Let's not lose sight of the very real possibilty that many of these innovative financial products include the following:
Mail Fraud (state and federal)
Wire Fraud
Multiple FDCPA violations
Multiple state debt collections
Unfair and deceptive acts and and practices under state law
Conspiracy
Money Laundering
Fraud upon the court and/or bankruptcy fraud
Uttering fraudulent documents
Fraudulent conveyance
Slander of title
Financial institution fraud
Securities violations
Identity theft
It appears that (snicker) one or more banks (the servicers and/or trustees) do not have the proper controls in place to keep them from committing one or more of the above acts. If a national bank does not have the proper controls in place it is acting against public policy and against it's charter. It is my belief that such a national bank would be operating ultra vires or without capacity. Any of these issues (violations of law or lack of internal controls) would be SOX violations.
Does anyone who buys one of those foreclosures really get a clear title when they are done paying?