boston real estate blog   
Sponsored by Ford Realty Inc.
137 Charles Street, Boston
151 Tremont Street
boston real estate blog
| Home | Search Boston Condos | Search Boston Rentals | Buying
Real Estate
| Selling
Real Estate
| About Us | Contact Us

Missing documents


Have you ever wondered why it’s been so hard and slow to sort out the mortgage foreclosure mess in the U.S.?

Part of the reason can be summed up in two words: missing documents.

Two European banks have sued Bank of America over their mortgage investments, claiming they at least want back some of the mortgages that they allegedly invested in during the final years of the housing boom.

The probelm is no one can account for many of the mortgages in question. There’s alleged evidence some mortgages may have been sold twice. Some are now under the FDIC’s control due to bankruptcy filings by loan originators.

One mortgage portfolio — worth a half-billion dollars — reportedly has no paperwork at all.

The questions abound: Who did the borrowers pay each month? Who accepted the payments? Where did the money go? What happens if a borrower discovers his or her mortgage has no paperwork? Should they stop making payments and hope no one notices?

File under: Ghost mortgages

Read other posts about: Foreclosures, Real estate Financing

2 Responses to “Missing documents” »»

  1. Comment by | 12/13/09 at 10:49 pm

    I have personally suffered loss due to misplacement of my papers. These huge corporations get away with all this scam and people like us get blamed.

  2. Comment by Funny | 12/14/09 at 7:48 am

    The state of IT in the banking sector for all but a few small investment firms is despicable.

    It’s a new story waiting to happen.

    There’s documentation, scanning, and filing software out there that could make this a thing of the past; but that’s expensive (up front capital investment) and not conductive to the bottom line, managers who seek not to rock the boat, and dividend/quarterly oriented fundamentalist version of capitalism were currently in.

    Most people imagine that finance is full of war rooms with all sorts of tech goodies to keep, manage, and make them money on their investments like they see in the movies or on TV.

    The truth is most of the back office work is system re-management on accounts that can’t be preformed otherwise because of old IT systems that can’t do certain things, or just plain suck.

    I’m willing to bet 70%+ of your finances are handed on legacy MS Dos / Lynix mainframe programs that are 30 years old.

    You should see some of the shortcuts needed to deal with newer types of securities that weren’t even dreamed of when the systems were developed.

Leave a Reply »»

Comments may be moderated, edited or deleted; by leaving a comment, you are agreeing to the Terms of Service of this website.

Let's talk Boston real estate. The most recent real estate comments

  • christian louboutin discount shoes sale, Samuels wins right to build 30-story Back Bay complex: ...
  • James, Boston condo owners: Risk of using Airbnb: Just to be clear you’re posting a fear mongering piece, but...
  • Julieta, Affordable housing opportunity in the Fenway: Really? then point out specifically where my cmnoemts are...
  • Rene, Is the housing recovery weaker than it appears?: Give it back to the bank. If your State is a non-recourse...
  • Reyna, Daisy Buchanan’s in Back Bay facing foreclosure: Benjamin: in defense of Vangel, I think the aruemgnt can be...
  • Talene, Which direction will Boston rents go?: I have witnessed that smart real etsate agents just about everywhere...
  • Anna, Well, at least Boston isn’t Los Angeles: Your credit will tank but not as bad as a frrlceosuoe. You need...
  • Tyler Mills, Lenders go into overdrive to clear out backlog of delinquent mortgages: Instead of forcing out the...
  • Tyler Mills, Lack of housing inventory is getting ridiculous in Boston: Though inventory being down is really...
  • warren currier, ‘Boston’s faux housing boom’: Scott, Do you own any units in Boston? Supply /...
  • Nishant, Major Developers: Affordable homes can only be built outside downtown Boston: Yes, this is correct that...
  • warren currier, Done deal: Dr. Dre buys Tom and Gisele’s mansion for $40M: The property is located in LosAngeles,...
  • JS, Despite predictions, inventory of homes for sale continues to fall in Mass.: One thing that could be holding...
  • dcmhomebuyers, For 74 Beacon Street, it was the kitchen, stupid: Nice house. I think front section to location of...
  • Johnd478, Five signs you’re a ‘renter for life’: I just couldnt depart your site prior to...
  • Dionis Padron, Downtown condo prices now averaging near $1 million each: great article but prices for standalone...
  • John Ford, Charles Ponzi’s old Lexington home for sale at $3.3M: That’s a great idea. Anyone have an idea how...
  • Rich, Charles Ponzi’s old Lexington home for sale at $3.3M: Speaking of Mr. Ponzi, he ran his Ponzi scheme out of an...
  • amparo bracero, Big changes in store for Tremont Street?: I will love to comunicated my self with aida I was one of...
  • warren currier, Low mortgage rates may partly explain low inventory: The banks are making it very hard to get a loan....

  • Join us on Facebook Subscribe To FeedBurner Follow us on twitter Newsletter sign-up


    Are you considering the purchase or sale of a home in Boston?

    Contact us today to discuss ways we can help make the experience easy and stress-free.

    Search past blog entries

    Site tools

    Add To Google      Subscribe To FeedBurner

    Add To My Yahoo!

    | | | |

    Boston Real Estate/Boston Condos for Sale -
    Search MLS

    Select property type:
    Select area:
    Select property size:
    Price from:
    Price to:
    MLS #

    Boston Real Estate and Boston Condos

    Click on the links below for Boston condo neighborhood sales listings

    Boston Back Bay Condos

    Beacon Hill Condos

    Boston Charlestown Condos

    Fenway Boston Condos

    Boston South End Condos