Texas laws and not those of Utah govern home foreclosures in this state by Bank of America, a panel of the 10th Circuit Court of Appeals ruled on Wednesday.

The decision means that thousands of Utah homeowners who were foreclosed on by Bank of America will not be able to recover monetary damages based on the claim that those actions were illegal under Utah law.

In a separate opinion, Judge Carlos Lucero warned that the decision is a serious blow to state sovereignty and that regulations from the Office of the Comptroller of the Currency on which the court’s decision was based “creates a race to the bottom in which national banks can chose to be governed by the state with the most bank-friendly rules.”

Marcus Mumford, an attorney for homeowners, said he would review the decision for a possible further appeal. A spokesman for Bank of America declined comment.

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