Double trouble...

[latemetal]

http://www.businessweek.com/news/201...sure-mess.html Two banks trying to foreclose same property... James A. Kowalski, a Jacksonville, Florida, foreclosure defense lawyer, described a homeowner who is facing simultaneous foreclosure lawsuits filed by two different trustees both claiming to own the same loan.

Blaming Securitization

Jacqueline P. Yulee was sued by Wells Fargo Bank, a trustee for VNT Trust Series 2010-1, and U.S. Bank Trust National Association, a trustee for Sequoia Funding Trust, both for a $213,750 loan she took out on her Florida home in 2003.

In separate court filings Kowalski provided to the committee, Wells Fargo and U.S. Bank each claimed that Yulee’s loan had been signed over to them.

“It’s a bedrock securitization problem,” Kowalski said in an interview before today’s hearing. “Once we allowed the securitization model and the concept of the securitized trust servicer to run the show, we ended up going down this road.”

[Goldhedge]

It's a bedrock securitization problem,

Sounds like fraud to me...

[KGMe]

Sounds like fraud to me...

Sounds like a party to me.

Yulee should get to stay in the house while the banks fight it out. Winner must produce deed.

[latemetal]

I just wonder how many double and triple assigned mortgages are out there? One of these bankers is out the whole debt, who do they sue?

[budfox]

I just wonder how many double and triple assigned mortgages are out there? One of these bankers is out the whole debt, who do they sue?

About 99%....................

[Godot]

Seems to me that if the banks can't keep their friggin books straight, the judge should just let the current resident/homesteader have the friggin property for back and future taxes.
Is it a homestead or is it not?

42:USC 1985 Civil rights violation by someone acting under color of law.

No local law can force a person to either commit a state level crime or waive state given rights of protection.