U.S. Bankruptcy Court Judge Martin Glenn denied Wells Fargo's request for permission to foreclose on Tandala Mims's house in the Bronx for a second time on Thursday because he still wasn't satisfied that Wells -- as opposed to some other bank -- had the right to do so.
In its attempts to prove its legal standing to foreclose so far, Wells Fargo (WFC) has submitted two different versions of Mims's note, certifying each as a true and accurate copy of the original. The bank has also submitted a document assigning the mortgage to it that was problematic, as I explained in an article earlier this week. One issue with the assignment was that the company allegedly doing the assigning is defunct. Another is that -- through the magic of MERS -- a Wells Fargo employee was signing on behalf of the assigner. Essentially, that puts Wells Fargo on both sides of the contract, a conflict of interest.
In its court filing after the judge's first rejection of its standing, Wells Fargo didn't specifically address the problems with the note, and instead focused on the assignment, but without facing the real issue. Wells justified that assignment as "merely to take the subject mortgage out of the MERS system."
See full article from DailyFinance: http://srph.it/fUXhiL
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