COMMENTARY: by JONATHAN FOXX

Jonathan Foxx is a former Chief Compliance Officer of two publicly traded financial institutions, and the President and Managing Director of Lenders Compliance Group, the nation’s first full-service, mortgage risk management firm in the country.

A landmark ruling was issued by the Massachusetts Supreme Court on January 7, 2011, in US Bank v Ibanez.

At the heart of the decision is this question: does a bank have standing to foreclose if it does not have a proper mortgage assignment?

In a case that is likely to act as precedent in other jurisdictions, the highest court in Massachusetts answered: No!

Let’s first unpack some details of the litigation.

The real action begins on March 26, 2009.

LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance and offering a full suite of hands-on and automated services in residential mortgage banking.