The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
The presentation starts out with a quick but in-depth look at how a loan is transferred from the original lender to other banks and loan servicers that actually handle the busywork of receiving loan payments, and making sure that investors and local taxes are paid.
The key to that process is called the “assignment,” which is used to transfer ownership of the loan from one party to the next. The typical loan receives four letters of assignment, and sometimes more, as it passes from the original lender all the way to the investors who ultimately come to own it.
That’s where things began to fall apart, according to Bondi. During the housing boom, banks were dealing with so many assignments of so many mortgages that they simply could not keep up.
In their rush to plow through as many assignments as possible, made up other things, too. One document in the presentation says the loan assignment will become effective on 9/9/9999.
Another transfers the mortgage to “BOGUS ASSIGNEE.”
House image: Kevin Dooley, via Flickr.com
Signature image from slide show at www.StopForeclosureFraud.com
April 11, 2023
Uncategorized
September 13, 2021
Uncategorized
August 4, 2021
Uncategorized