Court looks hard at mortgage ownership in foreclosure
A federal judge has ruled that the inability of a mortgage lender to prove ownership of the loan means that the loan does not exist. The judge decided, on Oct. 9 in federal bankruptcy court in the Southern District of New York, to wipe out a mortgage worth $461,263 on that basis. Proof of mortgage ownership can be difficult because securitized mortgages changed hands very frequently. The ruling is to be appealed, but it is being given close scrutiny by the entire mortgage-lending industry.
New York Times (free registration), The | 10/24
This story published in NYSSA SmartBrief on 10/29/2009
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