A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as “technical” or “paperwork” run deeper than that. And that is before you get to the issue that we have discussed at length on this blog, namely, the failure to convey promissory notes and related liens as stipulated by the contract governing mortgage securitizations, the pooling and servicing agreement.
It is important to acknowledge that Judge Schack is an outlier. He was early to take issue with the bank practices in foreclosure filings and details some of the problems he sees on a routine basis:
Read on.
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