>>If your mortgage is now percentably apportioned and owned by several different investment groups, and not 100% by the bank you bought it from, whom do you make partial payments too?<<
That’s the scary part - and not to you, but to our whole system. Based on what I see in this story, if I was in trouble on my mortgage I would not pay a dime to anyone until they could PROVE they are the one to which I owe the money. It is possible that the bank you are making the payment to is not the one to which you legally owe the money - which means you will have to pay it AGAIN to whoever DOES legally deserve the payment.
The key is in this line from the article: “There is no industry repository for mortgage loans. I have heard of instances where the same loan is in two or three pools.”
This article could hold the kernel of the scariest part of this housing bubble. This could be what brings down the entire western civilizations economic house of cards!
Probably not, but the implications of this ruling are truly frightening - especially if you think the judge was correct.
I do.
This has happened a few times over the years. This case is just being publicized now because it works well with the MSM Doom and Gloom Real Estate Fiasco.
Not saying it’s not a problem, but it has happened before.