Anti-Foreclosure ALERT: Banks May Not have Legal Ownership of Properties being Foreclosed On

Deutsche bank failed to prove
ownership of mortgage notes in this Ohio court
and a judge there denied the bank had the legal
authority to reclaim the property...because the bank could not prove ownership.

The nature of the securitization of the mortgages
currently failing, seems to make it almost impossible
for the banks to prove ownership - since the debt has
been rolled into global funds and is virtually untracable -
let alone the property of a single entity who could legally
reclaim the property.

This could be a huge blow to banks, and a major break for property owners currently in default on their securitized loans.

Gretchen Morgenson, "Foreclosures Hit a Snag for Lenders"
New York Times, Nov. 15, 2007