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CDO's and the Plot Sickens

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Terrel L. Shields

Thread Starter
Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I was talking with a lawyer today who visits with his buddy the Bankruptcy lawyer and his bud was telling him he has a huge filing in bankruptcy court that boggles his mind.

Seems that these CDO's created by some of the banks are tied with the bankruptcies and as they tried to sort them out...shall we say a funny thing happened on the way to the forum.

It seems that there are no assignments of mortgages to these CDO's...and, it apparently many of the mortgages appear in more than one CDO....yeah, they've been sold and resold....

The lawyer will be asking the court to cancel the mortgages because they were never assigned to people who claim to own them....

I'm not saying the bank involved is a well known bank in trouble which might be taken ove...
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
In judicial foreclosure states, like Ohio, that has already happen where the judge has thrown out the foreclosure because the agent representing the mortgage holder cannot prove any assignment took place. It simply was not recorded by the original servicing agent. Paper has been lost. Oh well ... :fiddle:
 

Lloyd Bonafide

Senior Member
Joined
Jan 15, 2006
Professional Status
Certified Residential Appraiser
State
California
It seems that there are no assignments of mortgages to these CDO's...and, it apparently many of the mortgages appear in more than one CDO....yeah, they've been sold and resold....


Excellent!!! No wonder those people on Wall Street get those big bonuses!!
 
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