What are the legal rights of lenders and homeowners in foreclosure?

After I published the recent story on the case against servicing agent MERS in the Kansas Supreme court , I noticed a lot of chatter about some mortgage servicing line items in Wells Fargo’s earnings report. So I wanted to quote a few blurbs from the Kansas Appeals Court and Supreme Court decisions as background for another post on future mortgage service revenue streams in banking

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What are the legal rights of lenders and homeowners in foreclosure?

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