Monday, January 17, 2011

Foreclosure Industry Begins Spinning Meaning Of Recent 'Ibanez' Ruling

AOL Daily Finance columnist Abigail Field writes:

  • K&L's basic pro-bank spin is this:

    Completed Massachusetts foreclosures aren't a big problem because they're not "automatically" invalidated.

    A complete set of securitization documents successfully transfers mortgages, and perhaps blank assignments can just be filled in, so there's no fundamental problem foreclosing in the future.(1)

  • Those claims are misleading and wrong.

For more, see Fixing Massachusetts Foreclosures Won't Be So Easy.

See also, Credit Slips: Ibanez and Securitization Fail.

(1) See The Reports of My Death are Greatly Exaggerated Foreclosures in Massachusetts Following the Supreme Judicial Court Decision in Ibanez for the entire text of the foreclosure industry 'spin sheet.'