Real Estate Bubble Illegal?

A Boston Court found, in a decision by Justice Ralph D.
Gants that the real estate bubble may have been entirely illegal.

"We agree with the [lower court] judge that the
plaintiffs, who were not the original mortgagees, failed to make
the required showing that they were the holders of the mortgages
at the time of foreclosure.... There must be proof that the
assignment was made by a party that itself held the mortgage."
The decision ruled illegal, the foreclosure documentation
practices which "securitization" has made into {standard mass
practice} in Massachusetts and other states -- transferring title
to the foreclosing bank {after} it forecloses; transferring
mortgage titles into a trust pool {en blanc}, or without any new
owner being named; and skipping the county recordation of the
transfer. "These blank mortgage assignments were never recorded
and they were not legally recordable," the Court found.

Of course there is a danger that Obama and his fellow Repubolican may
change the law and make the mortgages good again, though they are frauds.