The Real Deal Miami

Banks unable to foreclose without proof

February 22, 2008 01:27PM

As more than $2.1 trillion, or 19 percent, of outstanding mortgages have been packaged into securities, ownership of much debt in the U.S. has been lost as it changed hands. In at least five states, judges have had to halt foreclosure on a property because the bank that was owed was unable to prove it owned the mortgage.