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In fact, MERS recommended that the "note" be held by the mortgage servicer to facilitate foreclosures, but in practice it seems that the notes were often lost or destroyed (which is why all those Burger King Kids were hired to Robo-sign "lost note affidavits").
The handling of that lost note in 2006 was hardly unusual.
In its statement last week, Fannie said it quickly addressed questions of lost note affidavits and issued guidance to servicers that no judicial foreclosures be conducted in MERS's name.
One is the format-agnostic HD playback device plus DVR that will record HDTV as seamlessly as a TiVo but doesn't require a cable card (NOTE: This does not exist), another is a strong, over-the-counter bottle of painkillers to help get through this upcoming season of Heroes and Lost (NOTE: This also does not exist).
Hoping to verify that no one else might be holding the supposedly lost note, Mr. Rothbloom asked for Ms. Joseph's deposition.
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In Broward County, Fla., alone, more than 1,700 affidavits were filed in the last two years attesting to lost notes, according to Legalprise, a legal services company that tracks foreclosure data.
Amy Bonitatibus, a Fannie Mae spokeswoman, declined to comment on the inspector general's report, but said that the 2006 legal analysis identified a specific issue with the practice of filing lost-note affidavits, which the company immediately addressed.
I still hold out hope of finding my long-lost notes from these conversations, because this was not to be the only call from Dietrich.
When the trustees could not present timely written proof of ownership entitling them to foreclose, they would in the past file "lost-note affidavits" with the court; and judges usually let these foreclosures proceed without objection.
Only the sudden rediscovery of a long-lost €100 note, hidden in the folds of a wallet, helped his group find a cheap hotel.
Reading "Catching the Big Fish," you're reminded that Pauline Kael once called Lynch a genius naïf, and that David Foster Wallace, reporting from the set of "Lost Highway," noted, "It's hard to tell if he's a genius or an idiot".
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