Foreclosed NJ homeowners may be helped by Ohio ruling

Plainfield homeowners facing foreclosure in the spreading subprime mortgage crisis might take hope from an Ohio federal judge's ruling.

Federal judge Christopher Boyko, sitting in Cleveland, dismissed foreclosure proceedings against 14 homeowners, ruling the mortgage investors failed to prove they owned the properties they were trying to seize.

The story is reported in this morning's NY Times.

Since homeowners usually do not fight foreclosure proceedings, holders of mortgage securities have not been challenged to produce proof they owned the physical property prior to foreclosing.

Consumer advocates are cheered by the judge's ruling.

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NY Times: "Foreclosures Hit a Snag for Lenders"

-- Dan Damon

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