Borrower Asks 6th Circ. To Nix $51M BofA Foreclosure Award

Law360, New York (August 23, 2012, 4:39 PM EDT) -- Several units of real estate investment company Cabot Investment Properties LLC on Wednesday told the Sixth Circuit it should reverse a $51.2 million judgment against them in a foreclosure suit brought by Bank of America NA on a 1-million-square-foot shopping mall in Ohio.

Cabot said BofA failed to meet its burden for establishing summary judgment because it did not demonstrate it was the holder of the note and mortgage. Without those, Cabot claimed the bank didn't have the right to foreclose on the Ashtabula Mall, which...
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