Missouri Court Dismisses Real Estate Settlement Procedures Act and Home Ownership Equity Protection Act Violation Claims Brought Against Nationstar Mortgage, LLC and MERS

Posted by & filed under 2013, Downstream litigation, Downstream litigation by date, Downstream litigation by state, Equity, Foreclosures, MBS industry, MERS/Bank has standing, Missouri, Note ownership litigation.

The court in deciding White v. CTX Mortg., LLC, 2013 U.S. Dist. LEXIS 146589 (W.D. Mo. 2013) ultimately granted the defendant’s motion to dismiss. The plaintiff’s complaint asserted that the chain of title had been broken. Consequently, “title was not clear enough” for CTX to foreclose on the property. Plaintiffs raised eight claims: (1) “Predatory… Read more »

Missouri Court Dismisses Predatory Lending & TILA Claims

Posted by & filed under 2013, Downstream litigation, Downstream litigation by date, Downstream litigation by state, Missouri.

The court in deciding Fleming v. Bank of Am., 2013 U.S. Dist. LEXIS 150758 (W.D. Mo. Oct. 21, 2013) found the plaintiff’s argument and complaint to be filled with legal conclusions and disjointed, conclusory allegations. The court noted that the complaint frequently referred simply to “Defendant” or “Defendants” with no indication as to which specific… Read more »

Missouri Court of Appeals Holds that MERS Does not have Authority to Assign without Holding Note

Posted by & filed under 2009, Downstream litigation, MERS/Bank lacks standing, Missouri.

In Bellistri v. Ocwen Loan Servicing, LLC, 284 S.W.3d 621 (MO Ct. of App., E. D., Mar. 3, 2009), the court held that MERS did not have the authority to assign its interest because it did not hold the promissory note. BNC Mortgage Inc. (BNC) was the lender and payee of the promissory note. In… Read more »

U.S. Bankruptcy Court of Western District Missouri Holds that Agency Relationship created when MERS is Designated as a Nominee

Posted by & filed under 2010, Bankruptcy litigation, MERS/Bank has standing, Missouri.

In re Tucker, 441 B.R. 638 (Bankr. W.D. Mo. 2010), court held that designation of MERS as a nominee in the Mortgage is “more than sufficient to create an agency relationship between MERS and the Lender and its successors in Missouri” and that MERS may exercise any rights that the Lender may exercise under the… Read more »