Oct
22
2009
Why mortgages aren’t modified and what a ruling stopping foreclosures means
Posted by: in Home Mortgage Online, tags: Banks, Derivatives, Electronic Registration System, Excerpt, Fannie Mae, Foreclosure, Foreclosures, Kansas Supreme Court, Mortgage Service, Mortgages, Random, SecuritizationRandom Feed wrote an interesting post today on
Here’s a quick excerpt
In August, the Kansas Supreme Court issued a ruling against a mortgage tracking service which may prove very costly to banks in foreclosure, leading to massive writedowns. It could be a life saver for many trapped in the foreclosure process. The case goes to the core of the functioning of massive markets in securitization and derivatives and has wide-ranging importance. The service, MERS (Mortgage Electronic Registration System) , is a privately-owned registry set up in 1997 by Fannie Mae, Fr
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