THE DOG ATE MY MORTGAGE DOCUMENTS

BANZAI7 NEWS--In testimony to Congress on Tuesday,  executives from JPMorgan Chase and Bank of America said a majority of the borrowers who’d entered into trial modifications were in danger of being denied permanent modifications through the program because they hadn’t submitted all of the required documents. Last week, the Treasury Department released survey results from all participating servicers showing the same trend.

But the data from servicers should be viewed with skepticism, given another clear trend: Banks and other mortgage servicers are themselves not very good at managing documents.

Whose problem should it be if the bank can't find a signed copy of the mortgage note? There is only one signed copy and they are supposed to have it.

If you were holding a pile of crappy mortgages nonetheless back stopped by Uncle Sam would you be eager to lower the rates? No you wouldn't. You would be looking for every excuse not to, such as: "The dog ate the mortgage documents."