[BonneRisque]

The Mardi Gras Of Finance, US banks caught with their draw'ers down

Banks were dealt a big blow on Friday after a Massachusetts top court ruled that don't have a right to foreclose because they securitized and repackaged the mortgages.

In a worst-case scenario for the banking industry, the ruling means banks won't be able to foreclose on homes unless they can prove under new standards they are the actual title owners. That would be an expensive proposition because banks would then have to buy back securitized mortgage packages to reacquire the title.

http://www.foxbusiness.com/markets/...oreclosure-case-shares-retreat/#ixzz1AQ9ihZvQ​

 

[vfpreacher111]

As big of a deterrent and cost to the industry, as this ruling is... it did not state anything about their past repossessions... and the ability of the public to confront the bank as the new standards they have to play by... as having had the right to repo, in the first place.

 

[BonneRisque]

This could get real interesting should the fever spread,

People may fight to stay in their homes !

And yah know what,

I hope they winn *

Because these Swashbuckler, Take Risk with other peoples money Banks

Caused this Whole Financial Mess in this country !