Submitted by: Donald Hank
When I first heard about robo signing and how banks fudged around with mortgage securitization, I must confess, I had a hard time conceiving of this as a crime.
But this author makes it simple:
Asking who gets ripped off:
The homeowner. He has no idea who is the correct [mortgage] holder. He is paying a note but who’s getting the money? The correct noteholder or a pretender? There’s no way for him to know. And if he stops paying and the putative noteholder forecloses, it may not be the actual noteholder, in which case the debt is not extinguished at all!
