Category Archives: History – Or how we got here

How did we get in this mess?

How We Got Here – The Process of Securitization

 It helps to have some background into how Mortgages used to work (like for the last two hundred years). 1)      A Bank would loan a homeowner money. 2)      The homeowner would sign a  promissory note (note or IOU) promising to … Continue reading

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History - Or how we got here, MERS, The Players

How Mortgages are supposed to be Transferred to a Securitization Trust

There is a growing amount of discussion these days about possible defects in foreclosure proceedings commenced by loan servicers.  A lot of this discussion concerns procedural matters, such as whether the correct steps are being taken to verify the accuracy … Continue reading

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General Advice, History - Or how we got here, MERS, Mortgage Servicers, Overview, The Players

The Problem with Mortgage Assignments

During the roaring 2000’s, banks were in such a hurry to create mortgages and sell them on in the secondary market that they were careless with their paperwork; particularly with mortgage assignments.  When foreclosures started coming in, many of the … Continue reading

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Foreclosure Defenses, Foreclosure Fraud, General Advice, History - Or how we got here, MERS

More thoughts about Ibanez and Massachusetts

Why is the Ibanez case so important? First, to recap, the Ibanez case was handed down by the Massachusetts Supreme Court, the highest Court in Massachusetts.  It is the Law in that state.  The case was actually very simple. The … Continue reading

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Foreclosure Defenses, History - Or how we got here, Homeowner Wins Foreclosure Case

Foreclosure Mills

The involvement of private equity firms in the legal industry is not new. But their involvement with foreclosure mills appears to have started about five years ago, just as the housing market was starting to collapse and the number of foreclosure … Continue reading

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History - Or how we got here, The Players

From Public Records to Private Databases

In a typical subprime mortgage loan, a homeowner communicates with a mortgage broker that receives a commission for selling the loan. At closing the homeowner signs a promissory note on behalf of the originating lender and a mortgage or deed … Continue reading

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History - Or how we got here