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The Next Housing Shock
CBS 60 Minutes ^ | 4/3/2011 | CBS 60 Minutes

Posted on 04/04/2011 6:45:19 AM PDT by Chunga85

Video Only.

Link below to 60 Minutes "Overtime Edition"

Mortgage mess: Who really owns your mortgage?


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: foreclosuregate
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Yawn
1 posted on 04/04/2011 6:45:23 AM PDT by Chunga85
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To: Chunga85

My house is PAID FOR!!! No mortgage for me!


2 posted on 04/04/2011 6:48:12 AM PDT by VeeP22
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To: Chunga85
From the article...

“Have you contacted your mortgage servicing company to find out whether your mortgage has been bundled and sold? Did you get a clear answer and a copy of your mortgage paperwork to back it up?”

Thanks for posting this article. I have one of those Countrywide ARMs which I will be calling BofA about later today.

3 posted on 04/04/2011 6:57:07 AM PDT by shove_it (just undo it)
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To: Chunga85

Chase approached us to re-fi about 6 months ago (we re-fied with them about 4 years ago), and we’ve been with them for 9 years now. They bought our original mortgage from Wachovia.

Then, about a month ago, I get a letter from Chase telling me that they have sold our mortgage to Fannie Mae! Checks still go to Chase.....

strange.........at least we know who holds the mortgage....for now......

Now, since Fannie Mae is bankrupt, maybe that means our mortgage will cease to exist? “Enquiring minds want to know....”


4 posted on 04/04/2011 7:15:20 AM PDT by Arlis (- Virginia loghome/woods-dweller/Jesus lovin'/Bible-totin'/"gun-clinger")
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To: shove_it; Lurker; FromLori; azhenfud; Wolfie; UCFRoadWarrior; servantoftheservant; Kartographer; ...

ping


5 posted on 04/04/2011 7:29:46 AM PDT by Chunga85 ("Foreclosure Fraud", TARP, "Mortgage Crisis", Bailout)
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To: VeeP22
"My house is PAID FOR!!! No mortgage for me!"

Yup. Paid-off two in 1993.

Life is good.

6 posted on 04/04/2011 7:35:45 AM PDT by blam
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To: Chunga85

Still can’t figure out why nobody in the forged document mill that was paying people to sign fictional bank VP names to mortgage documents is going to jail. I guess some criminals are more equal than others.


7 posted on 04/04/2011 7:38:21 AM PDT by Wolfie
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To: blam

We were lucky and sold right before the bottom fell out in 2009, had lots of “tire kickers” and only ONE offer! Thank the LORD this gal liked the house enough to buy it! We were both layed off from our jobs with two cr@ppy vehicles ready for the scrap heap and still had to pay the $5000 year in property taxes (NH. With only a few thousand ($7000 approx) in the bank this ANGEL bought the house and we were able to pay off the rest of that mortgage and buy a house in Maine for cash with a little left over to keep us going for a while. Every day I thank God as to how lucky we were that this one person came along and “rescued us”. Occasionally I check the listings in my old town and most of the SAME houses that were on the market BEFORE we listed are still there! I’d hate to think where we would be today if our buyer didn’t come along.....


8 posted on 04/04/2011 7:50:13 AM PDT by VeeP22
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To: Arlis
Try the MERS® Servicer Identification System

If your mortgage has been registered through MERS there is a good chance that there is some cloud behind it.

9 posted on 04/04/2011 7:52:34 AM PDT by glorgau
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To: shove_it

You should be able to see a copy of your original on the boa site.
I can.
Thing is the are just the servicer.


10 posted on 04/04/2011 7:59:25 AM PDT by moehoward
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To: Chunga85

BUT.....I thought the economy was recovering...../sarc


11 posted on 04/04/2011 8:01:48 AM PDT by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: blam

Paid off mine in 2009, life is good.


12 posted on 04/04/2011 8:21:30 AM PDT by jpsb
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To: glorgau

Thanks, but I’m not understanding what you are saying.

It’s there: Servicer: Chase Home Mortgage, Investor: Fannie Mae

So it’s a bad thing that I found it in MERS???? Why wouldn’t all good mortgages be found there as well?

This was a brand new mortgage created in 2000 as we built our own home on land we owned (no mortgage on land). As I said, Wachovia did it, sold it to Chase in ‘02, we re-fied with Chase in ‘05 and ‘10........

Seems like it would be pretty clear unless Chase bundled it in one of those security packages.......


13 posted on 04/04/2011 8:25:46 AM PDT by Arlis (- Virginia loghome/woods-dweller/Jesus lovin'/Bible-totin'/"gun-clinger")
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To: moehoward; glorgau
What I didn't know, thanks to glorgau’s link above, is that Countrywide sold my loan to Fannie May the day after I closed on it eight years ago.
14 posted on 04/04/2011 8:29:22 AM PDT by shove_it (just undo it)
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To: Wolfie
Did Wall Street Violate the Racketeering Act?
15 posted on 04/04/2011 8:50:52 AM PDT by Chunga85 ("Foreclosure Fraud", TARP, "Mortgage Crisis", Bailout)
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To: shove_it

And BoA is now the servicer.
As I say, chances are your original is loaded on BoA server in .pdf format.

Mine doesn’t show on MERS.
Sounds like you can hound Fannie for “the note”. Good luck.


16 posted on 04/04/2011 9:13:01 AM PDT by moehoward
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To: moehoward; Chunga85

Here’s Bush is a speech pushing home loans for totally unqualified minorities.

http://www.youtube.com/watch?v=MqR15H0gNBU


17 posted on 04/04/2011 9:18:39 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Arlis

MERS covers the mortgages. i.e what the banks say is owed to whom.

However, it doesn’t cover whether titles were properly conveyed. Since MERS was primarily created to get around pesky state filing and recording requirements there is a greater than zero chance that _any_ mortgage using it has some break in the chain of ownership as required by localities. Dig deeper - the people to whom you are paying money every month may have no legal claim to the property that “secures” the debt.


18 posted on 04/04/2011 9:28:54 AM PDT by glorgau
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To: Chunga85

This is great. Buying a foreclosed house, in cash, that I’m having inspected this afternoon.

Now I’m afraid we’ll never close because they won’t be able to find or transfer the title deed.


19 posted on 04/04/2011 9:37:55 AM PDT by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: Chunga85

The FDIC rep’s recommendation was to start a “clean-up” fund to pay homeowners to just accept foreclosure instead of making the banks prove they own the mortgage. Go figure.


20 posted on 04/04/2011 10:18:22 AM PDT by Wolfie
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