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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (29418)	2/16/2008 1:46:16 PM
From: Ilaine	Read Replies (3) \| Respond to of 217749

Sitting in bankruptcy court the other day chatting with a guy who works on the other side, collections, foreclosures. We were reminiscing about the last financial meltdown back in the 1990's. He said something I thought was very insightful. I was asking, "what were they thinking?", and he said, "institutional memories are short." I think there's more to it than that. The people getting shafted aren't the ones who sold the securities, it's the ones who bought them. Same as it ever was. What I am seeing is that the big "lenders" like Countrywide and Homecomings are actually servicers. They sliced and diced these crazy mortgages into bonds and sold them all over the world. So, for example, I just filed an Objection to Proof of Claim to a Proof of Claim filed by Wilshire Credit on behalf of Citibank N.A. Bond Series XXXYZ (name changed to protect the guilty). The proof of claim doesn't have a mortgage attached, just a note, and the note was executed by my clients with Aegis Lending Corporation, a Louisiana corporation that's essentially defunct. I am demanding proof of assignment. I am told that in some cases, they can't come up with valid proof that these mortgages were assigned, as they were passed around many times.