The decision makes its clear that, at least in the state of Massachusetts, a bank or lender that wants to foreclose on a home must own themortgage in order to do so.
It's like there's no hope you're ever going to pay back themortgage, but they don't want to foreclose on you because otherwise the house sits there and falls to pieces.
The only fair thing to do is to foreclose upon all of the homes that qualify for foreclosure due to failure to pay upon themortgage, bring all the resulting inventory to the market and let the housing market find a secure and stable bottom.
"It is cheaper for the industry to have somebody become current on their mortgage payment than to have somebody go in a foreclose on this property, " he says.