So you're telling me that there's a very high likelihood that almost none of these companies could actually produce the original paperwork for these mortgages if the were ordered to by a Court?
I'm not being flippant I just want to be sure I understand what you're trying to tell me.
Thanks.
Most of the original paperwork was reduced to a scanned image and was shredded, some companies did the right thing and stored the paperwork at a secure place like an “Iron Mountain” sort of company.
More importantly in the securitization process the note and the deed were seperated so that the borrower received claim on the deed while the note was never acted upon and instead the actual cash money lender created and sold some kind of a mortgage backed bond through their purchase of a CMO/CDO. The “bifurcation” of the note (splitting and selling the obligation , usually to a pool , and the comingling of funds by the servicer & master servicer) makes it a legal nullity, it is unenforceable on the borrower... the borrower is not a part of the “bond” agreement, the parties there are the cash money lender and his pigeon.
This explains why the mortgage creators were unconcerned with the creation of MERS to track ownership of the notes through their electronic system. They knew what was being tracked was a nullity and would eventually be challenged in the courts, however it made their system workable by allowing mortgages to be traded rapidly and without paying the counties their recording fees, they just assumed with 62 million mortgages in the system that the courts would allow it to continue just on the sheer weight of the fraud they were perpetuating.