The Real Deal Miami

Miami case at center of bank bookkeeping woes

March 02, 2009 02:55PM

It’s hard to find the notes of the actual loans that make up many of the now-distressed residential mortgage pools. Miami foreclosure victim Ana Fernandez last month had a judgment against her discarded in Miami-Dade County court after Chevy Chase Bank failed to produce evidence that it had held the original $225,000 note. According to Inside Mortgage Finance, some 8 million nonprime mortgages were put into securities pools in 2005 and 2006 and sold to investors, and if documentation problems are found to be widespread, it could adversely affect many attempts to settle problems stemming from defaults.