Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish

hometowngrl53 · #1 02-22-2008, 10:47 PM

Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish

By Bob Ivry

Feb. 22 (Bloomberg) -- Joe Lents hasn't made a payment on his $1.5 million mortgage since 2002.

That's when Washington Mutual Inc. first tried to foreclose on his home in Boca Raton, Florida. The Seattle-based lender failed to prove that it owned Lents's mortgage note and dropped attempts to take his house. Subsequent efforts to foreclose have stalled because no one has produced the paperwork

read here http://www.bloomberg.com/apps/news?p...TCM&refer=news

badmomma · #2 02-23-2008, 04:36 AM

How do banks make such huge mistakes. I know that my bank could give my mortgage to another bank but someone has to hold paper. How do you misplace the paperwork on such a big asset?

flip4u · #3 02-23-2008, 10:38 PM

That is a great questions how does a bank loose paper work.

thohome · #4 02-24-2008, 01:58 PM

That is crazy They can't find the paperwork.. who was the loan officer that worked on the loan.. Well Shame on the bank for being so sloppy.