The Ibanez Decision and the Foreclosure Business

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Last week, in a Massachusetts Land Court decision, Judge Long issued a Memorandum and Order denying the motions to vacate the previous judgments that he had entered in the consolidated cases of U.S. Bank National Association v. Ibanez and Wells Fargo Bank v. Larace (both referred to hereinafter as the "Ibanez" decision), thereby reaffirming his earlier decision in Ibanez, which invalidated the foreclosure sales because the foreclosing entities were not the mortgage holders "at the time" of the foreclosure, nor did they have a valid assignment of the mortgage pursuant to Massachusetts law. Judge Long rejected the banking industry's arguments in favor of a strict construction of the requirements that need to be followed by a foreclosing party under M.G.L. c. 244 Section 14.

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