To add to the mess, it’s not entirely clear who does own the mortgage. The loans were sliced, diced, cubed, quartered, etc, sold, and resold. Deutsch Bank tried to foreclose on some properties in Ohio, and a judge ruled that while DB owns the asset-backed securities (aka “ass-paper”), nobody could come up with the mortgage paperwork itself. Can’t make this stuff up.
“To add to the mess, it’s not entirely clear who does own the mortgage. The loans were sliced, diced, cubed, quartered, etc, sold, and resold. Deutsch Bank tried to foreclose on some properties in Ohio, and a judge ruled that while DB owns the asset-backed securities (aka “ass-paper”), nobody could come up with the mortgage paperwork itself. Can’t make this stuff up.”
For a more clear picture of the paperwork mess, see:
http://calculatedrisk.blogspot.com/2007/11/cfc-bk-investigation-its-about-costs.html
and
http://calculatedrisk.blogspot.com/2007/11/deutsche-bank-fc-problems-and-revenge.html
and for an excellent source of ongoing commentary, check this site http://calculatedrisk.blogspot.com and its links regularly; they’re knowledgable and level-headed folks.