i wouldn’t say the court screwed it up. The law says what it says, and the court interpreted the law in exactly the way that it has always been interpreted. Paperwork is all-important in real estate transactions. That is the way things have been in English-speaking countries for centuries, and in many countries the paperwork requirements are much more stringent that in Massachusetts or anywhere else in the United States. If the legislature wants to change that system, they can do so, but that’s not what the court is supposed to do.

Blame the securitization trusts’ lawyers who decided that the “old” system was no good and made up their own new system with no basis whatsoever in law or history. I can assure you that when those lawyers made that decision, there were many other lawyers jumping up and down, pounding the table and trying to explain that this new, made-up system did not satisfy the clear requirements of black-letter law that should have been learned in the first year of law school. Those lawyers were ignored. Now investors are paying the price. It may be that the trusts’ lawyers, or their malpractice insurance carriers, will soon be paying part of the price, too.