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Reply #6: Not if the original mortgage notes were destroyed as is the case... [View All]

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TheMadMonk Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-11 12:00 PM
Response to Reply #1
6. Not if the original mortgage notes were destroyed as is the case...
...for at some of the mortgages.

There is also the absolute requirement that all transfers of the note/ownership be properly recorded with the titles' office. Imagine if you will that you are buying a foreclosed property from Citibank. You do due dilligence and discover that title is apparently held by a Norwegian pension fund. Do you buy? You'd be a bloody fool if you did. Now imagine you are a fool and fail to do due dilligence, you sign all the paperwork, start making your payments and in a few years you get a letter from a bunch of Vikings telling you to piss off. And another from the bank saying "Oops. BTW you still have a loan with us. And don't waste your time trying to wiggle out, we were kind of afraid of something like this, so our lawyers were very careful how they worded those documents you signed without properly reading them."

Oh really? The perpetrators of the loan securitisation fraud, (the most likely holders of the physical notes) should be the ones trusted to sort out the mess?
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