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Sabina v. JP Morgan Chase: Maine Mortgage Holders Must Send Original Discharge to Mortgagor

In Sabina v. JPMorgan Chase Bank, N.A., the Maine Law Court reaffirmed that mortgage holders in Maine must timely mail a discharge within 60 days after the conditions of the mortgage have been satisfied. 2016 ME 141. The Court further found that a photocopy of the discharge was not sufficient.

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US Bank v. Decision One: Proving Assignment Of A Mortgage Just Got Harder

A recent Maine Superior Court decision in US Bank v. Decision One Mortgage highlights the challenge of a foreclosing party to prove that it owned -- or had sufficient rights in -- both the note and the mortgage.  The importance of establishing ownership in order to foreclose on a mortgage was established by Bank of America, N.A. v. Greenleaf, 2014 ME 89, a seminal decision of Maine’s highest court in 2014.

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Financial Institutions . . . In the News

  • Acadia Trust merges with Camden National Bank and will now be called Camden National Wealth Management.  (Central Maine 9.14.2016)
  • Senate Committee prepares to question Wells Fargo CEO on high-pressure sales tactics. (Central Maine 9.19.2016)
  • Wells Fargo CEO Stumpf receives harsh criticism from members of the Senate Banking Committee.  (Central Maine 9.21.2016)
  • Some the $300 million Wells Fargo top executives received in bonuses may be returned because of Wells Fargo banking scandal.  (Central Maine 9.27.2016)
  • Portlander Michael Bopp to represent Wells Fargo with government investigations at congressional hearings.  (Washington Post 9.29.2016)
  • York County sees skimming devices at three locations:  Wells, Sanford, and Waterboro.  (Central Maine 10.2.2016)
  • Concerns arise from community banks and credit unions with potential new regulations because of the Wells Fargo scandal. (The Hill 10.3.2016)
  • Five of the largest U.S. banks submitted their new financial distress plans (“living wills”) as required by the Federal Reserve.  (The Hill 10.4.2016)
  • The Consumer Financial Protection Bureau issued new rules for prepaid cards.  (The Hill 10.5.2016)
  • Bangor Savings Bank’s customers being targeted with text scam. (BDN 10.6.2016)

Financial Institutions . . . In the News

  • Wells Fargo’s Middle Market Banking office opens in Portland.  (Mainebiz 8.9.2016)
  • Personal Income rose in Maine at the start of this year according to a study by Pew Charitable Trust. (PPH 8.29.2016)
  • Buoy Local gift-card company bought by Bangor Savings Bank.  (PPH 9.1.2016)
  • Kennebec Savings Bank Retired President, Mark Johnston, continues to serve through music. (BDN 9.6.2016)
  • Fraudulent text messages from banks and credit unions requesting customer’s account information are scams. (PPH 9.12.2016)

Financial Institutions . . . In the News

  • The Federal Reserve decided to not raise interest rates due to a weak May employment report and uncertainty about international economies.  (Portland Press Herald 7.6.2016)
  • Creating and using fake credit cards to buy $50,000 plus worth of goods in Maine leads to man’s arrest, jail, and a $250,000 fine.  (BDN 7.9.2016)
  • York County Federal Credit Union finds device on its ATM used to collect electronic information known as “skimming.”  (Mainebiz 7.12.2016)
  • May reports show foreclosure inventories dropped.  (Consumer Affairs 7.13.16)
  • JP Morgan reports strong quarterly results - leading other institutions. (BDN 7.14.2016)
  • Maine is the 9th top-performing state for the rate of growth for the first quarter.  (Portland Press Herald 7.27.2016)