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Countrywide Comes Clean, Admits Screw-Up In Failure To Convey Promissory Notes Into Mtg Securitization Trust; Says It Was Customary To Keep Possession

By r morris

Naked Capitalism reports:Testimony in a New Jersey bankruptcy court case provides proof of the scenario we?ve depicted on this blog since September, namely, that subprime originators, starting sometime in the 2004-2005 timeframe, if not earlier, stopped conveying note (the borrower IOU) to mortgage securitization trust as stipulated in the pooling and servicing agreement.***As we indicated back

Full post as published by The Home Equity Theft Reporter on November 23, 2010 (boomark / email).