Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau

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Photo of Consumer Financial Services Law Blog Michael J. Blalock
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Showing 2 posts by Michael J. Blalock.

Senators Demand Answers Regarding CFPB’s Guidance Targeting Indirect Auto Lenders

On Wednesday (October 30, 2013), a bipartisan group of twenty-two U.S. Senators—11 Democrats and 11 Republicans—asked the Consumer Financial Protection Bureau (CFPB or Bureau) to provide details concerning the methodology used by the Bureau in issuing its March 21, 2013 bulletin concerning “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” Read More ›

Dykema Obtains Sixth Circuit Decision Dismissing Robo-Signing and Defective MERS Assignment Claims

In a decision issued yesterday (4/10/13), the United States Court of Appeals for the Sixth Circuit affirmed the dismissal of a complaint seeking to set aside a foreclosure sale based on an alleged defect in the assignment of the mortgage by Mortgage Electronic Registration Systems, Inc. (MERS).In Conlin v. Mortgage Electronic Registration Systems, Inc., --- F.3d ---, (6th Cir. April 10, 2013), the Court rejected the borrower’s claims of a defective assignment holding that it was “apparent that neither of Plaintiff’s theories—the ‘robo-signed’ assignment or MERS’s incapacity to assign—can support this action.”  In its decision the Court confirmed that a borrower must meet a “high standard” to set aside a foreclosure once the redemption period has expired.  Moreover, to meet that standard, a borrower not only has to show a defect that would render the assignment void, but that the borrower must also establish that he was prejudiced as a result of the defect. Dykema represented defendants MERS and U.S. Bank in the matter. Read More ›