twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to 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

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

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

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

Press Releases
Reports and announcements from

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









site map
Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Assignments Hold Up Foreclosures

Judge rules against lenders in 2 Massachusetts cases

Oct. 21, 2009

By staff

A Massachusetts judge recently ruled against two securitization trustees who foreclosed before the loans had been properly assigned. The cases are part of a growing national trend and offer the mortgage industry insight into how to avoid similar situations.

In the two cases, which are both pending before the Massachusetts Land Court, foreclosure sales had taken place before the trustees for the mortgage-backed securities became holders of the mortgages, Patton Boggs LLP Partner Patrick McManemin explained in a case summary prepared for

The trustees sought to quiet title on the foreclosed residential properties.

But the trial judge entered an order on Oct. 14 denying a motion to vacate judgments in both cases. The judge found that the foreclosure sales were invalid because of a failure to meet the requirement of the Massachusetts foreclosure statute.

In a third case, filed on behalf of a plaintiff named Rosario, the same court upheld the validity of the foreclosure. In that case, the foreclosure took place after the assignment to the trustee but before the assignment was recorded.

"Although the specific details and facts in each of the three cases are critical, the trial court's ruling turned on the fact that two of the foreclosures were invalid because the mortgages were not properly assigned before the trustees exercised the power of sale -- which violates the Massachusetts foreclosure statute," McManemin wrote.

He added that the Rosario foreclosure was valid because the mortgage had been assigned, even though the assignment had not been recorded at the time of the foreclosure sale.

"These cases, and other similar rulings around the country, are highlighting the systems and procedures followed by trustees and servicers and providing the industry with the opportunity to determine how to avoid these issues in foreclosure and loss mitigation," McManemin stated.

U.S. Bank National Association v. Ibanez.
08 MISC 384283 (KCL) (Massachusetts Land Court)

Wells Fargo Bank v. Larace
08 MISC 386755 (KCL) (Massachusetts Land Court)

next story

back to current headlines

Mortgage Backed Securities | MBS News | MBS Statistics
News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

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

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


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