If you are waiting for one of those “settlements” to mean something before your home goes up for auction, don’t hold your breath. Relief is not coming. The “simple” truth is that the investor is interested in the debt (i.e., the money owed by you) but everyone else is only interested in the paper. If you can absorb and accept this fact, you have a significantly improved your chance of successfully defending your home from foreclosure.
It’s all about the paper and fabrication of most of the paper. The puppet masters like Credit Suisse, Chase and others are taking credit for debt relief on debt they don’t own or that have been discharged in bankruptcy.
The banks get to write off the “loss” while investors and borrowers actually suffer the loss. The banks pay less in taxes. And then they “resecuritize” the loans they don’t own into “new” securitizations (like…
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