Court Says Mortgage Pool Investors Can't Foreclose

Law360, New York (November 15, 2007, 12:00 AM EST) -- Two federal judges have tossed foreclosure actions brought on behalf of investors in mortgage securitization pools, saying that longstanding practices used to securitize mortgages do not actually give the pools' trustees legal ownership of the mortgages — and leading some to hope for a slowdown in foreclosures.

Judge Christopher Boyko, of the U.S. District Court for the Northern District of Ohio, handed down the first decision on Oct. 31, dismissing 14 actions on behalf of investors in a pool held in trust by Deutsche Bank....
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