Utah Court Dismisses HAMP, RICO, ECOA, RESPA & FDCPA Claims

Posted by & filed under 2013, Downstream litigation, Downstream litigation by state, Utah.

The court in deciding Cornia v. Countrywide Home Loans, Inc., 2013 U.S. Dist. LEXIS 149592 (D. Utah 2013) granted defendant’s motion to dismiss. Plaintiffs’ claims based on securitization, assignment to MERs, or “robo-signing,” were dismissed with prejudice. Plaintiffs’ complaint sought to quiet title in the property in plaintiffs’ names. As the basis for this relief,… Read more »

Laches Upends Priority of Mortgagee in Utah

Posted by & filed under 2013, Uncategorized, Utah.

Professor Wilson Freyermuth posted this summary of the Utah Supreme Court’s opinion, Insight Assets, Inc. v. Farias, ___ P.3d ___, 2013 WL 3990783 (August 6, 2013), to the DIRT listserv: Synposis:   Although vendor purchase money mortgagee may generally have a superior claim to priority over a third-party purchase money mortgagee under the Restatement, vendor purchase… Read more »

Utah Court Holds That Under Utah Law, MERS Was Not Required to Identify the Note-Holder in Order to Permit the Trustee to Proceed With Foreclosure

Posted by & filed under 2011, Downstream litigation, Foreclosures, MERS/Bank has standing, Utah.

The plaintiff in Nielsen v. Aegis Wholesale Corporation, MERS et al., No. 10-606 (D. Utah May 4, 2011) argued that MERS divided the deed of trust as well as the promissory note. The court, in reaching their decision and rejecting the plaintiff’s argument, noted that “the court adopted the defendant’s argument that plaintiff had latched… Read more »

Robo-Signing Complaints Must Sing A Different Toone

Posted by & filed under 2013, Downstream litigation, Note ownership litigation, Utah.

The Court of Appeals for the 10th Circuit took a hard look at a complaint alleging robo-signing misbehavior relating to a promissory note and its various endorsements in Toone v. Wells Fargo Bank, N.A. et al., (Mar. 8, 2013, No. 11-4188).  The court noted that Ordinarily, we accept the well-pleaded factual allegations of the complaint as… Read more »

Utah State Court Holds that MERS Maintains Its Rights Under the Deed of Trust Despite the Sale and Securitization of the Underlying Note

Posted by & filed under 2011, Downstream litigation by date, Downstream litigation by state, MERS/Bank has standing, Utah.

In Commonwealth Property Advocates v. Mortgage Electronic Registration System, 263 P.3d 397, (2011), the Court of Appeals of Utah affirmed a Utah district court’s order dismissing the plaintiff’s complaint. In the case at hand, a home buyer executed a promissory note in favor of her lending bank for $417,000. The note was secured under the… Read more »

Utah District Court Holds that MERS Has Authority to Assign Beneficial Interest and that Assignee Has Power to Initiate Non-Judicial Foreclosure

Posted by & filed under 2010, MERS/Bank has standing, Utah.

In King v. American Mortgage Network, No. 1:09 CV 125 TS, 2010 WL 3222419 (D. Utah Aug. 16, 2010), the United States District Court of Utah granted Defendant’s motion to dismiss Plaintiff’s claims. In November 2007, Plaintiff received a loan for $112,000 from American Mortgage Network, Inc. (“AmNet”) to purchase property in Ogden, Utah. In… Read more »

Tenth Circuit Holds that MERS Has Authority to Assign Trustees After the Promissory Note Has Been Securitized and that Those Assignees Can Initiate Non-Judicial Foreclosure; Plaintiffs’ TILA Claims Were Time Barred

Posted by & filed under 2012, MERS/Bank has standing, Utah.

In Tadehara v. Ace Securities Corp. Home Equity Loan Trust Series 2007 HE4, 2012 WL 2581037, the United States Court of Appeals for the Tenth Circuit dismissed the plaintiffs’ quiet title claim and TILA claim. On February 8, 2007, the plaintiffs obtained a loan secured by a mortgage on their house in Murray, Utah. They… Read more »