Ok..I'm still unclear as to why there are fewer notes associated with mortgages than can accounted for by the MBS's?
Quote from trendy:
A mortgage is nothing more than security for a promissory note. There is no question the mortgages exist, they are recorded in the public records. (My how simple things would be if the lenders as a matter of routine, also recorded the note). Any way, since the mortgage is security for the note, in order to be entitled to have a court ordered sale of the real property to satisfy the promissory note, the entity bringing the foreclosure action has to prove they are the present holder of the promissory note. If the note was lost or destroyed, there are state statutes that provide a procedure to re-establish such a note.
another can of worms is the possibility that the same tilte/loans were used fraudulently in several sales,who would have been able to check,take 10 half million loans ,tie a ribbon around them and sell them as a $5mil note ,10,20 times over ,who would know the difference..i've been saying this for months ,no one will ever get to the truth on this one,where is jimmy hoffa
