24 January 2011

If You Don't Have the Law, or the Facts, and You Can't Pound the Table, Because Someone is Slamming Your Face on It, Then

Shred all relevant documents:
Federal bankruptcy judges in Delaware are due to hold separate hearings Monday on requests by two defunct subprime mortgage lenders to destroy thousands of boxes or original loan documents.

The requests, by trustees liquidating Mortgage Lenders Network USA and American Home Mortgage, come despite intense concerns that paperwork critical to foreclosures and securitized investments may be lost.

A series of recent court rulings have increased the importance of original loan documents, holding that they are essential for investors to prove ownership of mortgages and to have the right to foreclose.
Nope, nothing to hide here, it's just too expensive to store boxes of documents.

What you are hearing right is not two 800 horsepower document shredders starting up.


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