Big win on the foreclosure fraud front today in Massachusetts. From Bloomberg:
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….
More background on the case and the implications here and here.
How is it 'foreclosure fraud' when the FACT that the people were not paying their mortgages was not in dispute?
They are no less guilty than banks that may have violated laws in the foreclosure process.
Hold everyone accountable Jon, not just banks. It is not a 'win' at all.
It is when you are a just and righteous radical Progressive Liberal who rightly hates capitalism and, most of all, evil, greedy rich banks!
HUGO CHAVEZ