8th Circ. Revives Foreclosure Suit Over Faulty Assignments

Law360, New York (November 9, 2012, 3:16 PM EST) -- The Eighth Circuit in a published opinion Thursday revived a quiet title action by foreclosed-upon homeowners who say assignments of the titles to their properties were faulty, distinguishing their claims from a discredited theory requiring a foreclosing party to hold an original promissory note.

In its eight-page opinion, the three-judge panel said Minnesota borrowers had advanced a pair of arguments that might have legs. The borrowers said assignments of the legal titles to their mortgages from Mortgage Electronic Registration Systems Inc. to Aurora Bank FSB either...
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