Mass. Court Voids Wells Fargo, US Bank Foreclosures

Law360, New York (January 7, 2011, 8:34 PM EST) -- Massachusetts' highest court ruled Friday that two foreclosures were invalid because Wells Fargo Bank NA and U.S. Bank NA failed to show they owned the mortgages — a decision potentially affecting the financial services industry and homeowners facing foreclosure.

The Massachusetts Supreme Judicial Court's ruling affirmed that of a lower court, which found the paperwork the banks produced did not show that they were the holders of the mortgages at the time of foreclosure.

In a concurring opinion, Associate Justice Robert J. Cordy blasted the "utter carelessness with...
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