Foreclosure-Gate: "Mortgage Backed Securities" Were Empty Shells
• usawatchdog.comThis is an earth shaking setback, not only for B of A, but for all banks involved in mortgage-backed securities. The Promissory Note is the actual proof the bank owns the home. No “note” means no proof of ownership.
The idea of no note is the easy way for home owners to keep their homes. The real point is being covered up by this That point is that there wasn't any loan. the banks never loaned anything. Since there wasn't any loan, the idea of a note is bad faith on the part of the banks. That's an admission that they were intending fraud on the homeowner right from the start.