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VISIT US ONLINE @ DSNEWS.COM MMREM, stated the company's success has been driven by an innovative business model and a strong management team. "MMREM remains on the leading edge of real estate asset management and disposition, which have become increasingly important in today's challenging housing market. Our talented and hard-working people are behind our success, and they will pave the way for continued growth in the future," Martin said. The firm, which is headquartered in Matt Martin, founder and president of Arlington, Virginia, was established in 2004 and has offices in Dallas, Austin, Philadelphia, Irvine, and Atlanta. Best Medical Files Suit Against Wells Fargo over Commercial Loans Medical, Inc., part of Virginia-based TeamBest, which creates and distributes medical products and technology. The litigation, which originated in spring 2010, was elevated to the U.S. Federal Court in Alexandria, Virginia, in early August. Best Medical alleges Wells Fargo Wells Fargo faces litigation from Best dismissed fraud claims TeamBest brought against Wells Fargo regarding interest rate SWAP agreements. At the time of publication, Wells Fargo did not respond to inquiries regarding the litigation. KNOW THIS Government data show 124 Virginia borrowers have received principal- reducing mods from servicers seeking to satisfy settlement conditions. Average amount of relief comes to $91,806. discriminated against the company when calling commercial mortgage loans. The bank "charged additional fees, significantly increased the interest rate, and demanded the immediate payment of the loan with a prepayment penalty and legal fees amounting to nearly 1 million dollars," according to a statement from Best Medical. Best Medical claims its commercial mortgage loans were fully performing, and the company submitted an additional $2 million payment upfront "as a sign of goodwill," James Brady, in-house council for Best Medical, explained to DS News' sister publication MReport. The company further alleges that Wells Fargo "has been harassing TeamBest customers" and "continues to confiscate additional assets and funds," which is ultimately "preventing TeamBest from conducting its business." According to Best Medical, "Wells Fargo Washington rank: 30 90+ Day 4.36% 3.46% 25.97% 90+ Day 6.19% year ago 4.97% percent point change 24.38% 4.21% Top Core-Based Statistical Area LONGVIEW, WA 90+ Day is now holding nearly a few hundred million USD as collateral for a $10 million USD loan." Brady said "there is more than enough in real estate to cover the loans," but Wells Fargo is also holding the company's personal property and accounts receivable as collateral as well. 4.33% year ago 3.23% percent point change 34.04% 5.39% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90- plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the July 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary July 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. 2.95% Delinquency Rate july 2012 3.11% Foreclosure Rate 3.78% Delinquency Rate Foreclosure Rate july 2012 2.64% year ago 2.72% percent point change -3.01% Top County PIERCE COUNTY Delinquency Rate july 2012 3.94% Unemployment Rate 8.5% 9.3% -8.6% Foreclosure Rate Fairfax County Circuit Court in Virginia IN THE NEWS Washington Supreme Court Rules No Foreclosures Without Note in mid-August that Mortgage Electronic Registration Systems, Inc. (MERS) can't foreclose on a property through the state's non-judicial process unless it holds the promissory note. In the court opinion, Justice Tom The Washington Supreme Court ruled Chambers wrote, "Simply put, if MERS does not hold the note, it is not a lawful beneficiary." Since it is not recognized as a beneficiary without the promissory note, MERS could not, in the two cases the court examined, appoint trustees to initiate non-judicial foreclosures. The opinion stated only the "actual holder of the promissory note or other instrument evidencing the obligation" could act as a beneficiary and appoint a trustee to foreclosure on a property. The two plaintiffs named in the cases were foreclosed on by trustees appointed by MERS. MERS was created in the 1990s to record and track the transfer of mortgages electronically. The system allowed those who bought and sold mortgage-backed securities to avoid the cost of recording fees and the inconvenience going to a county court to record ownership. Aside from tracking ownership, MERS in certain states was also named as a beneficiary of the deeds of trust. In a statement, MERS said it "ceased commencing foreclosures in its name over a year ago, so this opinion does not impact its current operations. The opinion will, however, create confusion for Washington homeowners while the trial courts consider its effect on pending cases. We remain confident that MERS' role in the U.S. housing finance system is valid and will withstand legal challenges." KNOW THIS Seattle had 11 months of REO supply as of May, RealtyTrac reports. 109

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