Oh, since Judge Boyko, TWO MORE federal judges have reinforced his decision. Because no one knows who owns the mortgages and other bank paper, repossessions are not possible. BIG IMPLICATIONS WORLDWIDE.
That make less sense than this:
As apples are to guitars, razors are to coal deposits.
Seriously, though...where'd you get a damn fool idea like that?
Do you have any idea what the "collateralized" in "collateralized debt obligations" means?
The next logical step in this process is for DB to sue the banks who sold them the original mortgages without providing the proper documentation.
P.S. This is one reason why the U.S. dollar is collapsing against every other major currency in the world. These foreign investors have a pretty good idea that this U.S. economy is built on a foundation that may contain quite a bit of outright fraud.
.....millions of homes will be in default but the banks prevented from seizing them as collateral assets to resell.....
The solution for DB and others is simple and assured.
Carry the deed of trust into court. It takes at least 90 days to forclose and during that ample time, the deed of trust can be moved from the depository to the DB vault