News In Brief

Massachusetts court makes foreclosure decision

Kai Ryssdal Jan 7, 2011

This final note today, an update on the mortgage paperwork mess that was much in the news before Thanksgiving, the stories about robosigners processing tens of thousands of mortgages in an impossibly short period of time.

Part of the question in those cases was who actually held the mortgage on a house, and if a bank didn’t know where its mortgage paperwork was after it had sold all the loans out as mortgage-backed securities, could it foreclose?

Ummm, no.

The State Supreme Judicial Court in Massachusetts said today if the bank can’t find the right papers, tough beans. No foreclosure. Which explains why big bank stocks had such a rough day today.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.