More alarming still, is that some of these notes are being transferred to the MBS's just prior to or right after the foreclosure action is filed. Law firms are continuing foreclosures, even though it may be unclear whom has standing to bring the action. How culpable law firms are in this instance remains questionable, because remember they are getting their orders from the software unit that is keeping track of all of this stuff. So what you have now is the question being asked by judges across the Nation, well then who really holds the note?
Here is the best part of all of this, and it makes you realize that a select few during this crisis enriched themselves beyond anyone's wildest beliefs. Remember the last part of this chain is the final repackaging by the MBS and sale of this investment to Wall Street investors. If some notes were not properly transferred, other notes were not transferred within the legal time frame, and some of those were transferred either before or after a foreclosure sale, then what exactly did investor's buy on Wall Street? If investors were being told that these MBS's contained these income streams from these mortgages that were actually not transferred properly or at all, then hasn't the mom and pop investor been defrauded again? Money was coming through the front and back door on these transactions and Wall Street and Big Bank CEO's were being paid the biggest bonuses in history and at the end of it all, when the Banks could no longer collect on its assets and make good on its promises to pay, the Federal Government had to come in and save the entire system. No matter how distasteful it was to bail out the entire system, it had to be done to save the entire world economy. Unfortunately, it is the ordinary American that has to foot the bill as he always has throughout history.
While the foreclosure crisis meanders about, foreclosure law firms will fall, attorneys will be held accountable for their less than up front behavior, average everyday Americans that desperately need a modification will be denied an opportunity to keep their homes, and the Big banks will continue to make record profits. In a lot of cases, it just doesn't make sense to foreclose on a home when all the homeowner needs is a little relief on his monthly mortgage. Banks recognize this, and in some instances they will extend a modification that works. The fact of the matter is that there is not enough manpower to process the volume of requests. HAMP has been declared a total failure and there is no further relief in sight for homeowners. If there is a problem with your foreclosure, then maybe, just maybe that can give you leverage to force a modification from the Bank.
It seems that recently a bomb shell was being released every couple of days regarding this crisis.
Stay tuned for more developments as more of the truth comes to the surface.