Class 20: Special Issues in Residential Foreclosures - Mar. 27

Question 1

What happened in U.S. Bank National Assoc. v. Ibanez (2011)? (Q/TB)

Answer 1

A party has the authority to exercise a power of sale contained in a mortgage only if the party holds the mortgage at the time of the notice of sale and at the subsequent foreclosure sale.

Question 2

What happened in Bain v. Metropolitan Mortgage Group Inc. (2012)? (Q/TB)

Question 3

What happened in City of Cleveland v. Ameriquest Mortgage Securities, Inc. (2010)? (Q/TB)

Question 4

What happened in Bank of America v. City of Miami (2017)? (Q/TB)

Question 5

What is the Mortgage Electronic Registration System (MERS)? (Emanuel)

Answer 5

MERS facilitates transfers of ownership interests in residential mortgage loans. MERS acts as a nominee for loans and is the mortgagee of record, regardless of how many times the mortgage is sold. MERS eliminates the need to record assignments of mortgages in the public records. (192)