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Banks lose key foreclosure ruling in top Massachusetts court

danarhea

danarhea

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Wells Fargo and U.S. Bancorp lacked authority to foreclose after having "failed to make the required showing that they were the holders of the mortgages at the time of foreclosure," Justice Ralph Gants wrote for the Massachusetts court.

In a concurring opinion, Justice Robert Cordy lambasted "the utter carelessness" that the banks demonstrated in documenting their right to own the properties
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Exactly. The banksters are not special in any way, shape, or form, but are subject to the same laws as the rest of us. Let them eat cake greenbacks. :mrgreen:

Article is here.
 
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Banks will pay the price for what they did. The number of regulations is increasing by the day.
 
Time to buy the dips and sell the tips! I believe BoA has the most exposure to mortgages in default and delinquency.
 
Goldenboy219 said:
Time to buy the dips and sell the tips! I believe BoA has the most exposure to mortgages in default and delinquency.
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BOA did just sign a deal with the government to pay 1.1 billion for mortgages it had to pay back. Of course this deal also covers any potential mortgages from Countrywide that Freddie and Fannie may have wanted BOA to buy back (I believe over 100 billion in potential mortgages
 
danarhea said:
Exactly. The banksters are not special in any way, shape, or form, but are subject to the same laws as the rest of us. Let them eat cake greenbacks. :mrgreen:

Article is here.
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What a freakin' mess THIS could turn into. So! They foreclosed illegally. That means the sale is void. That means the BUYER is screwed. Ahhhh, the litigation attornies are going to love this puppy. Actual damages + punitive class actions up the wazoo. NOW!! How's Washington gunna bail them outa' this one??
 
MaggieD said:
What a freakin' mess THIS could turn into. So! They foreclosed illegally. That means the sale is void. That means the BUYER is screwed. Ahhhh, the litigation attornies are going to love this puppy. Actual damages + punitive class actions up the wazoo. NOW!! How's Washington gunna bail them outa' this one??
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The buyer most likely had to get title insurance, and if so is going to be covered
 
Lord Tammerlain said:
The buyer most likely had to get title insurance, and if so is going to be covered
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Hmmmm....excellent point!!! So the SELLER'S will get a bonus. How nice. First they borrow over their heads, then they default, make the bank foreclose and live rent-free for a year or more, strip the houses of their appliances and light fixtures, then end up getting a bonanza. What a country!!!!!
 
Goldenboy219 said:
Time to buy the dips and sell the tips! I believe BoA has the most exposure to mortgages in default and delinquency.
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I actually picked up a few hundred BAC last month. i'll probably just hold it long term, but you're probably right. Smart thing to day trade it, if I only had the time.

Through countrywide, they certainly have the most exposure. I put my money on the hope that this will be a boon in the long term.
 
FBI investigating possible mortgage fraud in Ingham County | Michigan Messenger

FBI investigating possible mortgage fraud in Ingham County

.........Register of Deeds, Hertel is responsible for overseeing all the documentation of property sales in the county, including mortgage assignments. Mortgage assignments are documents that transfer ownership of a mortgage from one lending company to another.......Green, it turned out, was more desperately needed than one person could handle. Therefore people were paid $13 an hour for signing Linda Green’s name.....
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I wonder if it would be legal for me to hire a person to sign my name on official documents ?

GR2010092206765.jpg
 
Dunno. But since the thread was resurrected, I sold BAC in the 15s and made a nice profit in just a few months.
 
buck said:
Dunno. But since the thread was resurrected, I sold BAC in the 15s and made a nice profit in just a few months.
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I bought several thousand shares of BoA when it was in the mid three's.. :)

I'm still holding it.. Itill bein the mid 30's by next year.. :)


Tim-
 
danarhea said:
Exactly. The banksters are not special in any way, shape, or form, but are subject to the same laws as the rest of us. Let them eat cake greenbacks. :mrgreen:

Article is here.
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Yes. The more people that stay in their homes rather then caving to these banksters, the better off everyone will be. The debt on homes is only a smal fraction of the whole problem in the first place..
 
Hicup said:
I bought several thousand shares of BoA when it was in the mid three's.. :)

I'm still holding it.. Itill bein the mid 30's by next year.. :)


Tim-
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Congrats. Now I know who to go to for a loan.

With the recent hit to the stock price they've had, i've been tempted to buy back in.. But have been waiting for a bit lower price. I don't see 30's anytime soon, though 20's is a possibility assuming they get some favorable settlements.
 
I bought with the specific intent on keepin it long term. Actually added it to my long portfolio. I generally don't day-trade blue chips.. :)


Tim-
 
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