I wish journalists and others would stop perpetuating this myth. A person or entity that bought a mortgage backed security has no claim on your house if your mortgage was part of the MBS package. None. We must not confuse an MBS with an actual mortgage, any more that we should confuse any object with that object's reflection in a mirror. Not the same.
Then who owns the mortgage????
Those MBS’s were made to be streams of income for investors and pension plans. They are interwoven across the entire financial services “world” of the US and the world.
It seemed to me that this rush to foreclose was a rush to keep the “balls” in the air, and keep the system from crashing.
Besides, the banks weren’t planning on keep the liar loans because they KNEW that they were bad, they were hot potatoes, to be gotten rid of quickly.
So, I ask again, Then who owns the mortgage????
Certainly worth repeating.
A person or entity that bought a mortgage backed security has no claim on your house if your mortgage was part of the MBS package. None. We must not confuse an MBS with an actual mortgage,.....
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I don’t know what an MBS is but I do know that I have a 6.5% mortgage and when we went to re-fi at a lower rate the paperwork read “Deed of Trust” instead of “Mortgage”.
According to the title person, DoT is a mortgage but makes it easier for “the bank to re-po in 90 days if you default”.
We cancelled the re-fi. Not that we plan on defaulting but if something happened, we would lose our home without the benefit of a court hearing. Be aware of this bank scam that bypasses the courts.