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Thread: Banks lose key foreclosure ruling in top Massachusetts court

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    Banks lose key foreclosure ruling in top Massachusetts court

    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
    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.

    Article is here.
    Last edited by danarhea; 01-08-11 at 05:23 PM.
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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Banks will pay the price for what they did. The number of regulations is increasing by the day.

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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    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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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Quote Originally Posted by Goldenboy219 View Post
    Time to buy the dips and sell the tips! I believe BoA has the most exposure to mortgages in default and delinquency.
    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
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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Quote Originally Posted by danarhea View Post
    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.

    Article is here.
    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??
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Quote Originally Posted by MaggieD View Post
    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??
    The buyer most likely had to get title insurance, and if so is going to be covered
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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Quote Originally Posted by Lord Tammerlain View Post
    The buyer most likely had to get title insurance, and if so is going to be covered
    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!!!!!
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    Quote Originally Posted by Goldenboy219 View Post
    Time to buy the dips and sell the tips! I believe BoA has the most exposure to mortgages in default and delinquency.
    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.

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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    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 Greenís name.....
    I wonder if it would be legal for me to hire a person to sign my name on official documents ?


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    Re: Banks lose key foreclosure ruling in top Massachusetts court

    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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