U. S. Bancorp and Wells Fargo & Co. lost a foreclosure case in the Massachusetts supreme court which will guide lower courts in this state and can influence others in clashes between the banking practices and state real estate law. The ruling was driving the bank's shares.
Wells Fargo and JP Morgan Chase & Co. was one of the companies drawing interest in the options market under a Massachusetts court ruled that Wells Fargo and U.S. Bancorp is not to prove they were the holders of certain mortgage loans at the time of foreclosure . The news reinforces concerns that banks probably harder to deal with the foreclosure of mortgages that were packaged into asset-backed securities.