I really didn't think much of this story when I read it. If you can't pay your mortgage then you can't live there. However, it's getting a little interesting with the GMAC and JP Morgan situations. Yeah, banks need to properly do the all legal and administrative correctly, but in 2010 I can't still believe this a problem.
In an order filed Tuesday, Los Angeles County Superior Court Judge R. Bruce Minto said the family had "shown a probability of success" in its claim that fouled-up paperwork invalidated the transfer of the mortgage in 2006 when it was sold in a bundle of loans that were used to create mortgage-backed securities.
If that's true, Deutsche Bank -- the trustee for the pool of loans where the Ali mortgage wound up -- might not have been legally entitled to foreclose on the Ali loan, as the big German bank did last December.
And more robo-signing
Citing stories in the St. Petersburg (Fla.) Times, the request said Moore in fact worked for Nationwide Title Clearing Inc.in Palm Harbor, Fla., where she and another employee had been "robo-signing" thousands of mortgage documents as though they were officers of banks, when in fact they were not.
"A few people in Florida pretended to be vice presidents of dozens of banks," Zwick said in an interview.