daily kos:A judge ruled in favor of a family disputing a mortgage and handed the lender a $460,000 FU[nothome] because they couldn't prove they held the note. " Judge Drops Borrower's Mortgage; Feeds $460k FU Sandwich to Lying Lender by JerichoJ8 Share this on Twitter - Judge Drops Borrower's Mortgage; Feeds $460k FU Sandwich to Lying Lender <script language="javascript" type="text/javascript"> //Create your sharelet with desired properties and set button element to false var object = SHARETHIS.addEntry({ title:'Judge Drops Borrower's Mortgage; Feeds $460k FU Sandwich to Lying Lender', url:'http://www.dailykos.com/storyonly/2009/10/24/796793/-Judge-Drops-Borrowers-Mortgage;-Feeds-$460k-FU-Sandwich-to-Lying-Lender'}, {button:false, offsetLeft: -200}); //Output your customized button document.write(''); //Tie customized button to ShareThis button functionality. var element = document.getElementById("share"); object.attachButton(element); </script> Sat Oct 24, 2009 at 05:15:36 PM PDT For years, the banks and mortgage lenders have been running rough shod over borrowers, and recently their greed has exceeded decency(foreclosing on paid up houses, refusing to renegotiate terms) to the point that Bankruptcy Court Judges are calling them on the very details the banks used to slit the borrower's throat. The banks have lost the paperwork showing they actually own the mortgage. The fact is, no one knows who owns the mortgages. So, when one family fought for the option of renegotiating their mortgage, they got more than they bargained for: a house free of its mortgage. One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order. http://www.dailykos.com/storyonly/2009/10/24/796793/-Judge-Drops-Homeowners-Morgage;-Feeds-
That is one way to reduce the national debt, wipe 461K of frns off the books. Cute. It shifts the loss from the taxpayers to the bank and it's stockholders. Too bad the beneficiary is the home owner and not the rest of us. Ah, well, one beneficiary at a time is better than none at all. The lesson is contained in the derivatives that were bundled and sold as legitimate investments. I think I'll go burn some worthless paper --
