June 23 liquidating trustee trust york mark wahlberg and amy adams dating
It took Mamie Ruth Palmer in Atlanta, Georgia to bust this one open, in a court case that has just ended a six year saga.
Her bank tried to foreclose on her, but couldn’t prove that they actually owned the mortgage.
Firstly the original mortgages were offered to people that couldn’t afford to pay them back, particularly when the so called “fixed” interest rates rose after an initial one or two year period.
Much has been written about this (NINJA, Sub Prime etc) Secondly the riskier slices of the mortgages were vastly under priced, and so the interest rate premium didn’t begin to compensate for the very real probability of a high rate of failure to service the loans. It turns out that because of the mortgages being sold and sliced and sold, the ownership of the original mortgage is often in doubt.
the trustee may take these steps only at the direction of the person or entity that currently holds the note and the beneficial interest under the deed of trust—the original beneficiary or its assignee—or that entity’s agent.” 62 C4th at 927. The person instructing the trustee must hold both the note and the beneficiary’s interest in the deed of trust. The foreclosing party must hold both the deed of trust and the note—which I take to be a reference to the right of enforcement of the note.