Richard D. Vetstein, Esq. was recently quoted in Bloomberg News about the recent Massachusetts case of Eaton v. Federal National Mortgage Association (Fannie Mae) which has the potential to significantly impact the foreclosures of the millions of securitized mortgages in Massachusetts and the U.S.

Seizures Threatened In Massachusetts With Naked Loans Challenge: Mortgages, Bloomberg News (Feb. 21, 2012).

“The banks will have to find ways to reunify them and establish the same party holds both the note and mortgage,” said Richard Vetstein, a real-estate lawyer in Framingham, Massachusetts. “It’s going to open up foreclosures to challenges all over the place.”

The Massachusetts Supreme Judicial Court justices signaled last month they may rule in favor of Eaton when they asked parties in the case to submit briefs arguing whether such a decision should be applied retroactively or only to future lending. If retroactive, it would cloud the titles of the 40,000 Massachusetts properties seized in the last five years and while the ruling only applies to the state, it could serve as a model for homeowners trying to overturn foreclosures in other states.

 

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