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Author Topic: Banks lose key foreclosure ruling in top Massachusetts court  (Read 4018 times)
RandallS
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« Reply #2: January 08, 2011, 03:35:52 pm »

Looks like anybody whose mortgages was securitized can stop paying their mortgage and get the house free and clear.  Talk about WMD(e).

So people or companies should be able to take someone's house away by claiming that they defaulted on a mortgage without having to show they have the title on the house in question? That would be fantastic idea. I can foreclose on everyone I don't like and after I ruin them they can spend their money fighting in court to prove I didn't hold the title and mortgage. What a stupid idea.

I realize that the banks were transferring these mortgages around left and right and did not always bother to do all the paperwork right, but if they wanted the right to foreclose, they should have been sure they were doing it right. They made the mistakes through their own choices, I don't feel sorry for them nor do I think they should be allowed to proceed anyway.
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