Godlike Productions - Reply to Thread

Users Online Now: 1,750 (Who's On?)	Visitors Today: 498,000
Pageviews Today: 1,017,282	Threads Today: 536	Posts Today: 10,150
04:16 PM

REPLY TO THREAD

Subject Breaking - Banks Lose Pivotal Massachusetts Foreclosure Case

User Name

Font color: Font:

In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.

Original Message [link to www.bloomberg.com]

US Bancorp and Wells Fargo & Co. lost a foreclosure case in Massachusetts’s highest court that will guide lower courts in that state and may influence others in the clash between bank practices and state real estate law. The ruling drove down bank stocks.

The state Supreme Judicial Court today upheld a judge’s decision saying two foreclosures were invalid because the banks didn’t prove they owned the mortgages, which he said were improperly transferred into two mortgage-backed trusts.

“We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure,” Justice Ralph D. Gants wrote.

Thoughts?

Pictures (click to insert)





\| Next Page >>