Oops … CDO Owners can’t find the deed

[patientlywaiting]

Good point, Daniel.

But the example means the industry is in disarray. The risk management systems did not work. And now the asset management systems aren’t working either. Fixing them will cost money and more losses.

How much is the monthly carrying cost on 1 house? Multiply that by millions and by several months.

[kaycee]

Something similar (I think) happened to me recently. I paid off a mortgage in May but apparently my credit union had lost the original mortgage. So they had to apply to the county to get a “instument in lieu of original mortgage”. they had to have like 10 signatures all notorized saying that after ” a thorough and exaustive search” they certified that the original mortgage had been lost or destroyed, etc. Then they were able to register my satisfaction of mortgage. I figured that didn’t happen very often and Navy Federal is certainly not a subprime outfit. But if I stopped paying that mortgage I guess that would have been a serious problem for them.

[kaycee]

Something similar (I think) happened to me recently. I paid off a mortgage in May but apparently my credit union had lost the original mortgage. So they had to apply to the county to get a “instument in lieu of original mortgage”. they had to have like 10 signatures all notorized saying that after ” a thorough and exaustive search” they certified that the original mortgage had been lost or destroyed, etc. Then they were able to register my satisfaction of mortgage. I figured that didn’t happen very often and Navy Federal is certainly not a subprime outfit. But if I stopped paying that mortgage I guess that would have been a serious problem for them.

[kaycee]

Something similar (I think) happened to me recently. I paid off a mortgage in May but apparently my credit union had lost the original mortgage. So they had to apply to the county to get a “instument in lieu of original mortgage”. they had to have like 10 signatures all notorized saying that after ” a thorough and exaustive search” they certified that the original mortgage had been lost or destroyed, etc. Then they were able to register my satisfaction of mortgage. I figured that didn’t happen very often and Navy Federal is certainly not a subprime outfit. But if I stopped paying that mortgage I guess that would have been a serious problem for them.

[kaycee]

Something similar (I think) happened to me recently. I paid off a mortgage in May but apparently my credit union had lost the original mortgage. So they had to apply to the county to get a “instument in lieu of original mortgage”. they had to have like 10 signatures all notorized saying that after ” a thorough and exaustive search” they certified that the original mortgage had been lost or destroyed, etc. Then they were able to register my satisfaction of mortgage. I figured that didn’t happen very often and Navy Federal is certainly not a subprime outfit. But if I stopped paying that mortgage I guess that would have been a serious problem for them.

[kaycee]

Something similar (I think) happened to me recently. I paid off a mortgage in May but apparently my credit union had lost the original mortgage. So they had to apply to the county to get a “instument in lieu of original mortgage”. they had to have like 10 signatures all notorized saying that after ” a thorough and exaustive search” they certified that the original mortgage had been lost or destroyed, etc. Then they were able to register my satisfaction of mortgage. I figured that didn’t happen very often and Navy Federal is certainly not a subprime outfit. But if I stopped paying that mortgage I guess that would have been a serious problem for them.

[Author]

Posts