BOfA: Countrywide never tranferred the notes

[30ashopper]

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.

 

[scooterbug44]

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.