As a homeowner with a mortgage supposedly held by the Bank of Beezlebub, you may be wondering now whether they really hold the mortgage or not. With all the fraud that occurred in mortgage origination, failed delivery of notes to securities and, now, foreclosure fraud, it is literally anybody’s guess at this point who actually holds the mortgages that 50 million American families are paying every month.
The mega-banks themselves caused this mess and the mega-banks themselves have thrown property and note ownership into profound disarray. Each of us has the LEGAL RIGHT to send a request to our supposed mortgage holder asking them to show that they do, in fact, hold the note and are, in fact, owed the thousands or tens of thousands of dollars we send them every year. But BOA doesn’t like being asked pesky little questions about whether they really are owed the money they claim they’re owed and are now taking ILLEGAL retaliatory steps against those upstart homeowner sharecroppers who dare to question the master’s claim to their paychecks.
From the inimitable Barry Ritholtz at The Big Picture:
By Barry Ritholtz – December 15th, 2010, 7:21AM
Yesterday, I noted that at least one Homeowner had made a “wheresthenote.com” Mortgage Note request, only to see Bank of America report the request as a dispute to the credit agencies, knocking 40 points off his FICO score. If these facts check out, that is a violation of the Fair Credit reporting act, and possibly other state and local laws.
As it turns out Wheresthenote.com has received numerous complaints about this. Their response has been to set up a form to file a complaint to your State Attorney General about illegal bank intimidation.
This may turn out to be a smart tactic. Elected Senators and Congressmen seems to be bought lock stock and barrel by the banking lobby. And the State AGs seem to be harder to buy off. Congress does the bidding of their banking masters, so looking for any positive outcome there is futile. But ion the Fraudclosure issue, the state AGs have been dead on.
Here is the Wheresthenote announcement:
Update: Homeowners are sending us reports of banks responding with threats and intimidation.
It is your legal right to demand to see your original, signed mortgage note.
It is illegal for banks to negatively report to your credit file during the 60 day period after requesting your note simply because you made a request to see it.
If you received a response that you feel is threatening or intimidating in nature, contact your state’s Attorney General and push them to hold the banks accountable under the law.