United States Bank National Association, et al. v. Ibanez, 458 Mass. 637 (Sup. Jud. Ct. Mass. 2011)

(plaintiffs, arguing that they had fee simple title to various properties, were trustees that had foreclosed on the properties and subsequently purchased them at foreclosure sales; trial court denied default judgment for plaintiffs; on appeal, court affirmed; sales held to be invalid under state law because plaintiffs had not been assigned the mortgages until after sales completed even though foreclosure sales named the plaintiffs as holders of the mortgages; even though mortgages pooled together in trust (known as a "pooling service agreement") and converted to mortgage-backed securities, mortgages securing notes remained legal title to the tracts and securitization documents did not establish valid assignments to plaintiffs before foreclosure sales - indeed, plaintiff's didn't obtain assignment of note until more than a year after going to court; court noted that while assignment need not be in recordable form at time of notice of sale or at later foreclosure sale, where pool of mortgages is assigned to securitized trust, there must be proof that assignment made by party that held the mortgage).