Friday, January 7, 2011

And the financials all went down on Massachusetts (BAC; USB; WFC; XLF)

I never much cared for the song.
And Izabella can't be old enough to remember it.
From FT Alphaville:

(Excuse the Bee Gees song reference, couldn’t help ourselves.)
As we have already noted, Wells Fargo and US Bancorp on Friday lost what could turn out to be a highly critical case regarding the general legality of bank foreclosures in the United States.

As Reuters reported, Massachusetts’ highest court found in favour of voiding foreclosures on two homes due to the banks’ inability to show that they held the mortgages at the time of foreclosure.

Due to the importance of the potential precedent — the effective legality of all US securitizations — financials are understandably moving forcefully on the news....MORE
Here's the song, you tell me: