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Now we have news that the nation's largest mortgage originator, Countrywide, systematically skipped over the basic framework of how property is legally identified and represented in their transactions.
This administrative lapse could cost Bank of America billions of dollars, according to Daily Finance.
A team leader from B of A's Mortgage Litigation department testified at a New Jersey hearing that it was "customary for Countrywide to maintain possession of the original note and related documents." That is a surprise,
The address for comment is:
The comments are due by 5 pm, EST.
Comments should focus on how the re-organization will accommodate the needs of the public. Its an important opportunity, and while the regulatory invitation is not specific in what will be reorganized, it is safe to bet that it involves Countrywide and perhaps First Franklin (a subprime lending operation owned by National City and later by Merrill Lynch).