U.S. Bancorp, Wells Fargo Lose Foreclosure Case in Mass.

January 07, 2011, 12:12 p.m. EST 1 Min Read

U.S. Bancorp and Wells Fargo & Co. on Friday lost a home-foreclosure case in Massachusetts, a ruling that will guide lower courts in that state and may influence others, Bloomberg News reported.

The state Supreme Judicial Court upheld a decision by Massachusetts Land Court Judge Keith Long, saying two foreclosures were invalid because the banks didn't prove they owned the mortgages.

Wells Fargo and U.S. Bancorp fell almost 1% on news of the decision.

A spokeswoman for U.S. Bancorp, didn't immediately return a call from Bloomberg seeking comment. A spokesman for Wells Fargo didn't have an immediate comment, the news outlet said.

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