2011-01-22 — ml-implode.com
Last week, the Massachusetts Supreme Court ruled against two banks, Wells Fargo and US Bancorp, who had each foreclosed on homes and were now asking a judge to declare that they held clear title to the properties in fee simple.
The decision surprised quite a few, and represented a major landmark for those on the foreclosure defense side of the fight. Bank stocks got pretty much creamed after the decision was announced. Foreclosure defense blogs went into sheer elation mode, and it’s easy to understand why… finally, a decision by a top court had gone their way, establishing that the rules of foreclosure weren’t some trivial set of technicalities.
But, what was so amazing about the decision was not that it went against the banks. It should have and it did. What was amazing was how the banks attempted to defend their positions.
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