Because banks are so effing trustworthy

Bloomberg.com: U.S.:

Requiring banks to produce the paperwork at a foreclosure hearing is a nuisance, said Jeffrey Naimon, a partner in the Washington office of Buckley Kolar LLP. “It’s a gigantic waste of time,” Naimon said. “The mortgage may have transferred five, six, eight times. It’s possible that you don’t have all the pieces of paper, but it was enough to convince the next guy in the chain. There’s no true controversy over whether the owner owns the loan.” Judges are becoming increasingly impatient with plaintiffs who produce no more proof of ownership than a lost-note affidavit or a copy of the note, said Michael Doan, an attorney at Doan Law Firm LLP in Carlsbad, California.

If the next guy in the chain bought a piece of paper on an overvalued house with an under-earning owner, the next guy in the chain is already an idiot. Convincing the idiot of yet another thing that isn’t true may not have been that hard. And there’s a lot of money to be made by foreclosing on houses where you’ve sold the note to an even stupider idiot who hasn’t had the brains to file for foreclosure ahead of you…

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