Without a mortgage document, holders of loans have no legal right to a mortgage. Up to 1/3 of all mortgage “notes” which equals $3.7 trillion in U.S. mortgages are supposedly missing according to the American Bankrupcy Institute. This was determined earlier this year in a little publicized study conducted by the institute.
Investments that are bought for something that doesn’t exist is commonplace, especially with commodities trading and often superficially drives prices by speculative investors. Many of the Wall Street trades were done with “Lost Note Affidavits” for mortgage securities, which were meant to be temporary fixes to transfer the securities – however THEY WERE NEVER REPLACED WITH THE ORIGINAL NOTE. Where have all the IOU’s gone? This could create jobs for “note sleuths” – maybe a silver lining?http://rcm.amazon.com/e/cm?t=debhalsey&o=1&p=8&l=bpl&asins=0152061770&fc1=000000&IS2=1<1=_blank&m=amazon&lc1=0000FF&bc1=000000&bg1=FFFFFF&f=ifr
Proof of ownership is the responsibility of the plaintiff or the suing party – which, in the case of foreclosure is the lender. The foreclosure nightmare, with the number of lawsuits that will arise, is going to rear it’s ugly head, creating another layer that we’ll have to peel away, in order for the housing market to be healthy once again.
More than $535 billion in taxpayer money under TARP, which includes $148 billion for Fannie and Freddie has been doled out. $992 million has gone to help homeowners in distress.
Buckle your seatbelts…