AS YOU CAN SEE FROM THE NEWEST ENTRIES TO GARFIELD’S GLOSSARY, WE HAVE PIECED TOGETHER THE REASONS FOR THE METEORIC RISE IN LOST NOTES. WE ARE FAST ARRIVING AT THE CONCLUSION THAT FATAL DEFECTS IN THE LOAN UNDERWRITING AND SECURITIZATION PROCESS HAVE EVISCERATED THE SECURITY PROVISIONS OF THE MORTGAGE AND THE OBLIGATIONS UNDER THE NOTE. […]

Tags: DESTROYED NOTE, EARLY AMORTIZATION EVENT, foreclosure defense, lost note, NOMINAL LENDER, rescission, single transaction, SPV, TOXIC WASTE
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