Specifically, the court held:
- "Assignments in blank.... identifying the assignor but not the assignee, ... did not constitute a lawful assignment of the mortgages."
- "In the absence of a valid written assignment of a mortgage or a court order of assignment, the mortgage holder remains unchanged."
- "A postforeclosure assignment [may not] be treated as a pre-foreclosure assignment simply by declaring an "effective date" that precedes the notice of sale and foreclosure... Because an assignment of a mortgage is a transfer of legal title, it becomes effective with respect to the power of sale only on the transfer; it cannot become effective before the transfer."
- This ruling will not be prospective in its application. " The legal principles and requirements we set forth are well established in our case law and our statutes. All that has changed is the plaintiffs' apparent failure to abide by those principles and requirements in the rush to sell mortgage-backed securities."