What it means is that you have to actually have legal title to a property if you expect a court to uphold your claim in foreclosure. What’s really sad, it all the people who invested in real estate backed securities. They ultimately are going to be the losers as I see it. They bought stock investments in mortgages that were part of bundles of mortgages. But the banks have not gone to the trouble to do the paperwork required to maintain the chain of custody of the properties involved. Ergo, the investors ultimately loose their investments and the banks and brokerages skate with the money, which is nothing new now is it!
Truly moronic if you ask me. It is business. I suppose business was booming so they hired a bunch of people who didn’t really know what they were doing. But of all things, if you are going to trade hundreds of billions of dollars you would think that the simplest things like making sure you got title would be taken care of...
I suppose it was so “obvious” that nobody thought to put it into the contracts? It’s inexplicably stupid of them.
Truly moronic if you ask me. It is business. I suppose business was booming so they hired a bunch of people who didn’t really know what they were doing. But of all things, if you are going to trade hundreds of billions of dollars you would think that the simplest things like making sure you got title would be taken care of...
I suppose it was so “obvious” that nobody thought to put it into the contracts? It’s inexplicably stupid of them.
Gosh, didn't the Federal Reserve pick up a bunch of these? That means those "poor people" are all US taxpayers.