U.S. Bank National Association v. Ibanez

In two consolidated cases with nearly identical facts, U.S. Bank and Wells Fargo (plaintiffs) each foreclosed on a property, bought it back at the foreclosure sale, and then sought declarations of fee simple ownership; each claimed its mortgage had been assigned to it, but neither could produce adequate documentation. U.S. Bank submitted only a private placement memorandum stating the mortgage "will be" assigned to its trust at some future date, while Wells Fargo submitted an unsigned pooling and servicing agreement and a loan schedule listing only zip codes, cities, and loan amounts rather than mortgagors' names, addresses, or loan numbers. The trial judge ruled against both plaintiffs, who appealed.