Daisy Trust v. Wells Fargo Bank, N.A.Annotate this Case
In this action to quiet title the Supreme Court affirmed the judgment of the district court determining that the Federal Home Loan Mortgage Corporation (Freddie Mac) owned the subject loan at the time of a homeowner association's (HOA) foreclosure sale such that the HOA sale purchaser took title to the property subject to the first deed of trust by operation of the 12 U.S.C. 4617(j)(3), commonly known as the Federal Foreclosure Bar, holding that there was no error in the proceedings below.
Before the Court in this appeal were two issues related to the Federal Foreclosure Bar. The Supreme Court held (1) Nevada's recording statutes impose no requirement that Freddie Mac must be identified as the beneficiary on the publicly recorded deed of trust to establish its ownership interest in the subject loan; and (2) Freddie Mac's loan servicer did need not produce either the actual loan servicing agreement with Freddie Mac or the original promissory note to establish Freddie Mac's ownership interest in the loan because the loan provider introduced properly authenticated business records establishing that ownership interest.