twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


8th Circuit Rules on Ark Non-Judicial Foreclosures

National banking associations at issue

July 10, 2013

By Mortgage Daily staff

A federal appeals court in Arkansas has issued a decision in a consolidated case involving the ability of national banking associations to utilize the non-judicial foreclosure process in the state.

JPMorgan Chase Bank, N.A., attempted to foreclose on five mortgages under the Arkansas Statutory Foreclosure Act. Repossessions conducted under the act can be completed without using the state's court system.

Three of the borrowers had filed Chapter 13 bankruptcy, and a bankruptcy court found that because Chase was not registered with the Arkansas Secretary of State or with the Arkansas Bank Department as an out-of-state bank doing business in the state -- it was not in compliance with the foreclosure act.

The other two cases were civil class actions.

All five cases were consolidated because of the same legal issue, and a U.S. District Court reversed the bankruptcy court's decision, granted Chase's motion for judgment in one of the other cases, and granted a motion to dismiss in the other case.

The borrowers appealed the district court's decision with the U.S. Court of Appeals, Eighth Circuit.

"In these consolidated cases, we consider whether a national banking association chartered by the Office of the Comptroller of the Currency but not registered to do business with the Arkansas Secretary of State or the Arkansas Bank Department may use the non-judicial foreclosure procedure provided by the Arkansas Statutory Foreclosure Act. Ark. Code Ann. §§ 18-50-101-18-50-117," an opinion released Tuesday stated.

On July 9, a decision from the federal appeals court indicated that such nationally chartered banks can utilize the non-judicial foreclosure system, and the District Court's decision was affirmed.

"An entity may be authorized to do business in Arkansas for Statutory Foreclosure Act purposes pursuant to either state or federal law," the judges wrote. "In JPMorgan's case, federal law provides such authorization. The district court correctly concluded JPMorgan is authorized to do business in Arkansas and may avail itself of the benefit of the Statutory Foreclosure Act."


JPMorgan Chase Bank, N.A., Appellee v. Daniel L. Johnson; Susan D. Johnson, Appellants; JPMorgan Chase Bank, N.A., Appellee v. Tracy Lea Estes, Appellant; JPMorgan Chase Bank, N.A., Appellee v. Tammy Renae Peeks, Appellant; Jere T. Jones; Teri Jones, Plaintiffs-Appellants v. JPMorgan Chase Bank, N.A., Defendant-Appellee; Karen Rivera, Plaintiff-Appellant, v. JPMorgan Chase Bank, N.A., Defendant-Appellee.
Case Nos. 12-2370, 12-2686, 12-3049; appeal submitted Jan. 15, 2013; decision filed July 9, 2013 (U.S. Court of Appeals, Eighth Circuit; U.S. District Court for the Eastern District of Arkansas).

Chase profile

next story


back to current headlines




Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.


Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders