reply to post by Jeremiah65
well....the gave the person the loan, and then sold the note and it got securitized.....the bank that made the note sold it, so well should have no
more claim to the note that I would to a car I sold you last year.
you might still be sending your payment to the bank that gave you the loan, but they very well could no longer own the note and be a servicer, or you
might have had servicers come and go as the note changed hands...or whatever actually happened...
they bypassed the traditional ways for these notes to be tracked and recorded when they started mers.....
so, as a homeowner, it may be very hard to figure out who actually does own the note.
then, as it became clear that the people would have trouble paying these loans back, they start betting against these loans, credit default swaps,
ensuring that they would be paid if you went under. the gov't decided that the banks should refinance these loans with better terms and started a
program so the banks could do this. the banks, which profited more, because of the credit default swaps, made more money by allowing them to go under
than to refi them, so they appearently they lied to the people telling them that they would have to be behind in payments to qualify for the program..
then they just strung the people along, saying that files were lost, told to ignore the letters threatening foreclosure, ect. then, they foreclosed
on the house and sold it.....
so far I have counted three times that the banking and investment firms had been paid for this loan.....
and then came tarp!!!
anyone griping about this small group of citizens working together to right some of the wrong that has been done, citing "moral risk" or whatever is
the banking and investment sector's immorality have cause far more harm than a bunch of subprime borrowers could have ever thought of!!!
I left a link on the previous pages to the lawsuit that has been filed in ny, it's a big 300+ pdg, but well, most of it is listing the plaintiffs and
defendents, after that, around page 300 or 330, the good part starts...
it gives a pretty big good outline of how it how went down....we'll have to wait and see how the court decides though, if it ever gets that far....