Homeowners' Rallying Cry: Produce The Note

[Purveyor]

Source: Associated Press

(02-17) 12:15 PST Zephyrhills, Fla. (AP) --

Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.

And just like that, the foreclosure proceedings came to a standstill.

Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess.

During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In many cases, the original note signed by the homeowner was lost, stored away in a distant warehouse or destroyed.

Persuading a judge to compel production of hard-to-find or nonexistent documents can, at the very least, delay foreclosure, buying the homeowner some time and turning up the pressure on the lender to renegotiate the mortgage.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/02/17/national/a120919S63.DTL

[LSparkle]

1. Thank you, Randi Rhodes! She was REALLY pushing this ...

Telling homeowners to ask that they produce the note in
every case. She'll be glad to know it's working to stave
off some of these greedy bankers!

[Liberal_Stalwart71]

3. I wondered if anyone was going to come up in here in support of Randi

She was the FIRST to to encourage homeowners to do this! Once again, Randi was right! Her voice is sorely missed. x(

[LSparkle]

8. As Ahnode said, "(She)'ll be back ... "

And hopefully even better than before (on more stations,
with better signals, etc.).

[D-Lee]

34. Here is the link for the form to use

foreclosure documentation demand:

http://www.consumerwarningnetwork.com/2008/06/19/produce-the-note-how-to/

If you are in this situation, be aware that there may be a distinction between the "mortgage" and the "note" -- many homeowners could demand both. In some states, the "mortgage" refers to the interest in the property, while the "note" refers to the monetary debt.

Remember that with mortgages and notes being sold and resold, some entity could think that they have a right to foreclose when they actually don't have a legal right to do so in relation to a particular property ... lots of reasons this might occur, including that the entity didn't complete the purchase of the mortgage and/or note or some misdescription of the transaction.

[No Elephants]

78. The mortgage is probably on file with the Registry of Deeds. The note is just like a check. EVERY

originally signed note is like a check. That's why you never sign more than one, no matter how many counterparts the lender's lawyer shoves in front of you. And that's why the lender MUST hang on to the originally signed note. (Just try cashing a check with a copy of a signature.)

[cosmicone]

2. This is inherently dishonest.

No one held a gun to Kathy Lovelace's head to sign the mortgage. She knows it is real because she has been making payments on it. The bank holding the note funded it with money from small depositors and investors who will be robbed of it by greedy people who bought more home than they could afford or refinanced their reasonable mortgages, cashed in the difference and partied with the proceeds.

[Dr. Strange]

4. Maybe so...

but if the bank is in fact holding the note, then it's certainly not unreasonable to ask them to present it.

[Gin]

5. so if the bank gets the house back but can't produce the original

note...how can they give clear title to a new owner? Or can they just make this stuff up as they along?

[LSparkle]

7. Good point! That's probably the rationale behind requesting the note ... n/t

[Lerkfish]

11. um, not really. In a legal proceeding, such as a foreclosure, requests for paperwork

are completey honest.

try suing anyone over breach of contract and then NOT producing the contract. would you win?

[dmr]

74. Agree. Provide the original document. You hear that all the time

when dealing in business; whether it be school transcripts or a receipt or birth certificate or driver's license, to name a few.

[EFerrari]

13. No, it's not dishonest. She has a right to due process.

And producing the note is part of that due process.

[Critters2]

44. Off topic but--

Holy Crap! How'd you get so many hearts?!

[EFerrari]

47. I think it was a typo.

:blush:

[coffeenap]

48. Cuz she is AMAZING!!!!!!!!!!!!

:loveya:

[robinlynne]

71. exactly!

[aquart]

68. Clearly you haven't run into babylonsister lately.

[aggiesal]

14. The problem is that the new mortgage owner paid only ...

10 cents on the dollar for her mortgage.

So more often then not, the new bank has already made the expected profit
on the house, just by buying the bank that went under.

JP Morgan Chase Bank purchased WAMU for only 10% of it's value, but didn't
have to buy the bad notes. So, they got all the good notes at 10%.

I want to know if WAMU was going to sell my mortgage at 10%, why could they
not offer that price to me?

[yellerpup]

27. Good point! n/t

[robinlynne]

72. Good quesiton. And why didn't our government buy them all at 10%?

then rent them or sell them back to us at the same price. or give them away. whatever, instead of bailing out the banks.

[aggiesal]

82. The Gov't secures insolvent banks through ...

Federal Deposit Insurance Corp. (FDIC). When Wamu went under, it would have been
the largest Gov't bailout of any bank in the history of the US, and would have bankrupt
the FDIC.

The Gov't approached JPMorgan Chase to take over the bank and negotiated the price. When
all this was going on, those of us with accounts that knew WAMU was about to fold, made
a classic run on the bank. I took all my money out, the Tuesday before they announced
the following Monday that they announced the JPM Chase takeover.

[GinaMaria]

86. Great question

mine was with WaMu also. Damn. at 10%, I could have been done with the mortgage and been free and clear.

[aggiesal]

89. I would have paid 15% n/t

[gratuitous]

15. Except for one tiny thing

Yes, Kathy Lovelace signed a note for the house she's living in. Someone's claiming she didn't make her payments, wants to foreclose on the mortgage and take possession of the house. Are they the actual holder of the note? Are they the true party in interest? It's not unreasonable to demand that the entity suing you provide some proof for the validity of their claim. Otherwise, what's to stop Foreclosure Equity XYZ Group from foreclosing on your home, and then a year or so later, have Foreclosures R Us come along with papers demanding that you pay up on your mortgage?

And the entity that winds up holding the paper on a house, after all the fast shuffling that's gone on in the mortgage markets over the last six years or so, is almost surely NOT the bank that funded the mortgage "with money from small depositors and investors." The entity at the end of the line took possession of the paper based on an inflated value paid for a bundle of mortgages that nobody knew quite what was in the bundle, that had been pieced together from parts of similar bundles put together and sold around the investor club just a year previously. The bank that wrote the original mortgage is long gone from the transaction.

[wroberts189]

63. well said...

[closeupready]

16. Absolutely not. She has a right to make them produce it.

How dare you suggest that in pursuing her rights, she is being dishonest. :mad:

[Kali]

17. never mind the other greedy people who pushed this shit

sure some home buyers abused the system, that always happens but the reverse is true as well. People dream of owning - it is after all marketed heavily as the American dream. Many people do not have the education or experience top understand what they are actually getting into in a large financial transaction anyway and if you think there wasn't a whole lot of push and smoke and mirrors going on you are more than just cold hearted but ignorant too.

[shraby]

19. No one held a gun to the banker's head

to make him/her bundle the mortgage and sell the proof that he/she owned it either.

[Demit]

38. Of all the excellent answers to such a baseless, mean-spirited post, I liked yours the best.

It really struck me how, of all the reasons people are being foreclosed on—like this woman, losing her (pretty modest) home because she lost her job in a bad economy—the poster you responded to just decided with no proof that she was at fault. I hope someday if something bad happens to him through no fault of his own, he has to listen to some prick blaming him for it.

[Donnachaidh]

20. Oh BALONEY!

If the bank was that anxious to whip the loans out into a bundled package that they LOST the paperwork -- they should EAT the damned mortgage.

I'm so sick of these whiny *but but but it might effect investors* -- I'll bet those investors were lining up around the block to get in on the kill. WHY should a homeowner suffer because the banks were greedy and STUPID? Complain to the BANKS -- the REAL idiots at the center of the meltdown.

The banks pull NO punches when they have a chance to foreclose. No one held a gun to the head of those INVESTORS who were promised all sorts of cash from the banks talking them into investing. Guess it's tough getting the same message the homeowners were getting from banks and investors.

:nopity: :nopity: :nopity:

[Oregone]

21. Who cares?

The entire banking/social/financial system in America is immoral and dishonest. At least this goes to the heart of the problem and hurts those who have created this mess: the banks.

[Carni]

54. AMEN! EOM

[SharonAnn]

61. As FDR said "those who have created this mess: the banks[sters]".

[The Stranger]

29. Bullshit.

It should be a condition precedent to foreclosure.

[Hassin Bin Sober]

30. LOL. Thanks for the giggle.

I'll pass along your concerns to a buddy of mine who was screwed out of 8k for an early pay-off feature hidden in his loan closing paperwork.

When his lender sent his initial disclosure package he noticed an early pay-off penalty. He called the lender to complain, they removed it and re-disclosed without the penalty. Two years later he goes to refinance and finds out he has a 3% pre-pay penalty the lender sneaked back in to the documents at closing.

When confronted with conflicting paperwork provided by the lender, the lender told him the closing docs take precedent and a "contract is a contract."

[kirby]

33. Ever hear of a technicality?

I mean if you go to court to fight a speeding ticket, you have a right to demand a certificate showing the radar gun has been calibrated. How is it any different in this case? It seems to be even more important in this case because who is to say Joe-Schmoe didn't just peruse the tax roles and bring action against you as part of a scam?

Read this article... It highlights a private company called 'MERS' and why these notes are not available.
http://www.msnbc.msn.com/id/29198366/

Here is an excerpt:

'The use of MERS as a “nominee” of the lender and “beneficiary” of mortgages is key to the company’s business model, described on its Web site as “an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. … MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.”

In other words, when a loan in the MERS registry is sold by one party to another, instead of filing paper “assignments” at the local government office where the mortgage is recorded, the transaction is simply noted by MERS. Similarly, foreclosures and other events are supposed to be noted in MERS’ records on each loan. '

[jayfish]

35. No More Dishonest Then A Bank Asking Me To Verify That I Own An Account Before...

making a withdrawal and closing said account. I love how corporate America is able to use these little "technicalities" against the plebs everyday and nobody seems to have a problem with it. Once the plebs use the same tactics though, watch the hell out. :nopity:

Jay

[madmom]

37. Several years ago, my SO and I wanted to combine our 2 mortgages

into 1 at a lower interest rate. The majority of the companies we spoke to all wanted to lend us about 25-30 percent more than we wanted. They even said they couldn't lend us that little, nothing under $100,000. We decides to suck it up and stay with the two instead. While we could afford to wait, we both had good paying jobs, not every one can. If these were the tactics used by lending companies I can understand how some people got in this mess.

[Raster]

39. Dishonest to demand to see the original, binding contract?

The binding contract that is being enforced? What fucking planet are you on?

[No Elephants]

79. Not contract. NOTE. A note is very different from a contract. Losing a note is like losing an

uncashed check.

[Raster]

84. Same reaction. The financial institution attempting to foreclose can't produce the note? Puhleeeze

Thank you for the clarification. And again, same reaction to the poster I was responding to: "what fucking planet are you on?"

[Zhade]

88. Heartlessasshole IV, apparently.

NT!

[reggie the dog]

40. it is not dishonest at all

you want to see the original you signed to make sure they are not fucking you over as per the contract you signed.

[lark]

45. Banks were not innocent bystanders in this mess

My mortgage holder PUSHED and PUSHED me to get an adjustable loan, even though I've owned 2 houses (serially) and was not late once in over 10 years. Only when I walked away and advised I'd refi with another company did Countrywide finally pony up the low interest, no points loan I deserved based on decent income, and excellent credit. If I hadn't known better, I could easily have a loan now that I couldn't afford and be in the exact same boat. Yeah, there were some sleeazy speculators and some downright ignorant people involved, but I dare say that a lot of these people are innocent victims and the bankers are the ones that partied based on stealing from folks.

[xxqqqzme]

46. Wow - you must be

a seer or something. I certainly didn't get that from the article. I don't know where you are but a 200,000 house in my area is a starter house - nothing fancy

[ljm2002]

50. Unfortunately, the system itself has become "inherently dishonest"...

...and sometimes you have to fight fire with fire.

When huge numbers of people are being pushed out of their homes, when banks refuse to negotiate with them and yet turn around and sell the houses to speculators (if they can sell them at all) for less than they could have negotiated with the homeowners, when real estate values plummet because of absurdly inflated prices that were jacked up during a bubble that was based on fraud by the financiers -- well it's time for the people to say enough is enough.

I'm all for living up to one's obligations in general, and I am living up to mine at the moment. But if push ever comes to shove, I will not hesitate to use everything at my disposal to get through it without losing my home. There is a reason for concepts like Jubilee -- sometimes the system itself has simply become too burdensome, and the people need relief.

[Catch22Dem]

51. How do you know it was a house she couldn't afford?

She lost her job. How many of us could really keep making payments on our houses without a job? You presume too much, and your post doesn't even make sense. It's her contract, she should be able to see it if she wants. If it buys her time and she gets another job in the meantime then catches up those payments, who's hurt? It's OUR goddamn legal system. We can USE it.

[flvegan]

58. No it isn't.

And you don't know SHIT about how mortgages work, apparently.

[kiranon]

62. No moral issue involved. It's a legal matter. Produce the note.

Many an ordinary citizen has found himself out of court when he could not produce a document or the next best evidence of the document if the original was destroyed.

[Ikonoklast]

66. "The bank holding the note funded it with money from small depositors and investors "

You have no idea how a fractionalized banking system works, if you think this is where banks get money to loan from.

[christx30]

85. Very true

I encourage everyone to get on youtube and watch a video called "Money as Debt" I did and it changed the way I look at banking. The mortgages do not take the money to make the loans from "small depositors and investors". Most of the money is made up out of thin air. The government limits this practice to 9:1, or $9 of invented money to $1 of real money. I'm sure most of you know this stuff already. But those that don't need to watch the videos. I think it offers a new twist to the mortgage problem:
If you created money out of thin air in order to create a debt for someone, then if that person doesn't give you "real" money back, what happens when your creditors come knocking on your door, demanding real money when all you have is debts from invented money?

[Zhade]

75. Yes. Should she thus be in the street?

For crying out loud, get some compassion.

[Zhade]

87. You know what? I was wrong. IT'S NOT DISHONEST AT ALL.

NT!

[sendero]

77. Everything the banks did..

... throughout this process was inherently dishonest. If the shoe were on the other foot, the banks would not hesitate to pull this trick.

I have no sympathy for the banks, and only a little for some of the homeowners.

[PM Martin]

6. As Nelson Peltz would say

HAHA!

[KnaveRupe]

25. Nelson MUNTZ.

You got his name wrong.

[GinaMaria]

9. Question....

If this paperwork turns out to be impossible to find, who owns the property? I'm not in foreclosure but I'm thinking of asking the bank for a copy of the paperwork just so I know who owns my home. This is really f'ed up.

[remedy1]

26. The person(s) named on the Deed.

They are the owners until such time that the note holder forecloses and takes possession of the property. Contrary to common belief, the holder of the deed is the legal owner, not the bank/lender/financial institution. The lender has only an interest by lien.

Without the Note, there is no legal proof of lien, and thus the note holder cannot proceed to foreclosure.

The property owner has every right to ask for production of the Note.

[alcibiades_mystery]

49. Indeed, they should demand immediate voiding of the lien

:evilgrin:

[flvegan]

59. That's not entirely true.

In many states, a foreclosing Plaintiff can add a Count to the Complaint to re-establish the lost note. Basically, it says that the Note was lost or destroyed, and they file a simple affidavit. Nice thing is that there's a hearing on that Count. If the mortgage and all assignments are in order, and it can be proven that the borrower was at time of last payment, making said payment to the Plaintiff and last assignee of record, the foreclosure will likely proceed.

[wroberts189]

65. but it may buy them leverage and time.... nt

[wroberts189]

64. excelllent info thx

[GinaMaria]

67. This is great information to know. thanks eom

[marybourg]

57. If you want to know who owns your house

go to your county clerk or county registrar's office and do a title search. All the deeds AND mortgages should be there. If they're not there, in the eyes of the law they don't exist. If anyone could just go to court and say "I have a mortgage on that house" without being able to, or required to, prove it from certified records on file, we'd all be in trouble.

[ejpoeta]

10. good!! that's the key. they can't prove anything without the note.

and when you have banks that have merged, been bought out and such.... and then mortgages sliced and diced and sold around.... who has the papers!! serves them right!

[T Wolf]

12. With the overly-complex system that the powerful have set up to screw normal citizens, I totally

applaud this tactic.

It's about time we use the system against them.

And while many people have acted irresponsibly in "mortgaging their future" for immediate gratification, until the mind-frame of the population changes to a more responsible and moral one,

what's good for the goose...

[shadowknows69]

18. Nice to see bureaucracy working against itself for a change.

[Prophet 451]

43. Ain't it just?

The banks screw us over a dozen times a day. Between usurious interest, excessive charges, nonsensical provisions and the "compassion is a curse" mentality, they violate both ethics and the law on a daily basis but most people don't know enough to call them on it.

Second biggest class of casual criminals in the world (after bailiffs).

[florida08]

22. great idea

but I would guess in a matter of time they'll produce some kind of passable phony document. Since banks don't want to renegotiate these loans because shareholders are hopping mad they would be losing money because of it. Some are even suing them for attempting to do so you have to wonder if these banks are trying to recoup losses from derivatives by scooping of good equity homes. I would definitely demand to see a spreadsheet on just to whom have my payments been going to :mad:

[Blue_Tires]

23. lol...I am reminded of Sam Lowry asking Central Services for the 27b/6

[KnaveRupe]

28. "Twenty-seven b stroke 6?!" CLANG!

MINISTRY OF PUBLIC WORKS
Form 27B/6
Authorization for Repairs of Domestic Living Quarters by Licensed Repair Technicians
Issuing officer Name:......................................................................
Issuing officer ID Number:............................................................
Fill this form out in triplicate. One form is to be kept by Issuing Officer, Primary Technician, and Primary Resident.
Location of Repair Site
Room of house in which repair will be
performed:.................................................................
Residence Number:.................................................
Building Number:......................................................
Street Name:.............................................................
District Number:......................................................
City Name:.................................................................
Region Code:.............................................................
Country Name:.........................................................
Zone Information Number:..................................
Primary Resident:.....................................................
Primary Resident ID Number:...............................
Other Residents:......................................................
......................................................................................
......................................................................................
Attach form 31N/6 for any relevant medical conditions of
residents.
Repair Details
Repair Technicians
(please attach form 27H/44 for each technician)
Head Technician
Name:..........................................................................
License Number:......................................................
Secondary Technician (if any)
Name:..........................................................................
License Number:......................................................
Tertiary Technician (if any)
Name:..........................................................................
License Number:......................................................
Attach form 27L/97 if more than 3 technicians are to be
dispatched.
Equipment to be repaired
Name Value
(broken) (fixed)
.....................................................................................
.....................................................................................
.....................................................................................
.....................................................................................
Total value of repair:
Equipment to be used in repair:
ID Code Name Value
.....................................................................................
.....................................................................................
.....................................................................................
.....................................................................................
Equipment to be consumed in repair:
ID Code Name Value
......................................................................................
......................................................................................
......................................................................................
......................................................................................
Attach form 27Q/81 if more equipment is to be repaired
or used in repair.
Total cost of repair:.................................................
Net change in Ministry asset valuation:...............
Amount of repair cost to be paid by primary
resident:......................................................................
Issuing Officer Signature:
......................................................................................
Primary Technician Signature:
......................................................................................
Primary Resident Signature:
......................................................................................

[Phoenix-Risen]

24. It's a strategy Bud Hibbs has been advocating for years

regarding any debt collection proceedings. It very seldom does more than delay the inevitable in mortgage cases but always worth a try. It can be very effective when dealing with debt collection vultures that buy old credit card balances as they tend to be sloppier.

[Manifestor_of_Light]

31. This is basic contract law, folks.

The Deed of Trust and the Lien HAVE to be in writing, or they are not valid. The chain of title has to be traceable. You get a Title company to compile an Abstract of Title, showing the chain of title.


Any transaction of real estate, such as a lease or sale, has to be in writing to be valid.

This is called The Statute of Frauds. Very old English common law.


I am a lawyer but I do NOT play one on TV. :D

[kirby]

32. Here is another article link...

In particular, it highlights the private company 'MERS' and their 'innovative process' that has denied local taxing authorities recording fees. Their end run around the government is why the mortgage notes cannot be accurately produced.

D-Day Vet's Tale Parallells Mortgage Meltdown...

http://www.msnbc.msn.com/id/29198366/

[DCKit]

36. "...pressure on the lender to renegotiate the mortgage."

And how safe is it to "renegotiate" if they can't even prove they own the lien?

The scams we're going to see in the next five years.....

[Gin]

42. I have had my mortgage sold many times in the past...but it was the whole

package that was sold...no big deal for me except I had a new lien holder to deal with....now..they have sliced and diced and sold mortgages and ownership has been diluted...the onus is on the bank to produce some record...IMO

[CitizenPatriot]

41. This is great

it also stops the other silent problem of people ready to pay off their loans but the bank being unable to find the payoff letter, etc -- you close after you sell your house but the bank can't provide proof to you that the loan is paid off because they can't find the paperwork. With all the mortgages sales going on, this has been a nightmare for some folks...

so this is a good move not just to stave off foreclosure, but for every single homeowner. Make sure they show you the paperwork and have the pay off letter and it matches what you understand that you owe.

[getthefacts]

52. Maybe I'm mistaken

but isn't the note and mortgage recorded at Registry of Deeds together with the title at closing?

[flvegan]

60. Oftentimes, the Note is not recorded. The mortgage is the public record

together with assignments (if any). The Note IS supposed to be stamped at every assignment.

In days past, the Note was part of the mortgage at signing, and was recorded with the mortgage.

The rules vary by state and instrument usage choice, of course.

[femmedem]

53. Thank you so much. I am likely to be in default soon.

The day I received a form from my mortgage company to modify my loan, I also received a letter stating the mortgage had been sold (again.) I've read that the new company is really bad. But maybe this will help.

[wordpix]

55. Flashback to when I bought my condo:

The deal was struck at a certain rate, but when I went to sign the papers, they showed a higher mortgage rate than what was agreed to. There was no paperwork on hand then, either, except the new deal at the new, higher rate.

When I asked the broker why the rate was higher than our agreement rate, he spouted some reasons that did not make sense to me. I walked away and never looked back.

[Bozita]

56. Do I hear the industry spokesman whistling past the graveyard?

from the article:

"Tom Deutsch, deputy executive director of the American Securitization Forum, a group that represents banks, law firms and investors, dismissed the strategy as merely a stalling tactic, saying homeowners are "making lawyers jump through procedural hoops to delay what's likely to be inevitable."

Deutsch said the original note is almost always electronically retained and can eventually be found."


I'll bet you heard it too.

[aquart]

69. Yeah. My renting agent once told me I couldn't fight an eviction notice.

So I should save my money and not waste it on a lawyer. Twenty five years later, I'm still in my apartment. Oh, and legal process found out that my building should have been stabilized, and now it is.

[Raster]

70. "...the original note is almost always electronically retained..."

Almost always, eh?

[No Elephants]

80. How do you "electronically retain" an original signature? A note is like a check. You cannot

cash a check without an original signature.

[Piewhacket]

73. I agree with y'all. In addition....

"making lawyers jump through procedural hoops to delay what's likely to be inevitable."

is that so, Mr. "I'm not a lawyer, I'm just the fool whos panicing
because I have NO IDEA where the paperwork is"?
and the downside of delay for the owners is? wait, there is no downside for them.
well damn, looks like you are f***ed, Mr Deutsch. Not to mention embarrassed and
looking like the main fool!


Deutsch said the original note is almost always electronically retained and can eventually be found.
is that so, mr I'm no lawyer, just some fool out of my depth.

Because even if you find a copy, you'll still have to prove you are who ownes it, eh?
You have to prove you are the real party in interest! OH my GOD!

Another calamity on the horizon, eh? So will this torture never end???
No Mr. Deutsch, it doesn't. Best to get mega reasonable mega fast.
And I'd shut my mouth if I were you, a person in your delicate position
you wouldn't want to piss anyone off.

[No Elephants]

76. Re-negotiation is fine, but she will have to do something or title to her home will never be clear.

[Piewhacket]

83. Huh?... ok, lets review the bidding

Given:
Nice house, big mortgage (Value of house <= value of mortgage), lost paperwork.
Homeowner occupies the house but has not made any payments.
Perhaps owner can't pay (or won't because the house isn't worth the mortgage).
Credit damage. Repo in process.

Conclusion:
Title to home? That only protects equity, and there probably isn't any equity left.
As far as the homeowner this is no longer about title to
the home. This is now about living in the home rent free while things
get sorted out (to save some money and annoy the mortgage holder).

There could be renegotiations, but did Mr Deutch seem in any way willing? Nooo.
Unfortunately, the holder has his own obligations and people screaming for
his blood and now probably can't renegotiate, and the only practical
remedy he has is repo even if it costs him big, which it will.

So there you are. In the end this isn't about dividing profit, its about
allocating losses, and the owner is the smallest player in the game.

[Robb]

81. Hole in the dike, nothing more.

All the banks have to do is get congress to pass a law saying they don't need no stinkin' papers any more, at least for purposes of foreclosure.

Scoff, but that's the next step. They'll slip it in somewhere.