Friday, January 7, 2011

Banks lose key foreclosure case in top Mass. court | Reuters

NOTE: FRIGGING ABOUT TIME- we've beeen saying for months the SERVICERS are not showing paperwork of ownership. The wrong parties are foreclosing and the right parties can't even be found oftentimes. Go Massachusetts!

Banks lose key foreclosure case in top Mass. court | Reuters: "ank shares fell, dragging down the broader stock market, after the Supreme Judicial Court of Massachusetts on Friday issued its decision, which upheld a lower court ruling.

The unanimous decision is among the earliest to address the validity of foreclosures done without proper documentation. That issue last year prompted an uproar that led lenders such as Bank of America Corp, JPMorgan Chase & Co and Ally Financial Inc to temporarily stop seizing homes.

'A ruling like this will slow down the foreclosure process' for banks, said Marty Mosby, an analyst at Guggenheim Securities. 'They're going to have to be really precise and get everything in order. It doesn't leave a lot of wiggle room.'"

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