Thursday, October 14, 2010

Who Holds Your Mortgage? Protect Your Property Rights, and Future, By Knowing

"Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage."
Zero Hedge highlights an online tool to discover where your mortgage is, saying  "Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks?"

The site, "Where's the Note," sponsored by the SEIU, provides all the data needed.  If the bank doesn't have the note, ZH  encourages the next "logical" (!) step:
In a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not - welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. Yes, it will mean the end of the GSEs, but it will also mean the accelerated write downs on thousands of MBS tranches which will rapidly collapse into insolvency (there is only so much Mark to Unicorn can cover up) and eventually take the insolvent TBTFs banks with them.
Read the entire Zero Hedge post.

Meanwhile, the Federal Housing Finance Agency has outlined the procedure for "orderly and expeditious resolution of foreclosure process issues" to avoid destroying the GSEs and Too Big To Fail banks.  Read pdf or see CalculatedRISK's synopsis.

The details of Foreclosure-Gate just keep getting more egregious.  Testimony shows banks hired hairstylists, teens, former Wal-Mart workers to process foreclosure documents.

1 comment:

best mortgage deals said...

Now I know how to protect my property in the future.