[TheLion]

Interesting post. You could end up with more than one company forclosing on you. I can see why the judge ruled this way.

[seacapn]

I think it was the right decision. It's a basic principle of law that if you make a claim against someone based on an obligation owed to you, that you can document that obligation. If you can't document it in the way the law requires, then you can't use the court system to enforce the obligation. That's why we first had doctrines like the 'Statute of frauds' that require certain obligations to be in writing, and to be written in certain ways.

No matter how complex mortgage-backed securities get, if you want to foreclose, you'll still need to prove that you, in particular, have the right to foreclose. The judge is just telling the bank that their documents don't meet the requirements.

[Neidermeyer]

I would put this simply as ... The judge stated “NO TICKEE ; NO LAUNDRY!”