HP!ADB! XDHEJSNI!FAEIC!PFSEHXHPHDA!gJi!DM!%IGBHDA!`b`?98b6!JLJHAPB!J!WICPDA!VQD!BDDT! HA!LDDE!MJHBQ!JAE! MDC!J! CIJPDAJSNK!IZFHXJNIAB!XJNFI!DC!JLJHAPB!JAK!PFSPIZFIAB!BCJAPMICII!DC!DSNHLII9Yi!!See also generally!!b!:HBTHA6!%FU9!$M!.JN9!#JV!g48BQ!IE9!%FWW9!788hi!%IGFCHBK!/CJAPJGBHDAP!HA!,IJN!+CDWICBK6!j4db9!!/QI!WCIPFUWBHDAP!CILJCEHAL!MDCIGNDPFCI!PJNIP6!JP!PIB!MDCBQ!HA!.HXHN!.DEI!%IGBHDA!7?7b6!JCI! HAJWWDPHBI! BD!GQJNNIALIP!BD! BCFPBII!PJNIP!BQJB!ED!ADB!HAXDNXI!J!GNJHU!BQJB!BQI!BCFPBII!MJHNIE!BD!MDNNDV!PBJBFBDCK!WCDGIEFCIP!VHBQ!CIPWIGB!BD!BQI!EIMJFNB!JAE!PJNIP!ADBHGIP9!!=INIAECIf!X9!1!r!-!-AXIPBUIAB6!

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-AG9! g788ci! 47h!.JN9&WW9bBQ! 47`56! 47cd! gY>DCCDVICPn! GQJNNIALI! BD! BQI!BCFPBIInP! PJNI! EDIP! ADB! HAXDNXI! J! GNJHU! GDAGICAHAL! VQIBQIC! /CFPBII!MDNNDVIE!JNN! PBJBFBDCK! WCDGIEFCIP!VHBQ! CIPWIGB! BD! BQI! EIMJFNB! JAE! PJNIP!ADBHGIP999:I! BQICIMDCI! QDNE! BQJB! BQI! GDAGNFPHXI! WCIPFUWBHDA! MDC! >O+nP!FAEIC! PIGBHDA! 7?7b! EDIP! ADB! JWWNK! BD! SJC! >DCCDVICPn! JBBIUWB! BD! PIB!JPHEI!BQI!BCFPBIInP!PJNI9Yi9!![/QI!PIGBHDA!7?7b!WCIPFUWBHDAP!WICBJHA!DANK!BD!ADBHGI!CIZFHCIUIABP6!ADB!BD! IXICK! EIMIGB! DC! HAJEIZFJGK\9]! ! >JAT! DM! &UICHGJ6! '9&9! X9! #J! 3DNNJ!(CDFW!--!!g788ci!47?!.JN9&WW9bBQ!h8d6!h4b9!![-B!HP!BQI!SFCEIA!DM!BQI!WJCBK!GQJNNIALHAL!BQI!BCFPBIInP!PJNI!BD!WCDXI!PFGQ!HCCILFNJCHBK! JAE! BQICISK! DXICGDUI! BQI! WCIPFUWBHDA! DM! BQI! PJNInP!CILFNJCHBK9]!!=INIAECIf!X9!1!r!-!-AXIPBUIAB6!-AG9!!g788ci!47h!.JN9&WW9bBQ!47`56!47c59!!Y/D! eFPBHMK! PIBBHAL! JPHEI! J! WCIPFUWBHXINK! XJNHE! MDCIGNDPFCI! PJNI6! BQI!GNJHUIE! HCCILFNJCHBK!UFPB! JCHPI! MCDU! BQI! MDCIGNDPFCI! WCDGIIEHAL! HBPINM9Y!!!'LFKIA!X9!.JNQDFA!g788`i!48c!.JN9!&WW9!bBQ!b756!bbc!!!!:QIBQIC! BQICI! HP! PFMMHGHIAB! WCDDM! BD! DXICGDUI! BQI! WCIPFUWBHDA! DM! J!CILFNJC!MDCIGNDPFCI!PJNI!LIAICJNNK!WCIPIABP!J!ZFIPBHDA!DM!MJGB9!!d!&ALINP6!-AG9!X9!%BFJCBR:CHLQB!=DCBLJLI6!-AG9!!g7884i!5c!.JN9&WW9bBQ!47h?6!475b9!!&A!DWHAHDA!EIPGCHSIP!BQI!PBJBFBDCK!MDCIGNDPFCI!WCDGIEFCIP!JP!MDNNDVP2!!

!l&P! J! LIAICJN! CFNI6! BQICI! HP! J! GDUUDA! NJV! CISFBBJSNI!WCIPFUWBHDA! BQJB! J! MDCIGNDPFCI! PJNI! QJP! SIIA! GDAEFGBIE!CILFNJCNK! JAE! MJHCNK9k! ^.HBJBHDAP9_]! gd!&ALINP6! -AG9! X9!%BFJCBR:CHLQB!=DCBLJLI6! -AG96! PFWCJ6! 5c! .JN9&WW9bBQ! JB! W9! 475b9i! =DCIDXIC6![^J_PHEI! MCDU! BQI!GDUUDA! NJV!WCIPFUWBHDA!DM!XJNHEHBK!EHPGFPPIE!JSDXI! \! 6! .HXHN! .DEI! PIGBHDA! 7?7b! GDABJHAP! J! PBJBFBDCK!WCIPFUWBHDA!lJCHP^HAL_!MCDU!BQI!CIGHBJN!HA!BQI!BCFPBIInP!EIIE!BQJB!JNN!PBJBFBDCK! CIZFHCIUIABP! MDC! ADBHGI!DM! EIMJFNB! JAE! PJNI! QJXI!SIIA!PJBHPMHIE9!/QHP!WCIPFUWBHDA!HP!WCHUJ!MJGHI!IXHEIAGI!DM!GDUWNHJAGI!JAE! GDAGNFPHXI! IXHEIAGI! DM! GDUWNHJAGI! HA! MJXDC! DM! J! SDAJ! MHEI!WFCGQJPIC! DC! IAGFUSCJAGIC9k! ^.HBJBHDAP9_! /QFP6! DAGI! J! EIIE!CIGHBHAL!BQJB!JNN! NILJN!CIZFHCIUIABP!QJXI!SIIA!PJBHPMHIE!QJP!SIIA!BCJAPMICCIE! BD! J! SFKIC! JB! J! MDCIGNDPFCI! PJNI6! BQI! PJNI! GJA! SI!PFGGIPPMFNNK! JBBJGTIE! DA! BQI! LCDFAEP! DM! WCDGIEFCJN! HCCILFNJCHBK!DANK! HM! BQI! SFKIC! HP! ADB! J! SDAJ! MHEI! WFCGQJPIC9! ^.HBJBHDAP9_]! gd!&ALINP6! -AG9! X9! %BFJCBR:CHLQB! =DCBLJLI6! -AG96! PFWCJ6! 5c!.JN9&WW9bBQ!JB!W9!475d9i!!

!

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Notice Of Default !/QI!ADBHGI!DM!JAK!EIMJFNB6!WFCPFJAB!BD!.HXHN!.DEI!%IGBHDA!7?7b6!PQJNN!SI!UJHNIE!BQI!UDCBLJLDC!JAE!DBQIC!PWIGHMHIE!WICPDAP6!JAE!UFPB!GDABJHA!J!LHXIA!PBJBIUIAB6!HAGNFEHAL!BQI!BDBJN!JUDFAB!DM!JNN!WJPB!EFI!WJKUIABP6!WNFP!WICUHBBIE!GDPBP!JAE!IaWIAPIP9!!See!!..!j7?7bGgSig4i9!!&!ADBHGI!DM!EIMJFNB!WFCPFJAB!BD!.HXHN!.DEI!%IGBHDA!7?7b!PQJNN!HAGNFEI!J!EIGNJCJBHDA!PBJBHAL!BQJB!BQI!UDCBLJLII6!SIAIMHGHJCK!DC!JFBQDCHfIE!JLIAB!QJP!GDABJGBIE!BQI!SDCCDVIC6!DC!BCHIE!VHBQ!EFI!EHNHLIAGI!BD!ED!PD!gFANIPP!BQI!SDCCDVIC!PFCCIAEICIE!BQI!WCDWICBKi6!CILJCEHAL!JPPIPPHAL!BQI!SDCCDVICkP!MHAJAGHJN!PHBFJBHDA!JAE!IaWNDCHAL!DWBHDAP!BD!JXDHE!MDCIGNDPFCI9!!..!j7?7`9cgJi!z!gSi9!!!

Trustee Duties !+NJHABHMMP!DMBIA!JNNILI!BQJB!MDCIGNDPHAL!BCFPBIIP!DVIE!XJCHDFP!EFBHIP6!PFGQ!JP! BD! CIMCJHA! MCDU! MDCIGNDPHAL! VQICI! WCIEJBDCK! NIAEHAL! HP! HAXDNXIE9!!;DVIXIC6!BCFPBII!EFBHIP!JCI!GHCGFUPGCHSIE9!!!Y^/_QI! CHLQBP6! WDVICP6! JAE! EFBHIP! DM! BCFPBIIP! HA! ADAeFEHGHJN! MDCIGNDPFCI!WCDGIIEHALP! JCI! [nPBCHGBNK! NHUHBIE! JAE! EIMHAIE! SK! BQI! GDABCJGB! DM! BQI!WJCBHIP! JAE! BQI! PBJBFBIP9n]! >JAG! DM!&UIC9! #IJPHAL!r!.JWHBJN6! ##.! X9! `!&CGQ!/CFPBII!%ICXHGIP6!-AG9!g788?i!788?!:#!bh7h?8b6!?9!![l/QI!BCFPBII!HA!ADAeFEHGHJN! MDCIGNDPFCI! HP!ADB!J! BCFI! BCFPBII!VHBQ! MHEFGHJCK!EFBHIP6!SFB!CJBQIC! J! GDUUDA! JLIAB! MDC! BQI! BCFPBDC! JAE! SIAIMHGHJCK9\! ! /QI! PGDWI!JAE!AJBFCI!DM!BQI!BCFPBIInP!EFBHIP!JCI!IaGNFPHXINK!EIMHAIE!SK!BQI!EIIE!DM!BCFPB! JAE! BQI! LDXICAHAL! PBJBFBIP9!'D! DBQIC! GDUUDA! NJV! EFBHIP! IaHPB9k]!!+CD! 0JNFI! +CDWICBHIP6! -AG9! X9! uFJNHBK! #DJA! %ICXHGI! .DCW9! ! g788?i! 4h8!.JN9&WW9bBQ! ch?6! c5`9! ! ! Accord! ! <JGQNDA! X9! =JCTDVHBf! g7885i! 4d5!.JN9&WW9bBQ!`4d6!``c! g[-A!PQDCB6! BQI! BCFPBII!EDIP!ADB!GDABCJGB!VHBQ! BQI!WFCGQJPIC! MDC! BQI! PJNI! DM! BQI! MDCIGNDPIE! WCDWICBK6! SFB! WICMDCUP!UHAHPBICHJN!JGBP!VQHGQ6!VQIA!WCDWICNK!IaIGFBIE6!CIPFNB! HA!BQI!BCJAPMIC!DM!BHBNI!BD!BQI!WFCGQJPIC9]im!!;ICHBJLI!$JTP!+JCBAICP!X9!OHCPB!&UIC9!/HBNI!-AP9!.D9!g788hi!4cc!.JN9!&WW9!bBQ!``?6!`bc!gEIIE!BCFPBII!DVIP!AD!MHEFGHJCK!EFBK6!JAE!BQI!DANK!EFBHIP!JCI!g4i!MDCIGNDPI!DA!BQI!EIIE!DM!BCFPB6!DC!g7i!BD!CIGDAXIK!BQI!EIIE!DM!BCFPBi9!!

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Participants Authorized To Foreclose !+NJHABHMMP! MCIZFIABNK! JNNILI! BQJB! BQI! IABHBK! QJAENHAL! BQI! MDCIGNDPFCI!VJP!ADB!JFBQDCHfIE!SK!GDABCJGB!DC!NJV9!![-M6!SK!BQI!BICUP!DM!JAK!BCFPB!DC!EIIE!DM!BCFPB!J!WDVIC!DM!PJNI!HP!GDAMICCIE!FWDA! BQI! BCFPBII6! BQI! JBBDCAIK! MDC! BQI! BCFPBII6! DC! JAK! EFNK! JFBQDCHfIE!JLIAB6!UJK!GDAEFGB!BQI!PJNI!JAE!JGB!HA!BQI!PJNI!JP!BQI!JFGBHDAIIC!MDC!BQI!BCFPBII9]!!.HX9!.9!j7?7bJ9!!&EEHBHDAJNNK6! J! NIAEIC! DC! SIAIMHGHJCK! UJK! UJTI! J! PFSPBHBFBHDA! DM! BQI!BCFPBII! BD! GDAEFGB! BQI! MDCIGNDPFCI! JAE! PJNI9! ! <JGQNDA! X9! =JCTDVHBf!g7885i!4d5!.JN9&WW9bBQ!`4d6!``b9!!See also!!.HX9!.9!j7?7bSgSigbi9!!OFCBQIC6! [BQI! WDVIC! DM! PJNI! UJK! SI! IaICGHPIE! SK! BQI! JPPHLAII! HM! BQI!JPPHLAUIAB!HP!EFNK!JGTADVNIELIE!JAE!CIGDCEIE9]!!.HX9.9!j7?`79c9!!;DVIXIC6! JA! JPPHLAII! DM! J! BCFPB! EIIE! DC!UDCBLJLI! JNDAI6!VHBQDFB! BQI!CINJBIE!WCDUHPPDCK!ADBI6!QDNEP!AD!GDLAHfJSNI!HABICIPB!BD!IAMDCGI9!!<INNIK!X9!*WPQJV! g4?c7i! `?!.JN! 7E! 4h?6! 4?7m! !.JN9!.HX9!+CJG9!,IJN!+CDWICBK!#HBHLJBHDA!g/QDUPDA!,IFBICP!788?i!jb2759!![/QI! JCLFUIAB! BQJB! =),%n! PBJBFP! JNDAI! EDIP! ADB! IABHBNI! =),%! BD!MDCIGNDPI! DA! BQI! WCDWICBK! QJP! PDUI! PFWWDCB! HA! DBQIC! eFCHPEHGBHDAP6!BQDFLQ!BQI!JFBQDCHBK!HP!UHaIE9O'4b!!;DVIXIC6!GDFCBP!QJXI!SIIA!GNIJC!BD!JNNDV! =),%! BD! GDAEFGB! BQI! MDCIGNDPFCI! WCDGIPP! VQIA! LCJABIE! BQI!WDVIC! DM! PJNI! WCDXHPHDA9]! ! +JABDeJ! X9! .DFABCKVHEI! ;DUI! #DJAP6! -AG9!g'919!.JN9!788?i!788?!:#!7b7`h8`6!?9!!OFCBQIC6! QDUIDVAICP! DMBIA! CJHPI! BQI! JCLFUIAB! BQJB! BQI! WCDWICBK! VJP!HUWCDWICNK! MDCIGNDPIE! FWDA! SK! J! SIAIMHGHJCK! DM! VQHGQ! BQI! QDUIDVAIC!QJE!AD!TADVNIELI9!/QI! MDNNDVHAL! MIEICJN! DWHAHDA! CIeIGBP! BQI!JCLFUIAB!JP!SIHAL!HCCINIXJAB!BD!J!GNJHU!MDC!VCDALMFN!MDCIGNDPFCIm!CJBQIC6!BQI!HPPFI!HP! VQIBQIC! BQICI! QJP! SIIA! J! YSCIJGQ! DM! GDAEHBHDA! DC! MJHNFCI! DM!WICMDCUJAGI!^VQHGQ_!IaHPBIE!DA!BQI!UDCBLJLDCnP!DC!BCFPBDCnP!WJCBY!JB!BQI!BHUI!DM!PJNI!DC!MDCIGNDPFCI2!!!

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43


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!!!!

Loan Modifications !

Contract !-PPFIP!UJK!JCHPI!JP!BD!VQIBQIC!J!NIAEIC!IABICIE!HABD!J!PFMMHGHIABNK!JPGICBJHAJSNI!JLCIIUIAB!BD!UDEHMK!NDJA!BICUP6!DC!BD!MDCISIJC!JP!BD!J!NDJA6!JP!DWWDPIE!BD!WCINHUHAJCK!AILDBHJBHDAP!DC!JA!HAGDUWNIBI!JLCIIUIAB9!![*ANIPP!JA!JLCIIUIAB!BD!CIPBCFGBFCI!J!NDJA!IUSDEHIP!EIMHAHBI!BICUP6!GJWJSNI!DM!IAMDCGIUIAB6!HB!HP!ADB!J!NILJNNK!XJNHE!GDABCJGB9!l+CINHUHAJCK!AILDBHJBHDAP!DC!JA!JLCIIUIAB!MDC!MFBFCI!AILDBHJBHDAP!JCI!ADB!BQI!MFAGBHDAJN!IZFHXJNIAB!DM!J!XJNHE6!PFSPHPBHAL!JLCIIUIAB9k]!!+CHGI!X9!:INNP!OJCLD!>JAT!g4?5?i!74`!.JN9&WW9`E!bdc6!b5`9!!Accord!!<IIA!X9!&UIC9!;DUI!=DCBL9!%ICXHGHAL6!-AG9!!g)919.JN9!788?i!788?!:#!``58bcb6!?!gGHBHAL!+CHGIi9!!!

Obligation !.DUUDANK6! WNJHABHMMP! JNNILI! BQJB! NIAEICP! DC! BCFPBIIP! XHDNJBIE! J! EFBK! BD!IABIC!HABD6!DC!MFNNK!WICMDCU6!JA!JMMDCEJSNI!NDJA!UDEHMHGJBHDA!JLCIIUIAB9!!/QI! NJALFJLI! DM! .HXHN! .DEI! %IGBHDA! 7?7`9d! EDIP! ADB! IaWCIPP! JAK!JSPDNFBI!DSNHLJBHDA! BD!UDEHMK!J! NDJA! BD!UJTI! HB!JMMDCEJSNI6!JAE! HAPBIJE!PBJBIP6! HA! WJCB2! Y-B! HP! BQI! HABIAB! DM! BQI! #ILHPNJBFCI! BQJB! BQI! UDCBLJLII6!SIAIMHGHJCK6!DC!JFBQDCHfIE!JLIAB!DMMIC!BQI!SDCCDVIC!J!NDJA!UDEHMHGJBHDA!DC!

45


46

VDCTDFB! WNJA! HM! PFGQ! J! UDEHMHGJBHDA! DC! WNJA! HP! GDAPHPBIAB! VHBQ! HBP!GDABCJGBFJN!DC!DBQIC!JFBQDCHBK9Y!!.HX9!.9!j7?7`9dgSi9?!![&!UDCBLJLII6! BCFPBII6! SIAIMHGHJCK6! DC! JFBQDCHfIE! JLIAB!UJK! ADB! MHNI! J!ADBHGI!DM!EIMJFNB!WFCPFJAB!BD!%IGBHDA!7?7b!FABHN!`8!EJKP!JMBIC!GDABJGB!HP!UJEI!JP!CIZFHCIE!SK!WJCJLCJWQ!g7i!DC!`8!EJKP!JMBIC!PJBHPMKHAL! BQI!EFI!EHNHLIAGI! CIZFHCIUIABP! JP! EIPGCHSIE! HA! PFSEHXHPHDA! gLi9]! ! .HX9! .9!j7?7`9cgJig4i9!!OFCBQIC6! %IGBHDA! 7?7`9c! JWWNHIP! DANK! BD! NDJAP! UJEI! MCDU! 3JAFJCK! 46!788`6! BD! 1IGIUSIC! `46! 788h! BQJB! JCI! PIGFCIE! SK! DVAICRDGGFWHIE!CIPHEIABHJN!CIJN!WCDWICBK9!!.HX9!.9!j7?7`9cgHi9!!#ILHPNJBHXI! HABICWCIBJBHDA!SILHAP!SK!IaJUHAJBHDA!DM! BQI! NJALFJLI!DM! BQI!PBJBFBI6!LHXHAL!BQI!VDCEP!BQIHC!DCEHAJCK!UIJAHAL!JAE!GDAPHEICHAL!BQIU!HA!BQI!GDABIaB!DM! BQI!PBJBFBDCK! MCJUIVDCT9!>JCAIP!X9!1IWB9! DM!.DCCIGBHDAP!g4???i!hb!.JN9!&WW9!bBQ!47d6!4`49!!$AI!WFSNHPQIE!.JNHMDCAHJ!GJPI!BD!EJBI!GHBIP!.HXHN!.DEI!%IGBHDAP!7?7`9c!gMabry v. Sup. Ct9! g7848i!"!.JN9&WW9bBQ!"6!"6! !7848!:#!7458c`8i6!SFB!UDPB!WFSNHPQIE!NJV!DA!WDHAB!GDUIP!MCDU!MIEICJN!BCHJN!eFELIPk!CFNHALP9!!!!&!PIGDAEJCK!JFBQDCHBK!IaWNJHAP2!![/QI!#ILHPNJBFCI!EIGNJCIE!HBP!HABIAB!BQJB!BQI! UDCBLJLII6! SIAIMHGHJCK6! DC! JFBQDCHfIE! JLIAB! DMMIC! BQI! SDCCDVIC! J!NDJA! UDEHMHGJBHDA! DC! VDCTDFB! WNJA! HM! PFGQ! J! UDEHMHGJBHDA! DC! WNJA! HP!GDAPHPBIAB!VHBQ!HBP!GDABCJGBFJN!DC!DBQIC!JFBQDCHBK9]!!7885R?!.JNHMDCAHJ!,IJN!)PBJBI!,WBC9!4!g=>!7885i6!available at!VVV9#IaHP9GDU!9!!&GGDCEHAL! BD! PIXICJN! JEXHPDCK! MIEICJN! BCHJN! GDFCB! EIGHPHDAP! SJPIE!FWDA!.JNHMDCAHJ!NJV!gJAE!DMBIA!GHBIE!SK!EIMIAPI!GDFAPINi6!.HXHN!.DEI!%IGBHDA!7?7`9d!HUWDPIP!AD!JGBHDAJSNI!EFBK!BD!UDEHMK!BQI!BICUP!DM!NDJAP9!!E.g96!!'DDN!X9!;DUIu!%ICXHGHAL!g)919.JN9!788?i!788?!:#!7?8chbc6!`m!!OJCAIC!X9!.DFABCKVHEI!;DUI!#DJAP!g%919.JN9!788?i!788?!:#!45?87c6!7m!!0ILJ!X9!3+=DCLJA!.QJPI!>JAT6!'9&9!!g)919.JN9!788?i!788?!:#!7h`48`?6!cm!!+JABDeJ! X9! .DFABCKVHEI! ;DUI! #DJAP6! -AG9! g'919! .JN9! 788?i! 788?!:#!7b7`h8`6! 5! gGHBHAL! MIEICJN! GJPIP! HAXDNXHAL! EHMMICIAB! PBJBFBDCK!HABICWCIBJBHDAPim!!+JIT!X9!+NJfJ!;DUI!=DCBL96!-AG9!g.919.JN9!788?i!788?!

9 Civil Code Sections 2923.5, 2923.6, 2924.8, and 2924f were amended via Senate Bill No. 306

Filed with Secretary of State August 6, 2009, in respects involving technical and clarifying

changes, not material to the analysis herein. See SB 306, available at

http://leginfo.ca.gov/pub/09-10/bill/sen/sb_0301-0350/sb_306_bill_20090806_chaptered.pdf .

Also, the Senate Rules Committee analysis of SB 306 is available at

http://leginfo.ca.gov/pub/09-10/bill/sen/sb_0301-

0350/sb_306_cfa_20090707_133237_sen_floor.html .

http://leginfo.ca.gov/pub/09-10/bill/sen/sb_0301-0350/sb_306_cfa_20090707_133237_sen_floor.html

http://leginfo.ca.gov/pub/09-10/bill/sen/sb_0301-0350/sb_306_cfa_20090707_133237_sen_floor.html


http://leginfo.ca.gov/pub/09-10/bill/sen/sb_0301-0350/sb_306_bill_20090806_chaptered.pdf


:#!4dd5chd6!`m! !,FHf!X9!%JaDA!=DCBL9!%ICXHGIP! g.919.JN9!788?i!788?!:#!45h7bdc6!7!A97m! !OFIABIP!X9!1FIBPGQI!>JAT! g%919.JN9!788?i!788?!:#!4?h4d486!7!gY)XIA!HM!BQI!PBJBFBI!VICI!HA!IMMIGB!JB!JNN!CINIXJAB!BHUIP6!+NJHABHMM! VDFNE! ADB! QJXI! J! GJFPI! DM! JGBHDA9!.JN9.HX9.DEI! !! 7?7`9d! DANK!HUWDPIP!J!EFBK!DA!UIUSICP!DM!BQI!NDJA!WDDN!BD!IJGQ!DBQIC9!+NJHABHMM!HP!J!SDCCDVIC6!ADB!J!UIUSIC!DM!BQI!NDJA!WDDN6!JAE!HP!DVIE!AD!EFBK!FAEIC!BQI!PBJBFBI9Yim!!+HBBUJA!X9!>JCGNJKP!.JWHBJN!,IJN!)PBJBI6!-AG9!g%919.JN9!788?i!!788?!:#!448555?6!`!g[BQI!GHBIE!PBJBFBI!GNIJCNK!JEECIPPIP!BQHP!GDAGICA!SK! GCIJBHAL! J! EFBK! SIBVIIA! J! NDJA! PICXHGIC! JAE! J! NDJA! WDDN!UIUSIC9!/QI! PBJBFBI! HA! AD! VJK! GDAMICP! PBJAEHAL! DA! J! SDCCDVIC! BD! GDABIPB! J!SCIJGQ!DM!BQJB!EFBK9]i9!!&EEHBHDAJNNK6!JA!JEXHPDCK!MIEICJN!EIGHPHDA!CIJPDAIE!BQJB!%IGBHDA!7?7`9c!EDIP! ADB! JWWNK! BD! EIMIAEJABP! FANIPP! BQIK! QJAENIE! BQI! HPPFJAGI! JAE!CIGDCEHAL!DM!BQI!ADBHGI!DM!EIMJFNB!DC!ADBHGI!DM!BCFPBII!PJNI9!!See!!%WIAGIC!X9!1;-!=DCBL9!.D96!#BE9!!g)919!.JN9!788?i!788?!:#!4?`84d46!?9!!;DVIXIC6!.JNHMDCAHJ!GJPI!NJV!UJTIP!GNIJC!BQJB!J!BCFPBDC!XDNFABJCHNK!UJK!IABIC! HABD! JA! IAMDCGIJSNI! NDJARUDEHMHGJBHDA! JLCIIUIAB9! ! [-M6! JMBIC! J!EIMJFNB6! BQI!BCFPBDC!JAE!SIAIMHGHJCK!IABIC! HABD!JA!JLCIIUIAB!BD!GFCI!BQI!EIMJFNB! JAE! CIHAPBJBI! BQI! NDJA6! AD! GDABCJGBFJN! SJPHP! CIUJHAP! MDC!IaICGHPHAL!BQI!WDVIC!DM!PJNI9]!!>JAT!DM!&UIC96!'9&9!X9!#J!3DNNJ!(CDFW!--!g788ci!47?!.JN9!&WW9!bBQ!h8d6!h479!!!

Private Right of Action !*AEIC!.JNHMDCAHJ! NJV6!BQICI! HP!J!WCHXJBI!CHLQB!DM!JGBHDA!FAEIC!.HXHN!.DEI!%IGBHDA!7?7`9c!gCILJCEHAL!MHCPB!GDABJGBHAL!QDUIDVAICP!JSDFB!J!WDPPHSNI!NDJA!UDEHMHGJBHDA!SIMDCI!HPPFHAL!J!ADBHGI!DM!EIMJFNBi9!!=JSCK!X9!%FW9!.B9!g7848i!"!.JN9&WW9bBQ!"6!"6!!7848!:#!7458c`86!49!!;DVIXIC6! BQICI! HP! J! PWNHB! DM! JFBQDCHBK! HA! BQI! MIEICJN! BCHJN! GDFCBP! JP! BD!VQIBQIC! %IGBHDA! 7?7`9d! GCIJBIP! J! WCHXJBI! CHLQB! DM! JGBHDA6! VHBQ! BQI!DXICVQINUHAL! VIHLQB! DM! JFBQDCHBK! SIHAL! JLJHAPB! BQI! GDAGNFPHDA! DM! BQI!CHLQB9!!See, e.g.,!!.DNNHAP!X9!+DVIC!1IMJFNB!%ICXHGIP6!-AG9!g'919.JN9!7848i!7848! :#! 7`b?876! 7m! ! %JABDP! X9! .DFABCKVHEI! ;DUI! #DJAP! g)919.JN9!788?i! 788?! :#! `hcd``h6! 7! g[lADBQHAL! HA! .JN9! .HX9.DEI! j! 7?7`9d!HUWDPIP! J! EFBK! DA! PICXHGICP! DM! NDJAP! BD!UDEHMK! BQI! BICUP! DM! NDJAP! DC!GCIJBIP!J!WCHXJBI!CHLQB!DM!JGBHDA!MDC!SDCCDVICP9k]im!!)AEICP!X9!.DFABCKVHEI!;DUI! #DJAP6! -AG9! g'919.JN9! 788?i! 788?! :#! b845c476! c! g[PIGBHDA!7?7`9d!EDIP!ADB!WCDXHEI!J!WCHXJBI!CHLQB!DM!JGBHDA\9]im!!,IKADPD!X9!+JFN!OHAJAGHJN6! ##.! g'919.JN9! 788?i! 788?! :#! `5``7?56! 47! g[ADBQHAL! \!GCIJBIP! J! WCHXJBI! CHLQB! DM! JGBHDA! MDC! SDCCDVICP9]im! ! 'DDN! X9! ;DUIu!

47


%ICXHGHAL! g)919.JN9! 788?i! 788?! :#! 7?8chbc6! `6! A97! g[/QICI! HP! AD!JFBQDCHBK! BQJB! PFWWDCBP! J! WCHXJBI! CHLQB! DM! JGBHDA! EHCIGBNK! FAEIC! BQHP!PBJBFBI9]im! ! (JHBJA! X9! =DCBLJLI! )NIGBCDAHG! ,ILHPBCJBHDA! %KPBIUP!g.919.JN9! 788?i! 788?!:#! `7bbh7?6! h! g[PIGBHDA! 7?7`9d6! WJPPIE! JNDAL!VHBQ!PIGBHDA!7?7`9c6!GNIJCNK!EDIP!ADB!GCIJBI!J!WCHXJBI! CHLQB!DM!JGBHDA9]im!!&AJKJ!X9!&EXHPDCP!#IAEHAL!(CDFW!g)919.JN96788?i!788?!:#!7b7b8`h6!5!g[/QI! PBJBFBI! QICI! EDIP! ADB! PFLLIPB! BQJB! BQICI! HP! J! WCHXJBI! CHLQB! DM!JGBHDA9]i9! !But see! ! $CBHf! X9! &GGCIEHBIE! ;DUI! #IAEICP6! -AG9! g%919.JN9!788?i! d`?! O9%FWW97E! 44c?6! 44dd! gj7?7`9c! GCIJBIP! J! WCHXJBI! CHLQB! DM!JGBHDA! CI! J! MJHNFCI! BD! GDABJGB! SDCCDVICP! HA! LDDE! MJHBQ! BD! WCIXIAB!MDCIGNDPFCI6!SFB!EDIP!ADB!CIZFHCI!NIAEICP!BD!UDEHMK!NDJAPi9!!!

Statute of Frauds !+NJHABHMMP! UJK! JNNILI! DC! IXHEIAGI! BQJB! BQI! NIAEIC! DCJNNK! IABICIE! HABD! J!NDJA!UDEHMHGJBHDA!DC!MDCSIJCJAGI!JLCIIUIAB9!;DVIXIC6!DCJN!JLCIIUIABP!BD!UDEHMK!J!UDCBLJLI!DC!EIIE!DM! BCFPB!JCI!ADB!IAMDCGIJSNI!VQICI! BQIK!VDFNE! XHDNJBI! BQI! %BJBFBI! DM! OCJFEP! gJSPIAB! PDUI! IaGIWBHDA! NHTI!IPBDWWIN! DC! WJCB! DC! MFNN! WICMDCUJAGIi9! ! See, e.g.6! ! .HX9! .9! j7?77! g[&!UDCBLJLI! GJA! SI! GCIJBIE6! CIAIVIE6! DC! IaBIAEIE6! DANK! SK! VCHBHAL6!IaIGFBIE! VHBQ! BQI! MDCUJNHBHIP! CIZFHCIE! HA! BQI! GJPI! DM! J! LCJAB! DM! CIJN!WCDWICBK9]i9!!&! MDCIGNDPFCI! PJNI! UJK! ADB! SI! PIB! JPHEI! SJPIE! DA! J! NIAEICnP! DCJN!JLCIIUIAB! BD! WDPBWDAI! HB6! VQICI! SJCCIE! SK! BQI! %BJBFBI! DM! OCJFEP9!'LFKIA!X9!.JNQDFA!g788`i!48c!.JN9&WW9bBQ!b756!bbc9!!&P!ADBIE!HA!DAI!DWHAHDA2!!

/QI!3JAFJCK!7887!ODCSIJCJAGI!&LCIIUIAB6!BQDFLQ!ADB!GCIJBHAL6!CIAIVHAL6! DC! IaBIAEHAL! BQI! ADBI! JAE! EIIE! DM! BCFPB6! EHE! UDEHMK!BQIU9! &A! JLCIIUIAB! BD!UDEHMK! J! GDABCJGB! BQJB! HP! PFSeIGB! BD! BQI!PBJBFBI! DM! MCJFEP! HP! JNPD! PFSeIGB! BD! BQI! PBJBFBI! DM! MCJFEP9!g.HX9.DEI6! j! 4d?56! PFSE9! gJi! ^[&! GDABCJGB! HA! VCHBHAL! UJK! SI!UDEHMHIE! SK! J! GDABCJGB! HA! VCHBHAL]_m! .DNNHAP! X9! =JCXIN! #JAE! .D9!g4?h8i!4`!.JN9&WW9`E!`b6!b`6!?4!.JN9,WBC9!7?49i!&!UDEHMHGJBHDA!DM!J! GDABCJGB! HP! J! GQJALI! HA! BQI! DSNHLJBHDAP! DM! J! WJCBK! SK! J!PFSPIZFIAB!UFBFJN!JLCIIUIAB!DM!BQI!WJCBHIP9!g4!:HBTHA6!%FUUJCK!DM!.JN9!#JV6!PFWCJ6!.DABCJGBP6!j!?db6!W9!48cc9i!! !/QI!3JAFJCK!7887!ODCSIJCJAGI!&LCIIUIAB!JBBIUWBIE! BD!UDEHMK!BQI! ADBI! JAE! EIIE! DM! BCFPB! HA! PIXICJN! VJKP9! OHCPB6! BQI! 3JAFJCK!7887! ODCSIJCJAGI! &LCIIUIAB! PFSPBHBFBIE! J! AIV! UDABQNK!

48


WJKUIAB! MDC! BQI! UDABQNK! WJKUIAB! CIZFHCIE! FAEIC! BQI! ADBI9!%IGDAE6! BQI! 3JAFJCK! 7887! ODCSIJCJAGI! &LCIIUIAB! JNBICIE! BQI!NIAEICnP!JSHNHBK!BD!IaICGHPI!J!CHLQB!BD!MDCIGNDPI!FAEIC!BQI!ADBI!JAE!EIIE! DM! BCFPB! EFI! BD! BQI! SDCCDVICnP! EIMJFNB9! /QI! EIIE! DM! BCFPB!PBJBIP!HB!PIGFCIP!J!EISB![IXHEIAGIE!SK!>DCCDVICnP!ADBI!EJBIE!BQI!PJUI! EJBI! JP! BQHP! %IGFCHBK! -APBCFUIAB]! HAGNFEHAL! [JNN! CIAIVJNP6!IaBIAPHDAP! JAE! UDEHMHGJBHDAP! DM! BQI! 'DBI9]! /QI! 3JAFJCK! 7887!ODCSIJCJAGI! &LCIIUIAB! JBBIUWBIE! BD! UDEHMK! BQI! ADBI! JAE!BQICIMDCI! PICXIP! JP! JEEHBHDAJN! IXHEIAGI! DM! BQI! EISB! PIGFCIE! SK!BQI! EIIE! DM! BCFPB9! /QI! 3JAFJCK! 7887! ODCSIJCJAGI! &LCIIUIAB!VJP!BQICIMDCI!PFSeIGB!BD!BQI!PBJBFBI!DM!MCJFEP9!

!%IGCIPB! X9! %IGFCHBK! 'JB9! =DCBL9! #DJA! /CFPB! 7887R7! g7885i! 4dh!.JN9&WW9bBQ!cbb6!cc`9!!See also ibid.!JB!cccRch!gCIeIGBHAL!JCLFUIAB!BQJB!QDUIDVAICPk!WJKUIAB!DM!UDAIK!WFCPFJAB!BD!MDCSIJCJAGI!JLCIIUIAB!MHB!VHBQHA!IPBDWWIN!DC!WICMDCUJAGI!IaGIWBHDAP!BD!BQI!%BJBFBI!DM!OCJFEPi9!![&P!J!LIAICJN!CFNI6!J!LCJBFHBDFP!DCJN!WCDUHPI!BD!WDPBWDAI!J!MDCIGNDPFCI!PJNI! DC! BD! JNNDV! J! SDCCDVIC! BD! EINJK! UDABQNK! UDCBLJLI! WJKUIABP! HP!FAIAMDCGIJSNI9]!!(JCGHJ!X9!:DCNE!%JX96!O%>!!g7848i!"!.JN9&WW9bBQ!"6!"6!7848! :#! 4b85?7h6! bRc! gMHAEHAL! PFGQ! J! WCDUHPI! IAMDCGIJSNI6! FAEIC!BQIDCK!DM!WCDUHPPDCK!IPBDWWIN6!ADBVHBQPBJAEHAL!PBJBFBI!DM!MCJFEP6!SJPIE!DA! EIBCHUIABJN! CINHJAGI! SK! SDCCDVICP! [HA! WCDGFCHAL! J! QHLQ! GDPB6! QHLQ!HABICIPB!NDJA!SK!FPHAL!DBQIC!WCDWICBK!BQIK!DVAIE!JP!PIGFCHBK\9]i9!!!!

Remedies !!

Civil Code Section 2925 !/QI!CIUIEK!FAEIC!.HXHN!.DEI!%IGBHDA!7?7`9c!gCI!GDABJGBHAL!QDUIDVAICP!JSDFB!WDPPHSNI!NDJA!UDEHMHGJBHDAPi!HP!NHUHBIE!BD!DSBJHAHAL!J!WDPBWDAIUIAB!DM!JA!HUWIAEHAL!MDCIGNDPFCI!BD!WICUHB!BQI!NIAEIC!BD!GDUWNK!VHBQ!BQI!PIGBHDA6!JAE!ADAGDUWNHJAGI!EDIP!ADB!JMMIGB!BQI!BHBNI!JP!BD!MDCIGNDPFCIP!BQJB!QJXI!JNCIJEK!SIIA!QINE9!!=JSCK!X9!%FW9!.B9!g7848i!"!.JN9&WW9bBQ!"6!"6!!7848!:#!7458c`86!49!!

Injunction !ODCIGNDPFCI! PJNIP! UJK! SI! IAeDHAIE! FAEIC! BQI! INIUIABP! LIAICJNNK!JWWNHGJSNI!BD!J!CIZFIPB!MDC!HAeFAGBHXI!CINHIM2!

49


!49! &! SJNJAGHAL! DM! BQI! QJCEPQHWP! gi.e96! WNJHABHMMP! JCI! NHTINK! BD! PFMMIC!UDCI! HAeFCK! MCDU!EIAKHAL!DM! BQI! HAeFAGBHDA! BQJA!EIMIAEJABP!JCI!NHTINK!BD!PFMMIC!MCDU!LCJABHALim!!JAE!

79! J!CIJPDAJSNI!WCDSJSHNHBK!BQJB!WNJHABHMMP!VHNN!WCIXJHN!DA!BQI!UICHBP9!!>JKWDHAB!=DCBL9!.DCW9!X9!.CIPB!+CIUHFU!,IJN!)PBJBI!IBG9!/CFPB! g4?5ci!4d5!.JN9&WW9È!5456!57b6!74bm! !0ILJ!X9! 3+=DCLJA!.QJPI!>JAT6!'9&9!!g)919.JN9! 788?i! 788?!:#! 7h`48`?6! b9! !See also generally! >ICAQJCEB6!.JN9!=DCBLJLI!JAE!1IIE!DM!/CFPB!+CJGBHGI!g.DAB9!)E9!>JC!bBQ!IE9!788?i!jjh977Rh9`b6!h9d`Rh9dd6!available at!VVV9#IaHP9GDU!9!!&! BCIJBHPI! NHPBP! WDBIABHJN! UICHBDCHDFP! SJPIP! MDC! DSBJHAHAL! JA! HAeFAGBHDA!JLJHAPB!J!MDCIGNDPFCI!PJNI6!JP!MDNNDVP2!!

-AeFAGBHXI! DC! EIGNJCJBDCK! CINHIM! UJK! SI! JXJHNJSNI! BD! WCIXIAB! JA!HUWCDWIC!WCHXJBI! PJNI! DM! IAGFUSICIE!WCDWICBK! DA! PFGQ!LCDFAEP!JP!BQJB!BQICI!HP!AD!JGBFJN!EIMJFNB!eFPBHMKHAL!BQI!PJNI!^>HPAD!X9!%Ja!g4?c?6! 7AE! 1HPBi! 4hc! .JN! &WW! 7E! h4b6! `bd! +7E! 54b_6! BQJB! BQI!PIGFCIE! BCJAPJGBHDA! HP! HBPINM! HAXJNHE! ^1JAHINP! X9! :HNNHJUP! g4?cbi!47c!.JN!&WW!7E!`486!7h8!+7E!ccd_6!DC!BQJB!HAJEIZFJBI!ADBHGI!DM!EIMJFNB!VJP!LHXIA9!^#FWICBHAD!X9!.JCSJQJN!g4?h`6!`CE!1HPBi!`c!.JN!&WW!È!hb76!444!.JN!,WBC!447_!/QHP!CINHIM!UJK!JNPD!SI!JXJHNJSNI!BD! CIPDNXI! J! EHPWFBI! JP! BD! BQI! JUDFAB! DM! BQI! EIMJFNB9! ^=DCI! X9!.JNTHAP!g45?8i!5c!.JN!4hh6!7b!+!h7?_!

!.JN9! .HX9! +CJG9! ,IJN! +CDWICBK! #HBHLJBHDA! g/QDUPDA! ,IFBICP! 788?i!jb24446!available at!VVV9:IPBNJV9GDU!9!!![^/_QICI! HP! AD! GJFPI! DM! JGBHDA! MDC! lVCDALMFN! BQCIJBIAIE! MDCIGNDPFCI9k]!!%JABDP!X9!.DFABCKVHEI!;DUI!#DJAP!g)919.JN9!788?i!788?!:#!`hcd``h6!`9!!&! MDCIGNDPFCI! PJNI! DM! BQI! WCDWICBK! CIAEICP!UDDB! J! GNJHU! MDC! HAeFAGBHXI!CINHIM! JLJHAPB! BQI! PJNI9! ! >CIAAJA! X9! &UIC9! /CFPB! .D9! g4?`ci! `!.JN9! 7E!d`c6!d`dm!%JTP!X9!.QJCHBK!=HPPHDA!>JWBHPB!.QFCGQ! g7884i!?8!.JN9!&WW9!bBQ! 444d6! 44bc! A97c! gYGNJHU! MDC! HAeFAGBHDA! BD! WCIXIAB! BQI! MDCIGNDPFCI6!VQHGQ!QJE!SIIA!CIAEICIE!UDDB!SK!BQI!DGGFCCIAGI!DM!BQI!MDCIGNDPFCI9Yim!!OICAJAEIf!X9!&U9!%JX9!r!#DJA!&PPnA!g4?5bi!4c?!.JN9!&WW9!È!ddh6!dh7!gYWCDWICBK!QJP!ADV!SIIA!PDNE!9996!HB!HP!GNIJC!BQI!HAeFAGBHDA!WCDGIIEHAL6!JP!PFGQ6! QJP! SIIA!WCJLUJBHGJNNK!UDDBIE9Yim! !&PFAGHDA! X9!%FW9!.B9! g4?58i!485!.JN9! &WW9! È! 4b46! 4bh! gYVQICI! MDCIGNDPFCI! DM! J! BCFPB! EIIE!VDFNE!UDDB! J! GNJHU! DM! CHLQB! FAEIC! J! EIIE6! JAE! BQI! EIIE! HP! JBBJGTIE! JP! J!

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Setting Aside Sale !/QI!INIUIABP!DM!J!GJFPI!DM!JGBHDA!BD!PIB!JPHEI!J!BCFPBIIkP!PJNI!JCI2!!!49! /CFPBIIkP! MJHNFCI! BD! GDUWNK! VHBQ! WCDGIEFCJN! CIZFHCIUIABP! MDC!MDCIGNDPFCI!PJNIPm!!

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MCDU! PFHAL! BD! PIB! JPHEI! BQI! MDCIGNDPFCI! PJNI6! BQI! BCFPBDC! UJK! CIGDXIC!EJUJLIP!MCDU!BQI!BCFPBII9Yi!

!Declaratory Relief

!/QI! MJHNFCI! BD! PBJBI! J! GJFPI! DM! JGBHDA! MDC! VCDALMFN! MDCIGNDPFCI! UJK!HAEHGJBI!J! MJHNFCI! BD!PBJBI!J!GNJHU! MDC!ZFHIBHAL! BHBNI!DC!EIGNJCJBDCK! CINHIM9!See !=G)NCDK!X9!.QJPI!=JAQJBBJA!=DCBL9!.DCW9!g788ci!4`b!.JN9&WW9bBQ!`556!`?b!gWNJHABHMMP!EHE!ADB!UJTI!J!WCDWIC!BIAEIC!BD!GFCI!BQI!EIMJFNB6!JAE!MDCIGNDPFCI! VJP! BQICIMDCI! VJP! ADB! VCDALMFN6! PFGQ! BQJB! BQICI! VJP! AD!JEXICPI!GNJHU! BD! BQI!WCDWICBK! HA!DCEIC! BD! PBJBI!J! GNJHU!DM!ZFHIB! BHBNI!DC!EIGNJCJBDCK!CINHIMi9!!

Reformation !&! GNJHU! MDC! CIMDCUJBHDA!UFPB! HAGNFEI! JNNILJBHDAP! BD! BQI! IMMIGB! BQJB! BQI!GDABCJGB!EDIP!ADB!CIMNIGB!BQI!GDABCJGBHAL!WJCBHIPn!HABIAB6!JAE!JNNILHAL!DANK!BQI!QDUIDVAICkP!HABIAB!HP!HAJEIZFJBI9!!3IAPIA!X9!uFJNHBK!#DJA!%ICXHGI!.DCW9!g)919.JN9!7848i!7848!:#!44`d88c6!4`9!!!

Damages For Wrongful Foreclosure ![^:_QICI!J!UDCBLJLII!DC! BCFPBII!UJTIP!JA!FAJFBQDCHfIE!PJNI!FAEIC!J!WDVIC!DM!PJNI!QI!^DC!PQI_!JAE!QHP!WCHAGHWJN!JCI!NHJSNI!BD!BQI!UDCBLJLDC!MDC!BQI! XJNFI! DM! BQI! WCDWICBK! JB! BQI! BHUI! DM! BQI! PJNI! HA! IaGIPP! DM! BQI!UDCBLJLIP!JAE!NHIAP!JLJHAPB!PJHE!WCDWICBK9]!!=FALIC!X9!=DDCI!g4?h8i!44!.JN9&WW9`E!46!449!![^&_! BCFPBII!DC!UDCBLJLII!UJK!SI! NHJSNI! BD! BQI! BCFPBDC!DC!UDCBLJLDC! MDC!EJUJLIP! PFPBJHAIE! VQICI! BQICI! QJP! SIIA! JA! HNNILJN6! MCJFEFNIAB! DC!VHNMFNNK!DWWCIPPHXI!PJNI!DM!WCDWICBK!FAEIC!J!WDVIC!DM!PJNI!GDABJHAIE!HA!J!UDCBLJLI!DC!EIIE!DM!BCFPB9]!!=FALIC!X9!=DDCI!g4?h8i!44!.JN9&WW9`E!46!h9!!!!

Privileges !/QICI!HP!J!PWNHB!DM!JFBQDCHBK!JP!BD!VQIBQIC!BQI!JSPDNFBI!NHBHLJBHDA!WCHXHNILI!JWWNHIP! BD! ADAReFEHGHJN! MDCIGNDPFCIP9! <JGQNDA! X9! =JCTDVHBf! g7885i! 4d5!.JN9! &WW9! bBQ! `4d6! ``h! g[BD! BQI! IaBIAB! (JCCIBPDA! GDAGNFEIE! BQJB! BQI!4??d!JUIAEUIAB!UJTIP!BQI!NHBHLJBHDA!WCHXHNILI!JWWNHGJSNI!BD!ADAeFEHGHJN!MDCIGNDPFCI6!VI! EHPJLCII\9]im!(JCCIBPDA! X9!+DPB! g788hi! 4cd!.JN9! &WW9!

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!

Common Law Claims !

Intentional Infliction Of Emotional Distress !ODC! HAMDCUJBHDAJN! WFCWDPIP! DANK6! DAI! UHLQB! ADBI! BQJB! JA! FAWFSNHPQIE!DWHAHDA! gADB! GHBIJSNIi! CIJPDAIE! BQJB! J! NDJA! PICXHGICkP! JNNILIE! MDCIGNDPFCI!EDAI! VHBQDFB! GDUUFAHGJBHAL! VHBQ! BQI! SDCCDVIC6! VJP! ADB! DFBCJLIDFP!GDAEFGB6!IXIA!BQDFLQ!HB!VJP!JCLFJSNK!GJNNDFP9!!)NPBIJE!X9!3+!=DCLJA!.QJPI!>JAT!g788?i!788?!:#!b7db`b86!h9!

!

Anti-SLAPP Protection !

'DAeFEHGHJN! MDCIGNDPFCIP!ED!ADB! BCHLLIC!JABHR%#&++!WCDBIGBHDA9!.IABFCK!74!.QJUSICNJHA!r!&PPDGHJBIP!X9!;JSICUJA!g788?i!4h`!.JN9&WW9bBQ!46!5!g[/QI!EHPBHAGBHDA! SIBVIIA! JCSHBCJBHDA! JAE! eFEHGHJN! WCDGIIEHALP! HP! PHUHNJC! BD! BQI!EHPBHAGBHDA! SIBVIIA! ADAeFEHGHJN! JAE! eFEHGHJN! MDCIGNDPFCI9! 'DAeFEHGHJN!MDCIGNDPFCI!EDIP!ADB!BCHLLIC!JABHR%#&++!WCDBIGBHDA!SIGJFPI!HB!lHP!J!WCHXJBI6!GDABCJGBFJN! WCDGIIEHALk! \! BQJB! lUICINK! WCDXHEIP! J! ADAeFEHGHJN6! WCHXJBI!JNBICAJBHXI!BD!eFEHGHJN!MDCIGNDPFCI9k\]i9!

!!

Lis Pendens !

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&B! BHUIP! PINMRCIWCIPIABIE! NHBHLJABP! JWWNK! BD! BQI! GDFCB! BD! BQI! GDFCB! MDC!JWWCDXJN! DM! J! ADBHGI! DM! WIAEIAGK! DM! JGBHDA6! HA! DCEIC! BD! LHXI! DBQICP!GDAPBCFGBHXI!ADBHGI!DM!BQI!JGBHDA6!JAE!WICQJWP!BQICISK!EIBIC!BQI!BCJAPMIC!DM!BQI!CIJN!WCDWICBK9!!/QI! CIGDCEHAL! DM! J! NHP! WIAEIAP! CIZFHCIP! J! ADBHGI! IHBQIC! PHLAIE! SK! JA!JBBDCAIK! DM! CIGDCE! HA! BQI! JGBHDA6! DC! SK! J! PINMRCIWCIPIABIE! NHBHLJAB! JP!JWWCDXIE!SK!BQI!eFELI9!!..+!jb8c9749!!'D!WFSNHPQIE!.JNHMDCAHJ!GJPI!WCDXHEIP!LFHEJAGI!JP!BD!BQI!PBJAEJCEP!MDC!JWWCDXHAL!DC!EIAKHAL!J!CIZFIPB!FAEIC!%IGBHDA!b8c9749!!;DVIXIC6!JGGDCEHAL! BD!,IJN!+CDWICBK!#JV!%IGBHDA!.DUUIABP6!J! eFELI!EIGHEHAL!VQIBQIC!BD!JWWCDXI!J!ADBHGI!DM!NHP!WIAEIAP!HP!BD!g4i!GDAMHCU!BQJB!J!WIAEHAL!JGBHDA!GDABJHAP!J! CIJN!WCDWICBK!GNJHU!JP!EIMHAIE!SK!.DEI!DM!.HXHN!+CDGIEFCI!%IGBHDA!b8c9b6!JAE! g7i! BQJB! BQI!ADBHGI! HP! HA!WCDWIC6!SFB!BQI!JWWNHGJSNI!WCDGIEFCIP!JCI!FACIPBCHGBIE9! !`!:HBTHA!.JN9!+CD9! gcBQ!IE9!7885i!&GBHDAP!j`5`9!!!OFCBQIC6! J! ADBHGI! DM! NHP! WIAEIAP!UFPB! PBJBI! WJCBK! AJUIP! JAE! EIPGCHSI!BQI!JMMIGBIE!WCDWICBK9!!..+!jb8c9789!![/QICI!JCI!AD! PBJBFBDCK! MDCUJB! CIZFHCIUIABP\9!/QICIMDCI6! NHP! WIAEIAP!JCI!GFPBDUJCHNK!ECJMBIE!HA!BQI!MDCU!DM!J!PBJAEJCE!GDFCB!WNIJEHAL\9]!!.JN9!.HX9!+CJG9!,IJN!+CDW9!#HBHL9!g/QDUPDA!,IFBICP!788?i!j442dd56!available at!VVV9:IPBNJV9GDU!9!!!!!!!!!!!

ODCIGNDPFCI!,IPGFIP!!

-A! NIPP! GDUUDA! GJPIP! HAXDNXHAL! PICXHGIP! MDC! CIPGFHAL! EISBDCP! MCDU!UDCBLJLI! MDCIGNDPFCIP6! GDAPFUICP! DC! BQI! OIEICJN! /CJEI! .DUUHPPHDA!BKWHGJNNK! GDUWNJHA! JSDFB! EIMIAEJABPk! UHPNIJEHAL! CIWCIPIABJBHDAP! JAE!

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FORECLOSURE_FOR_JUDGES[1] a

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Transcript of FORECLOSURE_FOR_JUDGES[1] a