The paper statements are from the servicing company. During the securitization process, mortgages were split in any number of ways – derivatives for principal, interest, various tranches with first claim riders. Who actually owns the mortgage is a real question. I can see that multiple parties have a claim to each actual underlying mortgage.
In the good old days, the principal and interest were owned by the same party. To foreclose you needed both parts to be “harmed” – the underlying note, and missing payment. There is no record except MERs as to the various ownerships. Do you really believe that they will do anything to add integrity to the system?
