A Third Of Mortgage-Backed Securities May Be Missing The Underlying Note

Discussion in 'Wall St. News' started by ipatent, Apr 13, 2009.

  1. ipatent


  2. achilles28


    Because the entire plundering was a scam to begin with?

    No doc liar loans, bs ratings, derivatized crap levered thousands of times against assets.

    Why would this surprise anyone?

    Its just another "whoops, we got caught".
  3. That doesn't explain it

  4. ammo


    another can of worms is the possibility that the same tilte/loans were used fraudulently in several sales,who would have been able to check,take 10 half million loans ,tie a ribbon around them and sell them as a $5mil note ,10,20 times over ,who would know the difference..i've been saying this for months ,no one will ever get to the truth on this one,where is jimmy hoffa
  5. So title insurance is a fraud?

    That would be about the biggest class action I can imagine.

  6. achilles28


    Can you prove it?
  7. Can i prove what? I responded to a thread about an article that doesn't make any sense. You made a post that did not help explain the article.

  8. achilles28


    You're right. My bad.
  9. trendy


    A mortgage is nothing more than security for a promissory note. There is no question the mortgages exist, they are recorded in the public records. (My how simple things would be if the lenders as a matter of routine, also recorded the note). Any way, since the mortgage is security for the note, in order to be entitled to have a court ordered sale of the real property to satisfy the promissory note, the entity bringing the foreclosure action has to prove they are the present holder of the promissory note. If the note was lost or destroyed, there are state statutes that provide a procedure to re-establish such a note.
    #10     Apr 14, 2009