In a significant victory for consumers and particularly victims of predatory lending the Ohio Supreme Court on Wednesday quietly let stand what may turn out to be a landmark decision prohibiting banks, trusts and other loan servicing entities who cannot prove ownership of a mortgage note from foreclosing on Ohio homeowners.
Following a trend originally initiated by U.S. District Judge Christopher Boyko, Northern District of Ohio in Federal Court, The 8th District Court of Appeals(Cuyahoga County) ruled in June of this year that banks, loan servicers and trusts did not have standing to pursue foreclosure of homes in Ohio if they could not prove that they owned the mortgage note at the time of the filing of the complaint. In Wells Fargo v. Jordan Judge Frank D. Celebrezze Jr. writing for a unanimous panel of the 8th District held that in order to bring a lawsuit in Ohio the plaintiff must have an genuine interest in the subject matter of the lawsuit:. Read about denying the right to foreclose…
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