The very last two Securitization Audits I did - (in both case they were in the Judicial Foreclosure State of Florida were the Plaintiff has to submit the Original live 'wet-ink' Note and the originally recorded Mortgage documents to the Court as part of the Foreclosure process) - the Attorney for the Plaintiff's (the Lenders and/or the Securitizer) actually were clueless enough that when they showed these documents to the Judge, they were also tipping their hands to us! Ya know why that matters? I'll tell you why: Neither Lawyer apparently understands the rules about Bifurcation* - translated it means, they now have already demonstrated for the benefit of the Borrowers, that they cannot lawfully complete their foreclosure process.When they do my work or me, I just get kick out of it :-)
BTW, there's been some rather good news lately in industry press - take a peek here: http://cugno.net/latestnews.htm
*Bifurcated
In Carpenter v. Longan 16 Walls. 271, 83 U.S. 271, 274, 21 Led. 313 (1872), the United States Supreme Court stated, “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while assignment of the latter alone is a nullity.” The obligation can exist with or without security but a security interest cannot without the underlying existing obligation ... so if all you get is the mortgage and not the note, that's pretty much worthless, or you have a Note without collateral.
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