The Washington state Supreme Court has ruled that lenders cannot take possession of a property due to missed mortgage payments without first going through foreclosure. This ruling opens the door to a federal class action spearheaded by Laura Jordan and joined by more than 3,600 borrowers. Jordan started the case after her mortgage provider seized her property following two missed payments. The lender made a forced entry into her home while she was at work and changed the locks.

While many view the lender’s actions as trespassing and theft, others in the industry say that the ruling is in conflict with many terms listed in standard mortgage agreements. The language found in many of these documents states that lenders can take several steps to maintain the value of a property that has been abandoned or is in default, including changing the locks. A brief filed by Freddie Mac supported…

I bet they are pissed.. lol!

CNBC:

After the surprise announcement, which came on the first day of the Republican National Convention, Wall Street sources sounded off on the idea that a Republican would reverse course on policies nearly 20 years old and now taken for granted by big banks.

One lawyer, who works with financial institutions on behalf of a white-shoe firm in New York, called the idea “scary.” Even Wilbur Ross, one of the Trump campaign’s biggest supporters from the finance industry, called it “surprising.” Others on Wall Street who spoke to CNBC used stronger language that can’t be printed.

David Dayen

THE LAST-MINUTE DECISION to include in the Republican platform a call to restore the firewall between commercial and investment banking comes as a surprise, because Donald Trump himself has never publicly addressed or endorsed such a reform in his year-long presidential run.

Trump did once say at a debate in New Hampshire, “nobody knows banking better than I do,” but a review of the transcripts of all 12 Republican debates shows that he never endorsed restoring Glass-Steagall, legislation first passed in 1933. Websitesdevoted to detailing Trump’s positions find no record of him having any opinion on the Depression-era law. The issuespages of Trump’s presidential website steer clear of anything related to banks or finance.

In fact, Trump campaign manager Paul Manafort, who first leaked word that the platform would endorse the reintroduction of Glass-Steagall, ran a campaign consulting firm in the 1980s that helped elect to…