The highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. on Friday in a pivotal mortgage foreclosure case that could spark more turmoil and uncertainty in a housing market already mired in depression.
The Supreme Judicial Court affirmed a lower court judge’s ruling invalidating two mortgage foreclosure sales because the banks, in their capacity as trustees for mortgage securities, did not prove that they actually owned the mortgages at the time of foreclosure.
The decision, which highlights the failure of financial firms to adhere to the rules that govern mortgage-backed securities, is likely to lead more borrowers to sue bank servicers and trustees for wrongful foreclosures. It’s unclear what the ruling means for people who were forced from their homes after defaulting on loans or for those who purchased foreclosed houses.
Some Wear on Main closing up shop
Some Wear on Main in downtown Fort Wayne will close its doors in coming months.
Owner Deanna Stoner said she is retiring to concentrate on costume and novelty business Stoner’s Funstore, another downtown venture she owns with her husband, Dick.
For 23 years, Some Wear, 207 W. Main St., has sold new prom and bridal gowns and accessories. Stoner has one employee who’ll likely retire, she said.
“We need room to expand at Stoner’s,” said Stoner, adding the formal wear location will yield about 1,000 square feet for Stoner’s Funstore, 712 S. Harrison St.
“We are having a sale and everything is half off,” she said
GM chief says rules on mileage ambitious
General Motors CEO Dan Akerson says new fuel-efficiency requirements being discussed by the government are “pretty ambitious” and suggested that Congress seek ways of reconsidering the coming standards every few years.
Akerson met Friday with members of Michigan’s congressional delegation. He was named CEO in September and added the GM chairman’s title at the start of the year.
The auto executive raised concerns about fuel efficiency requirements being discussed for the 2017 to 2025 model years. Government regulators have said the fleet of new vehicles may need to meet a standard of somewhere from 47 miles per gallon to 62 miles per gallon by 2025, nearly double the current requirement.
Akerson says the increases would be difficult to attain and said Congress could consider reviewing the rules every two to three years.
Verizon event fuels iPhone speculation
Verizon Wireless said Friday it will hold a press conference on Jan. 11, reigniting rumors that it will become the second U.S. carrier to sell Apple Inc.’s iPhone.
At the International Consumer Electronics Show this week in Las Vegas, Verizon already made news with phones and tablets that will run on its high-speed, next-generation 4G wireless network. So it’s significant that Verizon will still have an announcement big enough to warrant a press conference in New York a week later.
Verizon would not give any further details as to what the event was about. Rumors that Verizon would carry the iPhone have been circulating since before Apple Inc. unveiled the smart phone in 2007.
