Oh oh.....Countrywide NEVER Transferred Notes

[dixiegrrrrl]

Bottom line: If your mortgage was from Countrywide...( Mine was)

The Mortgage Bond trusts that are supposed to OWN your loan....and thus own the power to foreclose on you.
Don't have your loan
and therefore legally cannot foreclose on you.

BAC 'servicing" and "MERS" only act on behalf of the Trust that the mortgage is supposed to be in.

And now a Bank of America head TESTIFIES: Countrywide never transferred the notes. Period

Here:

Linda DeMartini, a supervisor and operational team leader in B of A's litigation management department,
testified that "the original note never left the possession of Countrywide"...
DeMartini "testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents"...

Best link for this is Market-ticker, the original came from American Banker, you have to register to read their stories.

http://market-ticker.org/akcs-www?post=172904

[pleah]

1. k&r

:(

[MiniMe]

2. My mortgage was through WaMu

Now I keep getting fed-ex paks offering me a lower rate, just because, no income verification and no cost. I had refinanced my mortgage about 5 years ago, I keep wondering if they want me to sign a paper because they can't find it. So far, I haven't responded.

[dixiegrrrrl]

3. Couple of things

Those offers could just be teasers to get you into the "showroom", so to speak, to push another re-fi.
That is where the banks make a lot of money.
I sure would be careful.

They do not have your first loan papers. Chances are, if you look up your loan docs at the county, you will find MERS has signed off on the mortgage.
But the original note? So far, no one has found one, and Denninger has offered 1,000 to ANYONE that can produce the original note from a securitized mortgage. So far, no takers.

[chill_wind]

4. I hope everybody reads that sentence again:

But the original note? So far, no one has found one, and Denninger has offered 1,000 to ANYONE that can produce the original note from a securitized mortgage. So far, no takers.

K & R!

[dixiegrrrrl]

5. makes me wonder wy I am paying BAC each month.

Because the "real" owners of the note ( the bond trusts) don't have the legal loan,
BAC doesn't have the legal loan, etc.

[northernlights]

8. very good thought.

I wouldn't respond either. I'd just keep paying my mortgage, but keep that in the back of my mind for dire emergencies...

[Autumn Colors]

6. Oh hey, guess what? I'm one of those Countrywide > BAC loans

I got my mortgage through a regional New England bank, but it got sold to Countrywide after I'd made only one payment .... and now it's at BoA.

I'm not going to stop paying my mortgage, but that's good info to know about. If I do fall into a foreclosure situation at some point, I'll fight it tooth and nail to make them produce the note.

[dixiegrrrrl]

7. Your actual loan is owned by Fannie or Freddie.

The banks got the government, via Fannie and Freddie, to "buy" the shitty mortgages and give the banks real money.

Where the hell the NOTE is, who knows.