What exactly does this all accomplish? Destroying what little confidence is left in the financial markets? Giving deadbeats free houses free and clear?
In a nut shell - WTF does this mean in plain language ???
I’m foreclosing on your screen name ping!
bump for later
As I read this it turns the loan secured by a mortgage into an unsecured loan. I am not certain who owns the house though!
It is interesting that the Judge left standing First Franklin as the owner of the mortgage but First Franklin won’t be able to produce the note to lien on or if First Franklin does produce a note without investors names on it, then they (First Franklin) will be open to other lawsuits because they sold and were paid for selling the mortgage already. Fascinating.
As far as contract law goes, this decision is written in as plain english as possible from a layman’s reading.
It’s not the home buyers fault wall street screwed up the paperwork while trying to make a fast buck.
PING!
Are you coming around to supporting the rule of law yet?
Bump for later.