On NPR this morning, comments were made that should cause serious consternation to all involved. The question may remain not if a borrower was or is being forclosed upon because of not living up to the terms of agreement with lending institutions, but have the lending institutions correctly identified and are they actually representing the owners of the mortgage. The problem surfaces because many mortgages were packaged and sold, and packaged and re-sold, and re-packaged and sold. …well you get the picture. It’s one thing if Freddie, Fannie or banks hold the note, but many private investors, hedge funds, private equity groups, etc, bought these packaged securities. Mortgage servicers may not have adequately unraveled that trail of ownership. Stay tuned, this could get sticky!
Anne Mayberry 970-846-1425