BOfA: Countrywide never tranferred the notes

Deposition: Countrywide Never Sent Mortgage Notes to Trust; Mortgage-Backed Securities in Question | FDL News Desk

It all comes down to the notes.



Countrywide Admits to Not Conveying Notes to Mortgage Securitization Trusts ? naked capitalism

The home lending industry is an absolute train wreck. The unwind of legal ownership on property will take years. The recovery from all of this will take a decade. Buy a foreclosure.. hope and prey you actually own the home. Yikes.

As someone with 4 CountryWIde mortgages, this is going to be interesting.

Countrywide? What Countrywide?

Countrywide? What Countrywide?

I think he is referring to originated by Countrywide, but assumed by BOA, but maybe not done legally.....holy cow!

The home lending industry is an absolute train wreck. The unwind of legal ownership on property will take years. The recovery from all of this will take a decade. Buy a foreclosure.. hope and prey you actually own the home. Yikes.

I wonder how many people who bought foreclosures with cash skipped the title insurance. (And would title insurance be on the hook for something like that to begin with?)

When you climb to the top of that ladder you find the MERS sysyem owned by among others our most favored ibanks. They not only were sloppy in deed and note transfer they also avoided paying county documentation fees costing local gov's billions of lost income and are being sued in about 17 states. oh what a wicked web.

The whole foreclosuregate situation is the darkest of nightmares. The deeper I dig... the broader, higher, and all inclusive the corruption is found.

The fed HAMP program is a near total failure for homeowners, yet a windfall for the banks. The banks are making billions off it ($1,000 per loan mod application), then ultimately foreclosing anyway.

The potential for global ID theft is stunning (from repeatedly "lost" loan-mod packages full of private information that are being "handled by customer care units" not just all around U.S. but also abroad.)

Then there's the deficiency judgments being granted to bailed-out banks and banks who "received" failed banks for cents on the $ coupled with loss share agreements with the FDIC.

The judicial system is turning it's back on the American public. The public is being stripped clean "by the letter of the law".
While politicians, judges, and media launch "probes" and shake fingers at the naughty-naughty illegal bankster pranks... essentially nothing ever gets enforced against them.

Check out:
http://www.propublica.org
http://www.4closurefraud.org

I wonder how many people who bought foreclosures with cash skipped the title insurance. (And would title insurance be on the hook for something like that to begin with?)

One big grey area I suppose, it'll get worked out by the courts over time.

This is very interesting! I have heard, particularly in FL, that if the closing process / filings / servicing transfers were not properly handled, the judges are dismissing the foreclosures. More to come. I never liked Countrywide and they were never in my portfolio of lenders; I saw signs of predatory lending from them. Angelo Mozillo did not receive his due....at least not yet.

So when can I quit paying my mortgage?

This is very interesting! I have heard, particularly in FL, that if the closing process / filings / servicing transfers were not properly handled, the judges are dismissing the foreclosures. More to come. I never liked Countrywide and they were never in my portfolio of lenders; I saw signs of predatory lending from them. Angelo Mozillo did not receive his due....at least not yet.

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

Great article!

You should read his new book.....

You should read his new book.....

I like his consumer rights work, but his political writings upset my stomach. 😀

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

I know of two before judges right now in which original documents were never filed. The judge is leaning in favor of the defendant in both cases.

I know of two before judges right now in which original documents were never filed. The judge is leaning in favor of the defendant in both cases.

You should send that journalist the info - he is looking at all of these odd things that are happening in Florida.

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

Thanks for posting this article.
A spot-on excerpt:

"The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes."

Tomorrow I hope to obtain a copy of the newly published book "The Devils Are All Here" (Jon Stewart had the authors on his show last week). Allegedly the book maps & chronicles this issue at least as far back as the mid-90's.

Anyone know what percentage of foreclosure properties on the 'rocket docket' had been homesteaded by their most recent non-bank owners? Given how many properties down here seem to have been bought only to resell, I'm guessing the number would be around 35% owner-occupied.

And I also suspect that the bulk of those 'gone in 97 seconds' cases involve failed flips that the owner just wants to get rid of, and isn't going to bother to show up to contest the foreclosure.

Thanks for posting this article.
A spot-on excerpt:

"The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes."

Tomorrow I hope to obtain a copy of the newly published book "The Devils Are All Here" (Jon Stewart had the authors on his show last week). Allegedly the book maps & chronicles this issue at least as far back as the mid-90's.

I saw the authors interviewed by Charlie Rose and they do not paint a pretty picture. I, too, want to read their book. The problem goes 'way back...and, according to McLean and Nocera there were more than a few consumer advocates warning against some of the procedures, but apparently no one with any authority listened to them.

Time just did an article on this - basically all about how we made these laws about having the original document to avoid fraud issues and ownership questions 100+ years ago and messing with that is coming back to bite us.

The author also noted that it took him just 4 hours to find the documents the bank couldn't find - possibly on purpose as a way to make the mess go away. :roll:

Time just did an article on this - basically all about how we made these laws about having the original document to avoid fraud issues and ownership questions 100+ years ago and messing with that is coming back to bite us.

The author also noted that it took him just 4 hours to find the documents the bank couldn't find - possibly on purpose as a way to make the mess go away. :roll:

I wish I knew how he did this. Aside from demanding proof of the note from your bank, I don't see how you would find this through the internet, note transfers don't seem to show up in county records.

I have an LOC from BofA, and I would love to know who currently owns the note, just for fun.

He just followed the transactions and transfers of the documents as a result - and the ease with which he succeeded raises a lot of questions about how hard banks are trying to find the paperwork.

The reporter was smart enough to figure out that the custodians of loans keep the paperwork, the trustees don't - the bank was looking in the wrong place (possibly on purpose) and never double-checked, just signed an affidavit that they couldn't find it.

Apparently Goldman Sachs Asset Mortgage Properties financial filings are listed on EDGAR (which is a website of the Securities and Exchange Commission). One of his questions was why the someone at the bank who was supposed to find it didn't just look up the same SEC filing that he did.