Court Slams Banks on Foreclosures

A decision by the Supreme Judicial Court of Massachusetts will void the seizure of two homes by Wells Fargo and US Bancorp. CNBC reports the unanimous decision holds that the banks lacked authority to foreclose on two houses they seized back in 2007. The court held that the plaintiffs had failed to show that title to the homes had been properly transferred in the process, which meant that the securitization trust never took legal possession of the mortgage. CNBC Editor John Carney says it would be hard to overestimate the importance of the ruling and that new contests to foreclosures will mean buyers will be reluctant to consider foreclosed homes.  “The decision is truly explosive,” Carey writes. Also, Vermont and New Jersey recently enacted emergency amendments to each state’s foreclosure laws that require a case plaintiff to more extensively validate and verify the accuracy of the foreclosure.
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