02.17.09
Foreclosure Defense AP Article- “Produce the Note”
The AP issued an interesting article today: Homeowners’ Rallying Cry- Produce the Note. The article discusses the increasing defense to foreclosure actions by affected homeowners- “produce the note.” Through the mortgage lenders’ practice of “bundling” and “securitizing” multiple mortgage notes, selling and re-selling those “bundles”, as well as their sometimes sloppy document retention policies, these lenders are oftentimes put in the untenable position of being unable to produce the documents necessary to succeed on a foreclosure action.