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An Evolving Foreclosure Landscape: The Ibanez Case and Beyond

Peter Pitegoff & Laura Underkuffler, An Evolving Foreclosure Landscape: The Ibanez Case and Beyond, 5 Advance 131 (2011)

14 Pages Posted: 30 Nov 2017  

Laura Underkuffler

Cornell University - Law School

Peter Pitegoff

University of Maine School of Law

Date Written: 2011

Abstract

Mortgage securitization, subprime lending, a persistently weak housing market, and an explosion of residential mortgage defaults – today’s homeowners and banks face a new and challenging landscape. Recently, courts in several states have issued decisions that alter the terrain for mortgage foreclosures. In Massachusetts, New Jersey, and New York, among other states, courts have dismissed foreclosure actions on the basis of what might seem to be highly technical deficiencies in the pleading or proof. The most well-known–and controversial–in this cluster of cases is U.S. Bank National Ass’n v. Ibanez, decided by the Supreme Judicial Court of Massachusetts this year. In Ibanez, the court held that two assignee banks failed to obtain legal title to foreclosed properties because they failed to prove that they held valid assignments of the foreclosed mortgages at the moment that the foreclosure proceedings were begun.

Keywords: mortgage, subprime lending, banking, foreclosure, finance

JEL Classification: R38, K23, R51

Suggested Citation

Underkuffler, Laura and Pitegoff, Peter, An Evolving Foreclosure Landscape: The Ibanez Case and Beyond (2011). Peter Pitegoff & Laura Underkuffler, An Evolving Foreclosure Landscape: The Ibanez Case and Beyond, 5 Advance 131 (2011). Available at SSRN: https://ssrn.com/abstract=3078269

Laura Underkuffler

Cornell University - Law School ( email )

322 Myron Taylor Hall
Ithaca, NY 14853
United States
(607) 255-1245 (Phone)
(607) 255-7193 (Fax)

HOME PAGE: http://ww3.lawschool.cornell.edu/faculty/faculty_cvs/Underkuffler.pdf

Peter Pitegoff (Contact Author)

University of Maine School of Law ( email )

246 Deering Avenue
Portland, ME 04102
United States
207-780-4362 (Phone)

HOME PAGE: http://mainelaw.maine.edu/faculty/profile/pitegoff-peter/

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