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(Reuters) - Wells Fargo & Co and US Bancorp lost a ruling by Massachusetts' top court on Friday that found the banks failed to show they held the mortgages at the time they foreclosed on two homes.
The ruling could cause other foreclosure sales to be invalidated, especially where lenders may not have all of the underlying documentation.
It may also be significant in the realm of securitization, where mortgages are packaged into securities to be sold to investors.
In midday trading, Wells Fargo shares were down $1.03 or 3.2 percent at $31.12, while U.S. Bancorp shares were down 1.3 perc