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: Mortgage Lender Implode-o-Meter

The Mortgage Morass

By Implode-Explode Heavy Industries

" Now an awful truth is becoming apparent: In many cases, the documentation doesn?t exist. In the frenzy of the bubble, much home lending was undertaken by fly-by-night companies trying to generate as much volume as possible. These loans were sold off to mortgage ?trusts,? which, in turn, sliced and diced them into mortgage-backed securities. The trusts were legally required to obtain and hold the mortgage notes that specified the borrowers? obligations. But it?s now apparent that such niceties were frequently neglected. And this means that many of the foreclosures now taking place are, in fact, illegal."

Full post as published by Mortgage Lender Implode-o-Meter on October 15, 2010 (boomark / email).