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Servicing Mortgages (Part 1): Underwater Homeowners, Banks and Social Trust
I don't understand all the talk about walking away from your mortgage. If you are having trouble or getting behind, hire an attorney who specializes in foreclosure defense and fight the entire process. What you will find is that most of the foreclosures are done incorrectly (ie, illegally) and, as such, the foreclosusing attorney must prove the initial paperwork, their right to file a foreclosure, and the chain of documentation throughout the foreclosure process. This is very difficult to do in the modern banking and mortgage system.
CMOs and mortgage tranches clouded the entire legal ownership issue of the mortgage debt, ie, who has the legal right to foreclosure. Also, since at least 1998-1999 in the US, most mortgage documentation was being scanned into digital files and then shipped off to servicers, who then sold the rights to Wall Street, who then tranched and CDO'd the mortgage into a pool to be pushed overseas. The mortgage legalities of this process were never considered or questioned, but it seems to growing in importance now. Something to consider.
Jan 30, 2010. 08:44 PM
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