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Banks Lose Pivotal Massachusetts Foreclosure Case

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posted on Jan, 7 2011 @ 12:46 PM
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Banks Lose Pivotal Massachusetts Foreclosure Case


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.
(visit the link for the full news article)




posted on Jan, 7 2011 @ 12:46 PM
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Strike a victory for the "little people" against the foreclosure fraudster banksters!

This is definitely an area as of late that has gotten out of control, with big banks actually foreclosing on people wrongfully, and as we saw in a recent story, actually LOOTING people's homes!

Nice to see justice prevail for a change, and as this story suggests, this case may have a ripple effect that will begin helping folks not be victimized by these criminal practices of the banking industry.

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



posted on Jan, 7 2011 @ 01:36 PM
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Yes... very good news indeed. Hopefully more judges follow suit.
I wouldn't be surprised of banks starting approving alot more loan mods as well if this catches on.



posted on Jan, 7 2011 @ 04:28 PM
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You know. I just had a thought. When the banks do these sales or "securitization" of the loans. Isn't this transfer a sale?
And shouldn't the banks be paying taxes to the state for that sale?
Are the banks side stepping paying taxes or stamps and whatnot?



posted on Jan, 7 2011 @ 04:43 PM
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I hate to say this, but it's only a matter of time until this is taken to the supreme court and eventually, one way or another, won by the banks.

The banks own our government including our supreme court.



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