[Brilliant]

In my view, it’s not really funny. The whole system will go to hell if judges won’t enforce mortgages.

[org.whodat]

But lawyers for Deutsche Bank supplied documents showing only an intent to convey the rights in the mortgages rather than proof of ownership as of the foreclosure date.

All they need to do is show the judge they own the mortgages and he will enforce them.

[Neidermeyer]

In my view, it’s not really funny. The whole system will go to hell if judges won’t enforce mortgages.
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Thats the point ,, they have been lax for 30+ years in enforcing the banks side ,, their paperwork has been deficient in the past and it was overlooked... The judge has decided that both sides have to comply...

[longtermmemmory]

actually this is not unheard of. It comes from slopping mortgage closings and incomplete papers.

This will be resolved as the lawyers now have to go back an find the defect and how they will be able to plead correctly.

[CharacterCounts]

In my view, it’s not really funny. The whole system will go to hell if judges won’t enforce mortgages

As long as the mortgage has been properly recorded they will be enforced. The suit just has to be brought in the name of the party who filed the original mortgage or these people have to show a proper assignment of the mortgage.

It is really no different than if you had a promissory note wherein you owed money to John Doe and Bill Smith takes you to court on the note. The judge is saying to Bill Smith, show me how you are entitled to sue on John Doe's note.

[RobRoy]

>>In my view, it’s not really funny. The whole system will go to hell if judges won’t enforce mortgages.<<

I agree with you. However, it looks like in this case the judge was right. Laws are very specific. Someone will probably eventually foreclose. But this is not about the “squatter” getting off scott free. If that bank only has a letter of “intent” to buy the loan in a pool, but can show that they paid the original mortgage holder for it, they can “eventually” prove they are the ones that can foreclose.

IOW, SOMEONE will eventually foreclose.

OTOH, if the article was accurate when it said that some mortgages were in more than one pool, this little case exposed a MUCH bigger and potentially explosive problem. And it WILL become exposed as banks deal with this ruling.

I suspect there is a lot of scrambling going on in banks all over the world right now.