Most mortgages have been chopped up and securitized and if a lender can’t prove they hold the entire mortgage, they don’t have the right to foreclose. - Carl BunchThat adds an entirely new twist to the mortgage crisis. Traditionally, the bank or at least Freddie Mac/Fannie May would hold your ENTIRE mortgage. Sliced into bits and ground into sausage for mortgage backed securities, the new reality is rather different. Thus the bank reliance on voluntary short-sales to clear housing inventory.
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Saturday, November 20, 2010
I knew it was taking up to a year for some banks to foreclose on houses, but I was always under the impression they were simply overwhelmed. But it appears there may be a more sinister explanation...