Tag: bankruptcy attorney
Back in 2010, the US saw a record number of Americans losing their homes to foreclosure. What the banks didn't realize was that many of these homes were being taken illegally. Some bankruptcy attorneys found out that homes that were being foreclosed on in the US shouldn't have been. Because of the derivatives market, the banks couldn't prove the chain of ownership of the loan. In the last decade, banks lent to just about everyone and sold the notes on the derivatives market. These were being traded worldwide like Pokémon cards at an elementary school. The lender servicing the loan would be the party to try and take the home in foreclosure. What they couldn't show is who the actual owner was at the time of the foreclosure