Comments on: Too Little, Too Late http://susiemadrak.com/2007/12/10/13/33/too-little-too-late-2/ Keeping a jaundiced eye on the corporate media. Sun, 07 Sep 2008 21:47:09 +0000 http://wordpress.org/?v=2.6 By: Izquierdo http://susiemadrak.com/2007/12/10/13/33/too-little-too-late-2/#comment-133078 Izquierdo Tue, 11 Dec 2007 17:50:02 +0000 http://susiemadrak.com/2007/12/10/13/33/too-little-too-late-2/#comment-133078 One judge recently squelched a foreclosure (by a German bank, no less) for that very reason -- they couldn't prove they actually owned the mortgage. One judge recently squelched a foreclosure (by a German bank,
no less) for that very reason — they couldn’t prove they actually
owned the mortgage.

]]> By: Mad Martigan http://susiemadrak.com/2007/12/10/13/33/too-little-too-late-2/#comment-133051 Mad Martigan Tue, 11 Dec 2007 00:39:52 +0000 http://susiemadrak.com/2007/12/10/13/33/too-little-too-late-2/#comment-133051 Anybody facing foreclosure needs to put the burden of proof back on the bank to confirm who holds the actual title to the property. Mortgages have been folded, stapled, mutillated, sliced and diced so much that it will be difficult to tell who owes whom, and more importantly, who owns what. Can a Wall Strret investor who loses money on bad paper come in and take your house? I'd say not. What about the Wall Street firm that shuffled all the mortgages together and re-dealt them as mortgage backed securities? Nope. So who is it that's foreclosing? And why wouldn't they NOT jack your rates, (since the resets are optional) and just leave you in the house making the payments? Isn't the goal to collect interest for the next 30 years? What are they going to do with an overpriced house and no buyers? Anybody facing foreclosure needs to put the burden of proof back on the bank to confirm who holds the actual title to the property. Mortgages have been folded, stapled, mutillated, sliced and diced so much that it will be difficult to tell who owes whom, and more importantly, who owns what.

Can a Wall Strret investor who loses money on bad paper come in and take your house? I’d say not. What about the Wall Street firm that shuffled all the mortgages together and re-dealt them as mortgage backed securities? Nope.

So who is it that’s foreclosing? And why wouldn’t they NOT jack your rates, (since the resets are optional) and just leave you in the house making the payments? Isn’t the goal to collect interest for the next 30 years? What are they going to do with an overpriced house and no buyers?

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