The bad news: That this, truly, is news :
(Bloomberg) 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.I mean, really - a ruling that banks can't foreclose if they cannot prove they ownsa mortgage should not be news.
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.
Yet it is.
At least the ruling was right. Let's see how the banks push back on this.
(H/t The Big Picture)
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