Dickinson v. SunTrust Nat’l Mortgage Inc.
After foreclosure proceedings were instituted against Petitioners, Petitioners filed an amended class-action complaint against the Federal National Mortgage Association (Fannie Mae), the owner of their mortgage and note, arguing that Fannie Mae was not “authorized to do business” in the state, as required by the Statutory Foreclosure Act, because it had failed to obtain a certificate of authority from the Arkansas Secretary of State. A federal district court certified to the First Circuit the question of whether the Act allows authorization under federal law. The First Circuit answered that the Act does contemplate authorization under federal law and that Fannie Mae’s federal charter was sufficient to allow it to proceed under the statute. View "Dickinson v. SunTrust Nat'l Mortgage Inc." on Justia Law