Firm claims 75% of mortgage assignments invalid in Mass. county

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The results were pretty surprising: 16% of the assignments were valid, 75% were invalid, and 9% were deemed questionable. Of those that are invalid, 27% were fraudulent, 35% showed evidence of robo-signing, and 10% violated the Massachusetts Mortgage Fraud Statute. The proper owner of the mortgages could only be determined 60% of the time.

Assignments. An "assignment" is the document that is the legal record of the transfer of the mortgage (or deed of trust) from one bank to another. Each assignment is supposed to be recorded in the county land records. Endorsements. When the loan changes hands, the promissory note is endorsed (signed over) to the new owner of the loan.

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Firm claims 75% of mortgage assignments invalid in Mass. county HUD clarifies mortgage originator role in SAFE Act Investors, creditors stand to benefit from BofA settlement

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The Appeals Court noted that pursuant to U.S. Bank Natl. Assn. v. Ibanez, 458 Mass. 637, 648 (2011), an entity has the authority to exercise the power of sale in a mortgage if they are the assignee of the mortgage at the time of the notice of sale and the subsequent foreclosure sale, and MERS made such an assignment to Countrywide prior to the.

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