it would have been cheaper for the pres to have given every homeowner a $200k credit against their mortgage. instead, “modifications” allow some entity beside the real party in interest get paid – and we all know that the actual promissory note is never seen and probably doesn't even exist anymore – so how can it legitimately be modified?? never is given proof of a cancelled note. we are just being set up for future loss, so the banks can keep their non-deserving heads above water.

just let the banks claim bankrupcty, so the investors can make another contract with them. the homeowners made no contracts with the investors or the servicers, in most cases. why should should we have to claim bankruptcy, keep paying on a “modified” loan, and bailout the banks?? umm, shouldn't it be vice versa, with the banks claiming bankruptcy protection, paying the investors, and bailing the homeowners out?? who has more money here?

don't know about you guys – but my promissory note actually states that i must notify the note holder of anything regarding the debt obligation to the originating lender's address – or another address if the noteholder is other than the lender named on the note.

umm, that's a problem contractually, because the original lender never gave me notice of a change in note holder address. breach of contract for not disclosing the identity of the note holder to which notice must be made (ie, you want to notify the note holder that there was fraud at the execution, etc)?

seems to me they hide the real note holder so you can't let them know that you (and the not holder) have been defrauded. also, the note states that once payment in full is made, the cancelled note will be returned to the borrower.

now honestly, when does that ever happen? a release of mortgage is not a release of the promissory note (but a release of the note is a release of the mortgage – the mortgage follows the note, not the other way around – black letter law).

so all these MERS releases don't actually state that there is a release of debt, and you never get your note back – who's to say someone might not come 20 years from now trying to collect on the promissory note that was never cancelled as required on the note itself?