I signed all those papers for nothing??

[Edge]

Interesting article on how the sloppiness during the boom is catching up to the banks in another way. Also, how some deadbeats are capitalizing.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aejJZdqodTCM&refer=home

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Edge]

I assume this could also impact some of the individuals that dealt in the seller carryback arena, especially those that purchased them on the 2nd market.

 

[taichijedi]

Wow! Great article. I guess that's what happens when you're moving all these documents through the packaging process without making sure of their completeness or accuracy. While there are some who can leverage this opportunity where they shouldn't be able to, there are probably plenty of others who are at risk of being taken advantage of by banks or securities firms who can't produce the necessary documentation. If you can not produce the legal document that says you control my note, you're out. Possession is 9/10 of the law!!

EDIT: Speed++ for great market info for REI people. Thanks Edge!!

 

[MJ DeMarco]

Indeed an eye-opening article. The guy "Lents" smells like a typical crook who is simply manipulating a failed system.

Aside from this, does anybody see the HUGE need exposed in this article? A business idea that could be worth billions?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[taichijedi]

Maybe a corp that could be used to track through all the muck and find these titles that are "Lost"? On the other end, a company that can handle verification to alleviate a problem like this in the first place by ensuring data accuracy. Am I on the right track here, MJ?

 

[taichijedi]

Sorry, double post.