BLOOMBERG| Banks Lose Pivotal Massachusetts Foreclosure Case

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BLOOMBERG| Banks Lose Pivotal Massachusetts Foreclosure Case

BLOOMBERG| Banks Lose Pivotal Massachusetts Foreclosure Case

By Thom Weidlich – Jan 7, 2011 2:56 PM ET

U.S. 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 transferred into two mortgage-backed trusts without the recipients’ being named.

Joshua Rosner, an analyst at the New York-based research firm Graham Fisher & Co., called the decision “a landmark ruling” showing that at least in Massachusetts a mortgage “must name the assignee to be valid.”

“This is likely to open the floodgates to more suits in Massachusetts and strengthens cases in other states,” Rosner said.

“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 for a unanimous court.


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One Response to “BLOOMBERG| Banks Lose Pivotal Massachusetts Foreclosure Case”

  1. Speaking Spirit says:

    When are there going to be some real honest Attorneys with guts that care about our nation going to take on these Banksters? A few good cases like mine would bankrupt these bums and fix our economy overnight. We have good people occupying our cities for change. The solutions for fixing our economy are not all that complicated as they may seem. Use our Laws and take them down.

    Take down Wall the Street Banks, keep the money in our states with State Owned Banks. ( Building Roads and Creating Jobs)
    Let the SBA make direct Loans to Small Businesses serviced by Banks they know more about business than Banks. See North Dekota
    Emigration – if someone can prove they have lived in the States for 5, 7, or 10 years as a good citizen and never been in trouble, let them pay Taxes for the years they have been here and let them stay.
    Every problem has a solution.

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