Thread: Trillions in Loans in Doubt Due to Paperwork Snafus

Trillions in Loans in Doubt Due to Paperwork Snafus

Thursday, March 6, 2008 4:07 p.m. EST
Who’s got your loan papers? Bet even the bank you send your check to isn’t so sure.

Many bankers have lost the notes on the subprime loans they made during the earlier go-go years of this decade. The estimated total of these "orphanedâ€

Originally Posted by AirborneSapper7

It's happening across the country, in California, Massachusetts, Kansas and New York. In Ohio, a federal judge dismissed 14 foreclosures cases in November for lack of proper ownership papers.

Deutsche Bank was left holding the bag.

In one notorious case, Boca Raton, Fla. man Joe Lents simply stopped making payments on his $1.5 million mortgage in 2002.

Washington Mutual tried to foreclose. The bank couldn't prove it owned Lents's mortgage note and gave up. Now the foreclosure is stalled, reports Bloomberg.

"If you're going to take my house away from me, you better own the note," said Lents, 63.

Ha ha...that's great! Stick it to those banking scoundrels! We taxpayers already had to bail them out of the S & L scandals! Of course, they'll figure out a way for us to pay anyway!