securitization Tag

14 May Why does my foreclosure complaint include a lost note count?

Where's the note?Almost every foreclosure complaint filed includes a “lost note count.” The plaintiff, which is usually a bank you never heard of in connection with your loan, is claiming that it had the original promissory note but lost it. This is a lie, and an expert foreclosure defense attorney will be able to uncover the lie. The truth is that the plaintiff never had possession of the original note. The plaintiff was probably “sold” the note as part of a bundle of “securitized” notes (this bundle is known as a securitized trust), but the actual delivery of the original note never took place.
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07 Dec What Is Securitization?

The Denver Post published a simple GRAPHIC that is a best explanation of securitization I have seen any where. Securitization is defined by the Post as Wall Street buying subprime mortgages and packaging them as mortgage-backed securities to sell to investors amd is at...

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20 Nov Solving the Foreclosure Crisis – Part 2 – How is a mortgage securitized?

As a Jacksonville, Florida lawyer focused on foreclosure defense, I have become intimately familiar with the process of mortgage securitization. As discussed in Part 1, the mortgage-backed security (MBS) is the root of the foreclosure crisis in this country. In order to combat your foreclosure, you have to understand how your home mortgage travelled from the closing table to the securitized trust. How did your home mortgage become an MBS traded on Wall Street? The creation of an MBS involves a very complex series of transactions, but I have oversimplified here to help the uninitiated generally understand the path taken by most home loans:
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