Summary
In Gale v. First Franklin, 686 F.3d 1055, 1060 (9th Cir. 2012) the court explained, "Congress did not intend that all servicers who owned loans would be liable as assignees. Paragraph (f)(2) carves out an exception to the general rule of paragraph (f)(1), so that servicers who are merely nominal assignees (that is, when a servicer is assigned ownership of the loan solely for 'administrative convenience') would not be liable on the same basis as actual owners of the loan."
Summary of this case from Giles v. Wells Fargo Bank, N.A.Opinion
No. 09–16498.
2012-07-12
Richard S. GALE, Plaintiff–Appellant, v. FIRST FRANKLIN LOAN SERVICES, subsidiary of First Franklin Financial Corporation; First Franklin Financial Corporation; Mortgage Electronic Registration Systems, Inc.; Cal–Western Reconveyance Corporation; LaSalle Bank National Association, Defendants–Appellees.
Editor's Note: The opinion of the United States Court of Appeals, Ninth Circuit, in Gale v. First Franklin Loan Services, published in the advance sheet at this citation, 686 F.3d 1055, was withdrawn from the bound volume because it was amended and superseded on denial of rehearing en banc August 31, 2012. For superseding opinion, see 2012 WL 3764700.