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U.S. Bank National Association v. Ibanez

Supreme Judicial Court of Massachusetts
941 N.E.2d 40 (Mass. 2010)


Facts

This holding combines two cases with almost identical facts. U.S. Bank National Association (U.S. Bank) and Wells Fargo Bank, N.A. (Wells Fargo) (plaintiffs) each foreclosed on a property and each bought the property back at the foreclosure sale. They each filed a claim seeking declarations that they were the fee simple owners of the foreclosed properties. U.S. Bank claimed that it was assigned its mortgage under a trust agreement, but it never presented the trust agreement to the court. U.S. Bank did submit a private placement memorandum (PPM) that indicated that the mortgage “will be” assigned to the trust. Wells Fargo also claimed that it was assigned its mortgage. To back up that claim, Wells Fargo presented an unsigned copy of a pooling and servicing agreement (PSA) as well as a mortgage loans schedule that purportedly included the mortgage at issue, but contained only loan amounts zip codes, and cities, and not property addresses, mortgagors’ names, or loan numbers. The trial judge ruled against the plaintiffs. The plaintiffs appealed.

Rule of Law

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Issue

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Holding and Reasoning (Gants, J.)

The holding and reasoning section includes:

  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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Concurrence (Cordy, J.)

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