The reality of the Ibanez and the forthcoming Bevilaqua decisions is beginning to sink in. Although the decision was handed down in January, the real estate industry has been in denial. Surely the unanimous decision of the Massachusetts Supreme Court holding that banks must follow the law must be wrong!
Surely there must be someone to pay off to make this inconvenient decision go away. After all corrupt former ACC Capital (Ameriquest and Argent) director Deval Patrick is Governor of Massachusetts. Surely he will do something to bail out his criminal buddies. (After all, he is good frineds with President Obama!)
But HousingWire reports that Massachusetts foreclosure activity is now off 65%:
HousingWire: "Massachusetts foreclosures fall 65% in May"