Reply #6: They won't be able to foreclose properly in many cases. [View All]

[sabrina 1]

Some mortgages were transferred many times from bank to bank. Trying to get the paperwork in order all the way back to the first transfer, it has been predicted, could take years.

In a few cases, judges have ruled against the banks and given the homes to the homeowners. They were so greedy, rushing to transfer mortgages, bundling them with other worthless assets, selling those bundles to investors, the other party in all of this btw, who have yet to be heard from, that they caused a mess that will take years, maybe decades to sort out.

And this is not news. This has been known for several years, but they just kept on foreclosing. Any sales of those properties can be subject to investor lawsuits also, who are entitled to profits from them.

I don't know how they can solve this mess, but as long as two years ago I read articles warning that they needed to stop these foreclosures before the mess got any bigger. No one did, and here we are.