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Property Law Keyed to Singer
U.S. Bank National Association v. Ibanez
Citation:
941 N.E.2d 40 (Mass. 2011)Facts
On December 1, 2005, Ibanez took out a loan to purchase a property. The loan was secured by a mortgage to Rose Mortgage, Inc. Rose Mortgage later assigned the mortgage to Option One Mortgage Corporation on June 7, 2006. Prior to the recording, on January 23, 2006, Option one executed an assignment of the mortgage in blank (not specifying an assignee name). Option One then, allegedly, assigned the mortgage to Lehman Brothers Bank, which assigned it to Lehman Brothers Holding, which then assigned it Structured Assent Securities Corporation, which then pooled the mortgage with 1,220 other mortgages and assigned it to U.S. Bank. U.S. Bank claimed the final assignment occurred pursuant to a December 1, 2006 trust agreement. (During trial U.S. Bank did not provide the trust agreement or a mortgage schedule.) In June 2007, U.S. Bank published a notice of foreclosure on Ibanez’ property and, on July 5, 2007, U.S. Bank purchased the property for significantly less than the outstanding debt. Finally, in September 2008, an assignment of the Ibanez mortgage was executed to and recorded by U.S. Bank.
Similarly, on May 19, 2005, the LaRaces took out a loan with Option One. Option One assigned the mortgage to Bank of America, which then assigned it to Asset Backed Funding Corporation (ABFC). ABFC then pooled the mortgage with several others and assigned it to Wells Fargo. In June 2007, Wells Fargo published a notice of foreclosure on the LaRace property and subsequently purchased the property for significantly below market value.
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