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A new look at Munger and damages where there is no Equity;lenders could foreclose on underwater homes with impunity, even if the debtor was current on all debt obligations and there was no legal justification for the foreclosure whatsoever.   So long as there was no equity, there would be no remedy for wrongful foreclosure.   And since lenders can avoid the court system entirely through nonjudicial foreclosures, there would be no court oversight whatsoever.
Court of Appeal, Fourth District, Division 3, California. John MILES, Plaintiff and Appellant, v. DEUTSCHE BANK NATIONAL TRUST COMPANY et al., Defendants and Respondents. G050294 Decided: April 29,…