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Minnesota rank: 45 90+ Day Delinquency Rate Foreclosure Rate July 2013 1.3% Unemployment Rate 1.0% 5.2% year ago 1.6% 1.8% 5.8% year-over-year change -17.3% -45.1% -10.3% Top County FaribaulT CounTy 90+ Day Delinquency Rate Foreclosure Rate July 2013 1.4% 2.6% year ago 3.8% 3.2% year-over-year change -62.2% -18.8% Top Core-based Statistical area alberT lea, Mn 90+ Day Delinquency Rate Foreclosure Rate July 2013 1.7% 1.6% year ago 2.4% 3.0% year-over-year change -29.4% -46.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Hennepin counties alleging Merscorp violated Minnesota law by not recording mortgage assignments with county recorders. The counties also complained that Merscorp's failure to record mortgage transfers caused a loss in recording fees and inaccurate county land records. In their arguments, the plaintiffs referred to §507.34, which in part, states that "conveyance of real estate shall be recorded in the office of the county recorder of the county where such real estate is situated." However, Merscorp and co-defendants argued the phrase "shall be recorded" points to where the mortgage should be recorded only "if the mortgagee wants to avoid the consequence—loss of—of not recording the conveyance." The subsequent sentence in the statute also addresses conveyances not recorded, thus acknowledging that not all conveyances will be recorded. "As a result, the court concludes that the plain language of §507.34 is unambiguous and does not establish a duty to record all conveyances; rather, it outlines where to record and explains the consequence— loss of priority—of failing to do so," Judge David S. Doty explained. Mississippi rank: 21 90+ Day Delinquency Rate Foreclosure Rate July 2013 5.1% Unemployment Rate 2.3% 8.5% year ago 5.3% 3.8% 9.3% year-over-year change -3.9% -38.9% -8.6% Top County PrenTiss CounTy 90+ Day Delinquency Rate July 2013 6.4% Foreclosure Rate 4.6% year ago 4.2% 4.7% year-over-year change 49.6% -0.9% Top Core-Based statistical Area nATChez, Ms-LA 90+ Day Delinquency Rate Foreclosure Rate July 2013 4.4% 3.5% year ago 5.1% 4.8% year-over-year change -14.2% -26.6% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Minnesota www.MinnesotaREO.com Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen 612-669-6324 952-829-2938 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 FROM THE BENCH Minnesota Court Rules in Favor of Merscorp in Recording Suit Merscorp Holdings, Inc., announced another favorable ruling in a recording lawsuit from two Minnesota counties. The U.S. District Court in Minnesota dismissed claims from Ramsey and 84 Wolters Kluwer Completes Svenson Acquisition from SmartStream Minneapolis-based Wolters Kluwer Financial Services announced last month that it completed the acquisition of Svenson, a regulatory reporting software suite for financial institutions based in Austria. Terms of the deal were not disclosed. Svenson was part of SmartStream, a provider of financial transaction management solutions. The Svenson product suite complements the existing Wolters Kluwer Financial Services offering for regulatory reporting, as well as the company's risk management and finance offerings. Wolters Kluwer Financial Services also provides compliance and audit solutions to the worldwide financial services industry. The company assists more than 15,000 customers globally in navigating regulatory complexities, optimizing risk and financial performance, and managing data to support decision-making. Wolters Kluwer has more than 30 offices in 20 countries and 19,000 employees worldwide. Missouri rank: 42 90+ Day Delinquency Rate Foreclosure Rate July 2013 2.4% Unemployment Rate 1.1% 7.1% year ago 2.6% 1.7% 7.1% year-over-year change -6.3% -36.4% 0.0% Top County Mississippi CounTy 90+ Day Delinquency Rate July 2013 3.7% Foreclosure Rate 2.5% year ago 2.5% 3.2% year-over-year change 47.6% -24.3% Top Core-Based statistical Area MexiCo, Mo 90+ Day Delinquency Rate Foreclosure Rate July 2013 3.1% 2.2% year ago 3.0% 2.5% year-over-year change 2.2% -11.3% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics.