Saturday, October 16, 2010

Mortgage Paperwork Often Hard To Find : NPR

Show me the note: no show me the loan. show me the title. show me what you have.

Mortgage Paperwork Often Hard To Find : NPR: "Chris Katopis, executive director of the Association of Mortgage Investors, says investors are protected by agreements that say if there's any defect with the contract, the banks will buy back those securities.

'What we're hoping for is banks to step up and do what they're legally accountable to do under these agreements, and be responsible,' he says.

Paul Miller, managing director of financial services at investment firm FBR Capital Markets, says banks 'will probably be held most responsible if there is a problem.'

He says the evidence so far does not indicate that the problem will hold up most foreclosures. But no one knows yet for sure.

'My concern is, is maybe this is the tip of the iceberg and there were other shortcuts taken that we don't completely understand,' Miller says."

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