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By matt taibbi. november 10, 2010 2:35 PM ET The foreclosure lawyers down in Jacksonville had warned me, but I was skeptical. They told me the state of Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase.
Must Read Quand Wally Seck rencontre ses neveux et nices
Posts about mortgage meltdown written by timothymccandless. The judgment in favor of the homeowner, Diane Yano-Horoski, which is being appealed, has alarmed the nation’s biggest lenders, who say it could establish a dramatic new legal precedent and roil the nation’s foreclosure system.
35-“There are two documents that need to be transferred as part of the securitization process – a promissory note and the security instrument (the mortgage or deed of trust). The promissory note embodies the debt obligation, while the security instrument provides that if the debt is not repaid, the creditor may sell the designated collateral (the house).
I want to thank everyone who participated in the Elephant Bar over the past twelve years. We had millions of visitors from all around the World and you were part of it. Over the past dozen years, two or three times a night, I would open my laptop and some of you were always there. I will miss that.
But according to the same documents, JP Morgan didn’t even receive the mortgage from Novastar until February 2nd, 2009 – two months after it had supposedly passed the note along to Bank of New York. Such rank incompetence at doctoring legal paperwork is typical of foreclosure actions, where the fraud is laid out in ink in ways that make it.
He also questioned why the employee who signed many of the documents claimed to be a vice president of several different mortgage companies at the same time.. and then continue on with the foreclosure process.. I would only add that none of the Trusts actually come to own the debt, loan.
But according to the same documents, JP Morgan didn’t even receive the mortgage from Novastar until February 2nd, 2009 – two months after it had supposedly passed the note along to Bank of New York. Such rank incompetence at doctoring legal paperwork is typical of foreclosure actions, where the fraud is laid out in ink in ways that make it.
