Have you been following the articles on nakedcapitalism.com? That blog has done a good job covering this story. From what I gather, the author of that blog thinks that the trusts may not actually own the mortgage note. She thinks the chain-of-title was broken by MERS.
What happens in that case? What happens to all the payments that were made? What happens if the trust took all of a borrower’s payments and then goes broke?
It seems like there are a lot of potential legal issues to deal with.
