Thursday, December 16, 2010
Banks Threatening Homeowners Who Ask : " Where's The Note?"
Barry Ritholtz, of The Big Picture Blog fame, broke the news yesterday about receiving a note from one of his readers stating:
“FYI Just to let you know I ended up doing Where’s the Note and it resulted in this for me, see the 2 reported disputes in the attached screenshots below for my Jumbo 1st mortgage. 40 point hit on my scores. I will be speaking with an attorney soon. We need to get a warning out (SEIU has not responded).”
Of course "ended up doing Where's the Note" is a reference to the now famous web based service of the same name hosted by the Service Employees International Union. The site generates a formal request to the bank to provide a copy of the original mortgage note based on information entered by the user.
As many of you already know, many mortgage notes have been forwarded or lost in the multi-party securitization orgy that led up to the financial collapse of '08. This has been documented very well by Karl Denninger over at The Market Ticker.
Now we see this warning on the Where's The Note website:
So if I was a bank and one of my clients asked to see a note I didn't have, I might panic and try to bully and intimidate said client by hurting his credit score. Nice. Sound management.
Do these people read ANY financial blogs? Don't they know they're being commonly referred to as "banksters"? A chainsaw could do a better PR job! Instead of bringing their clients closer and working with them (whatever happened to the client is always right?) they are doing their best to reinforce all the negative perceptions people, rightfully, have of them.
Posted by Fedup Montrealer at 12:14 AM