Why?
This is a blatant attempt by government and affordable housing groups to force banks/investors to make loan modifications that make no economic sense.
Fall for the Leftist trap.
One person tell me how you are harmed by mortgage assignment.
Mortgage assignment has been around since BEFORE the Great Depression and the creation of the FHA and Fannie Mae. So NOW everyone is upset?
OK, the volume overwhelmed the system. So, you want mayhem, squatters and the Left to really screw taxpayers?
WHO DO YOU THINK WILL PAY FOR THIS? US!!!!!!
It is a good thing because perjury should be punished.
Note-destruction has led to many evils: perjury in curing the document set, note affidavits being taken out on the wrong house and foreclosure attempts on people who don't even hold mortgages (seriously).
Mortgage-payers are asking themselves: does the bank hold the note on my mortgage? Why am I paying the bank if they don't hold the note - I won't gain clear title?
The only way to resolve ownership is to go through the courts. And - of course - make sure no-one bails the fracking banks out this time.
Anyone who has bought a home in the last ten years who has paid their mortage payments in the expectation that they will own their home at the end of their mortage when it is fully paid has been harmed, because the mortgage industry has probably destroyed their chain of assignments. Who will give them a title to their home if no one holds the title?
If the bank can't produce title at closing, you're screwed.
They created a whole system for themselves which made their lives so much easier, but their system isn't legal.
What is happening to the ‘dead beats’ is just the tip of the iceberg. It's when honest homeowners pay off their mortgages that is when the ‘chickens come home to roost’.
And if anyone thinks what the banks have done hasn't screwed up the deeds ask your self why then have the Title Insurers stop insuring titles until the banks promised to make good any losses and ask yourself in the future how will you be able to guarantee that there are no problems with your deed that there isn't somewhere a Investment group that shows they have a lein on your deed?
I don’t want fraudulent paperwork used to dispossess people of their homes. Robo signing creates non-existent paperwork that presents an enity as the note holder when in fact the actual holder of the mortage is lost to time.
I won’t applaud a fraud in any instance, especially one that should be undergoing a massive federal investigation by the F.B.I..