Oh the fine details are so pesky,and time consuming.
What's the problem?
It's all recorded on an excel spread sheet.
Isn't that good enough for you?
It saved our investor piles of money from not legally recording those details at the time.
To bad they're going to lose so much now legal fees and put backs, but you know it's all your fault not ours.
Your the one demanding to see those pesky little details, not us.
We can work without them, why can't you?
Which fraud are we referring to this time? Are we referring to tendering garbage loans in violation of representations and warranties (on purpose) or the larger issue - not tendering the notes at all, leaving MBS investors holding an empty box, a REMIC structure that cannot take in the paper later, and nobody with actual legal standing to foreclose?
The mortgage giants are sorting through their growing pile of delinquent loans to find sloppy or fraudulent loan underwriting that constitutes a violation of representations and warranties.Oh, the former.
Still no comment on the latter issue, even though, once again, if you listen to the second link here at 8:25 in, you will hear two foreclosure defense lawyers tell you that they have never seen an actual properly-conveyed note.
Again - where is the damn paperwork that under State Law in about half the states, you must possess complete with all intervening endorsements, in order have an actual security interest in the property - that is, the right to foreclose?
