Court Rules Banks Must Actually Follow the Law

Well, well. For once, the oligarchs do not get their way.

In a ruling that may affect foreclosures nationwide, the Massachusetts high court has voided the seizure of two homes byWells Fargo & Company and US Bancorp after the banks failed to show that they held the mortgages at the time of the foreclosures. ..

Courts in other states are considering similar cases, and all 50 state attorneys general are examining whether lenders are forcing people out of their homes improperly.

Friday’s decision may also threaten banks’ ability to package mortgages into securities, including whether loans that were transferred improperly might need to be bought back.

Massachusetts Court Voids Foreclosures by 2 Banks – NYTimes.com

Larry Summers will not be pleased.

Advertisements
This entry was posted in Economics, Politics and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s