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Foreclosure Lawsuit Upset: Court Rules Against Wells Fargo And US ...
In a pivotal foreclosure lawsuit upset, the Massachusetts Supreme Court ruled against US Bancorp and Wells Fargo & Co. today in a case that could affect lower courts in that state and have serious financial consequences for some of the nation’s largest banks.
The state Supreme Judicial Court upheld a previous judge’s decision that two foreclosures made by the companies were invalid because the banks could not prove they actually owned the mortgages .
In the previous case, held in March 2009, Judge Keitch C. Long said the foreclosures were improperly transferred into two mortgage-backed trusts and voided them. The following October ,the banks requested he reverse the ruling, but he did not.
Today, Justice Ralph D. Gants , upheld the decision saying, “We agree with the judge that the plaintiffs, who were not the original mortgagees, failed to make the required showing that they were the holders of the mortgages at the time of foreclosure.”
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