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Category Archives: History – Or how we got here
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
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
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
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
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
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