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State court ruling deals blow to U.S. bank mortgage system

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opednews.com Headlined to H3 9/24/12

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Image uploaded from a quicklink The highest court in the state of Washington recently ruled that a company that has foreclosed on millions of mortgages nationwide can be sued for fraud, a decision that could cause a new round of trouble for the nation's banks.
The ruling is one of the first to allow consumers to seek damages from Mortgage Electronic Registration Systems, a company set up by the nation's major banks, if they can prove they were harmed.

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At www.reuters.com

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