Proper procedures must be followed: Imagine that

KABOOM | NY Appellate Division | Bank of NY v Silverberg - MERS Does NOT Have The Right to Foreclose on a Mortgage in Default or Assign That Right to Anyone Else | zero hedge

The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note, the Appellate Division, Second Department, ruled Friday...."the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed..."

The next sound you hear will be chorus of squeals from Wall Street...