Amherst Explains Massachusetts Foreclosure Reversals; More on Citi's Originator Compensation Guidance; Lots of Lender Updates

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Posted To: Pipeline Press

Last week's Massachusetts' court decision, involving Wells Fargo and US Bank, is garnering lots of discussion in the press. As a quick refresher, the Massachusetts Supreme Court ruled against USB and Wells, upholding the opinion of the lower court that two foreclosures were invalid because the banks, acting on behalf of the securitization trusts, didn't prove they owned the mortgages. Amherst Securities, however, argues that the ruling itself is not as negative as the headlines, and is unlikely to cause delays beyond that already being experienced . "The Massachusetts Supreme Court ruling does not question the validity of securitizations, it allows for assignment in blank and it provides a guide for what the banks would have needed to show to prove they owned the mortgages. Investors should...(read more)

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Source: www.mortgagenewsdaily.com

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