Neil Garfield on the Kansas Supreme Court Decision that blocks many foreclosures in the state of Kansas and sets precedent for the rest of the country:

This is one state, but it is likely to serve as the basis for most appellate opinions rendered on securitized loans. The tide has turned. The moral of the story is that those encumbrances (mortgages) don’t exist in most cases, the foreclosures were all fatally flawed, the people who have been chased out of their homes, still own those homes, and the parties seeking to enforce the note can do so only as unsecured creditors and only if they prove that they lent the money that funded the loan and only if they are willing to be subject to counterclaims, cross claims, affirmative defenses and defenses of the borrower relating to predatory lending, appraisal fraud, securities fraud, rescission under all available theories of law, damages, treble damages, punitive damages, exemplary damages and consequential economic damages.Neil Garfield
Attorney and Homeowner Advocate