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Top Mass. court rules against foreclosing banks

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posted on Jan, 7 2011 @ 12:09 PM
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Top Mass. court rules against foreclosing banks


www.reuters.com

(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
(visit the link for the full news article)




posted on Jan, 7 2011 @ 12:09 PM
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It has been said that because the companies responsible for filing your mortgage, ( B of A , Wells Fargo etc ), Since there is no signature by the purchaser on the actual mortgage, just the loan docs, the loan papers signed suggests your commitment to repay, but that is the loan docs. NOT the mortgage. With no signature on the mortgage itself, then the bank actually doesn't own your home. That is why this is a huge victory for the public!
Why do you think B of A stopped foreclosing a few months back. The public were becoming aware of this fact.

www.reuters.com
(visit the link for the full news article)



posted on Jan, 7 2011 @ 12:11 PM
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I guess they were held to producing a wet ink document.

Show me the note,with my signature on it!.



posted on Jan, 7 2011 @ 12:15 PM
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Good find. The banks and the other PTB need a boot in the a$$ every once in awhile. I hope these people get to keep their homes free and clear.




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