Void judgments (CCP 473(d)):
The court may, on its own motion or the motion of either party, set aside any void judgment or order. A judgment or order may be void if the issuing court lacked subject matter jurisdiction over the action, personal jurisdiction over the defendant, if the judgment or order granted relief that the court had no power to grant, or if the judgment was procured by fraud on the court.
A common way default judgments are considered void is if the judgment was obtained after improper or fraudulent service, resulting in a lack of personal jurisdiction over the
Mistake (CCP 473(b)):
A mistake of fact occurs when a person understands the facts to be other than they are.
A mistake of law occurs when a person knows the facts as they are, but has a mistaken belief as to the legal consequences of those facts.
Defendants are well aware of the fact ignorance of the law or negligence in researching the law does not constitute excusable mistake, and therefore is not grounds for relief from default defendant.
There are many other ways in which a default judgment may be void.
Excusable Neglect (CCP 473(b)):
To be excusable, the neglect must have been the act or omission of a reasonably prudent person under the circumstances.
Plaintiffs delaying, forgetting and ignoring its rights with reference to the lawsuit, due to its schedule and or being too busy to properly respond, or being unable to afford ample legal means and or attorneys are not grounds for excusable neglect.
Examples of excusable neglect include:
1. Illness that disables the party from responding or appearing in court
2. Failure to respond because you relied on your attorney to do so
3. Failure to appear at trial because you relied on misinformation provided by a court officer
There should be consistency between treatment of loan programs, assets, mark to market and recognition.
Fed is not commenting on whether or not it should be in policy that the loan business should take on its own interpretation of assigning and booking assets while investors are duped into believing another.
The two businesses and sector reporting requirements must be held to the same requirements as the other where and when reporting.
A banking and securities settlement policy requiring a verifiable assignment of the assets used to securitize cannot avoid recording the assignment as a fail safe for maintaining a fall back in collateral.
a solicit an offer from a settlement provider, purchaser, financing entity or provider trust that is controlled by the broker.
The model also prohibits a provider from entering into a contract with a viator if consideration is paid to a broker that is controlled by the provider, purchaser, financing entity or related provider trust.
A violation of these provisions is deemed a “fraudulent” transaction.
