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�� IN THE NEWS Minnesota���s 1st Regents Bank Becomes Year���s Second Failure in 2013 Andover, Minnesota���s 1st Regents Bank became the country���s second FDIC-insured institution to collapse in 2013, the FDIC announced. All of 1st Regents��� estimated $49.1 million in deposits and virtually all of its $50.2 million in assets will be assumed by First Minnesota Bank in Minnetonka, the agency said in a release. First Minnesota will pay the FDIC a premium of 2 percent to assume the deposits. The FDIC estimates the cost to its Deposit Insurance Fund to be about $10.5 million. In addition to being the second bank failure in 2013, 1st Regents��� collapse is the first in Minnesota this year. Three FDIC-insured banks had collapsed as of the same time in 2012, and seven had collapsed in 2011. rank: 18 Foreclosure Rate december 2012 5.70% Unemployment Rate 3.08% 8.6% year ago 5.74% 4.05% 10.4% percent point change -0.7% -23.9% -17.3% Top County 90+ Day Delinquency Rate STone CounTy Foreclosure Rate december 2012 6.58% 5.07% year ago 6.52% 6.31% percent point change 0.9% -19.6% Top Core-Based Statistical Area ClArkSdAle, MS 90+ Day Delinquency Rate Foreclosure Rate december 2012 9.27% 4.42% year ago 8.01% 3.95% percent point change 15.8% note: rank: 44 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.71% Unemployment Rate 1.27% 6.7% year ago 2.97% 1.82% 8.0% percent point change -8.6% -30.6% -16.3% Top County MCDonalD CounTy 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.99% 3.63% year ago 3.36% 3.55% percent point change -11.1% 2.0% Top Core-Based Statistical area MexiCo, Mo 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.29% 2.46% year ago 3.75% 3.72% percent point change -12.1% -34.1% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. FROM THE BENCH Mississippi 90+ Day Delinquency Rate Missouri 11.9% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Judge Throws Out Missouri Recording Fee Lawsuit Against MERS A U.S. district judge in Missouri has dismissed a recording fee suit filed by officials in Jackson County against Mortgage Electronic Registration Systems, Inc. (MERS), on the grounds that the county ���cannot enforce a nonexistent obligation.��� MERS��� parent company, Merscorp Holdings, Inc., announced that U.S. District Senior Judge Ortrie D. Smith of the U.S. District Court for the Western District of Missouri, Western Division, ruled in favor of MERS and dismissed the five-count, putative class action lawsuit filed on behalf of Jackson County and all other similarly situated counties in the state of Missouri. In Jackson County, Missouri v. Merscorp, Judge Smith ruled the paintiff cannot recover for the failure to record. The suit��� alleging unjust enrichment, civil conspiracy, and prima facie tort���sought declaratory and VISIT US ONLINE @ DSNEWS.COM injunctive relief based on claims that MERS and its members failed to record deeds of trust assignments and therefore failed to pay the applicable county recording fees. Judge Smith���s order dated January 14, 2013, explains that Jackson County failed to state a claim for unjust enrichment because its claim is premised on the incorrect notion that MERS acted improperly by not recording subsequent assignments after initial deeds of trust were recorded. ���Here, plaintiff has failed to state a claim for unjust enrichment, there is no duty to record assignments under Missouri law,��� Judge Smith wrote. While a benefit of priority is conferred by the Missouri recording statutes, the judge noted that ���plaintiff does not allege that defendants fail[ed] to pay the applicable recording fees for the initial deeds of trust that were recorded. Missouri is the fifth state in which judges have granted MERS��� motions to dismiss recording fee lawsuits, according to Jason Lobo, Merscorp���s director of corporate communications. Missouri Appeals Court Grants Injunction Against Mediation Ordinance The Missouri Eastern District Court of Appeals allowed for an injunction to halt a St. Louis County ordinance that requires banks to notify borrowers of their right to mediation before facing foreclosure. The Mortgage Bankers Association of Missouri requested the injunction against the ordinance, which was first passed in August 2012. The injunction was granted January 18. In an email to clients, South & Associates announced it has confirmed the county counselor���s office will not be enforcing the ordinance based on the court ruling. The firm also stated oral arguments for the issue will not likely be heard until late April. KNOW THIS The maximum number of allowable days between the due date of the last paid installment and the foreclosure sale date in Missouri is 240, according to Fannie Mae. 95