It’s the promissory note, stupid!
Posted by 5etester on December 5, 2010
Bernanke may need to find another gear in his printing press bailout machine. At the very least, he’ll need a much bigger helicopter. The mortgage mess was all supposed to be behind us now as we move forward with our “slow” recovery. Maybe not. The $6 trillion dollar industry may have just been warming up. Lost in the Wikileak headlines was the ruling in New Jersey involving a foreclosure case against Bank of America. The bank lost because it was shown that they didn’t have physical possession of the original promissory note. Which means, no note, then you don’t own the house. Period. Talk about setting precedent and opening up a huge can of worms. If this holds up under appeal, it may literally open the floodgates to the biggest financial scandal the world has ever witnessed. The main stream media tried to paint this as sloppy paperwork errors, but the suspicion has always been that it would come down to possession of the note. Get yourself lawyered up if you are facing foreclosure or have already lost your house to foreclosure. The legal profession certainly seems to have job security for a long time to come. Read the story here.
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