Gonzalo Lira on Mulligan Mortgages—The Banks' Only Way Out

Tyler Durden's picture

Submitted by Gonzalo Lira

Mulligan Mortgages—The Banks’ Only Way Out

“Would you give this man a mulligan?”
Photo by Mark Pain of the Daily Mail. The man with the cigar was an actual bystander.

We’ve seen this movie so many times already, we can practically recite the ending: The Too Big To Fail banks are once again in the middle of another crisis—another mortgage crisis—that’s breaking like a bad rash. And this new scandal has so many moving parts!
Robo-signings!—Foreclosure mills!—Forged documents!—Attorneys General huffing and puffing!—Too Big To Fail banks tottering!—Foreclosures suspended!—Bond holders freaking out!—Credit default swaps shooting the moon!—
Aaaaaahhhh!!!!! Again.
As I explained in a long piece discussing the current Mortgage Mess, all of these different issues are all symptoms of the same disease: The Mortgage Backed Securities—America’s Herpes: The gift that just keeps on oozing.

Because of how the MBS’s were structured, there was an inherent ambiguity as to who actually held the mortgage notes. This is crucial, because only the note-holder has standing in court to foreclose and evict a delinquent homeowner. No tickee, no laundry applies doubly to mortgage loans: No notee, no standing.
The banks, MERS and everyone else in the sausage factory that created the MBS’s were sloppy and/or greedy, which led to them failing to cross the I’s and dot the T’s. (Did you catch that? Just checking.)
They realized this screw-up during the current Global Depression. In order to foreclose and evict the massive number of delinquent homeowners, the banks hired “foreclosure mills”—bottom-feeding law firms that specialized in foreclosures.
Since the documentation was either hinky or lost, the foreclosure mills routinely and systematically fabricated and falsified documents: The “robo-signing” scandal is a part of this part of the Mortgage Mess scandal—the thing is as complicated as a Rube Goldberg device on acid. (Yves Smith at naked capitalism has been all over this; the woman should get the Pulitzer—not just for her reporting, but for keeping it all straight in her head!)
Anyway: In the piece I wrote, I argued that we could quite likely be seeing this Mortgage Mess turn into a Foreclosure Crisis, whereby homeowners refuse to pay their mortgages, let alone accept a foreclosure, unless and until the banks produces the note of their mortgage loan. Show Me The Note, Mo-Fo!!, could become the rallying cry of this homeowner revolt.
Since the chain-of-title on many of these notes is broken because of the process that created the Mortgage Backed Securities, and because in many cases the foreclosure mills irretrievably tainted so much of the documentation, the litigation could draw out for years, not to mention multiply like a cancer.
This of course would affect Mortgage Backed Securities. After all, MBS’s got their moniker for a reason: Because they’re backed by mortgages. If the bundled mortgage loan notes that created the Mortgage Backed Securities are no longer legally tethered to them, then the MBS are secured by nothing but air.
All the TBTF banks still have boatloads MBS’s on their balance sheets. There are literally tons of Credit Default Swaps that were written on these MBS’s. So you see, this Mortgage Mess could well get the banks to teetering and tottering once again—it could be the trigger for Global Financial Crisis, Part Duh!: Bigger!—Wider!—Uncut!
Like I said: A movie we’ve seen before, and whose sordid ending—TARP-2 anybody? Maiden Lane CCLXVIII?—we can very well predict.
In the zoo called Washington, everybody’s making loud noises about this blossoming crisis—but nobody in that God-forsaken town is coming up with a practical solution that would actually work.
The pundits are doing no better: Paul Krugman—who advocated a housing bubble back in 2002—can hardly contain his glee at the Mortgage Mess, even as he condescendingly tut-tuts about the bad banksters who caused it.
From the Department of I’m-So-Not-Surprised: The solution Krugman proposed in a New York Times op-ed is a vague lunge at giving “mortgage counselors and other public entities the power to modify troubled loans directly.” In other words, he’s arguing for more government intervention, while blithely ignoring the fact that government regulators—Treasury, the Fed, the SEC, etc.—helped create this mess by not doing their jobs in the first place.
They didn’t regulate before—so now according to Krugman, they’re gonna get bright magic and Solomonic wisdom, and all of a sudden do their jobs right? Puta huevón, please . . .
(And please don’t bother telling me that Krugman’s the smartest economist in the world. That’s like saying, “He’s the smartest moron in the world”: Impressive, until you stop to consider that a bright 12 year-old makes more sense than him.)
From the Department of I’m-So-Even-Less-Surprised: The Left might be putting out stupid ideas, but the Right is putting out no ideas.
Anyway, it’s an open secret that the politicians on the Right are all in the banksters’ collective back-pocket. Who do you think tried to make law the Interstate Recognition of Notarizations Act, which would essentially have made it legal for banks to commit perjury in order to foreclosure on a homeowner?
Talk about violating the Rule of Law! By passing that act (via a cowardly voice vote, so as to collectively hide their hand), the Republican senators and congressmen didn’t just try to violate the Rule of Law—they tried to gang-bang it, murder it, and leave it in a heap by the side of the road!
The American political Right is corrupt—beholden to the banksters and the money men. There’s really no other way to look at it. 
Whatever the politicians might say, no solution is going to come out of Washington. Intellectually, both parties are exhausted—they have no new ideas. The only idea both parties cling to is Spend Money!—and that’s no idea at all.
Washington can’t throw money at the TBTF banks, to fix this problem: Politically, another bailout of the banks is untenable—I think. Actually, I’m not sure. In any other country, I’d say with confidence that another bank bailout would cause widespread rioting. But with the fat, slovenly, slatternly, pathetic American people? Placid as cud-chewing cows, peacefully going through Temple Grandin’s curving contraptions, on their way to their slaughter without a thought in their pretty little bovine heads . . .
Come to think of it, another bank bailout might fly.
But while the pundits and political riff-raff hee-haw and trumpet like donkeys and elephants, but with none of the sense of those fine animals—lo and behold!—the banks themselves are quietly fixing the problem.
They’re doing it through Mulligan Mortgages.
I got a first sense of it with the story of Brian and Ilsa—my retired friends in the Southwest, whose home had gone underwater. I wrote about them here, as well as here.
Brian and Ilsa qualified under HAMP, the Home Affordable Modification Program—yet though they were at first allowed to modify their loan, they had been later denied the benefits of the program after three months.
HAMP in many ways has turned out to be a scam for the banks and servicers to make money off the Federal government: For every mortgage accepted into the HAMP, the banks and servicers received a fee from the government. But after 90 days, the banks and servicers could claim that a person did not qualify for HAMP—and therefore exclude them from the program, while keeping the Federal government fee.
Brian and Ilsa were caught in the middle of this HAMP scam, when they decided to demand to see the note on their home loan—this nice suburban couple said, Show Me The Note, Mo-Fo!!
Suddenly, frantically, a loan officer from their bank appeared, and magically, their problems were solved: They qualified, they qualified! And soon, they were signing a new mortgage loan—and a new note—with a new mortgage payment close to $700 a month less than before the loan modification.
I wrote about this—and a flood of other people wrote telling me similar stories.
For various reasons—occasionally for no reason at all, just out of the blue—the TBTF bank would suddenly expedite a mortgage refinance. The principal would remain the same, but there would be a substantial decrease in their monthly mortgage payment.
One of these stories came by way of Lars Larson, the terrific radio host in Portland, Oregon. A listener of his, Tim Hope, had had the same thing happen with his mother’s loan. As he told it: “No costs, simply fill out the paperwork (I think they offered to do everything), and ‘presto’ new mortgage and new lower monthly payment (I believe by several hundred [dollars] — $200, $300 — per month).”
Tim Hope’s story wasn’t exceptional, but he did come up with a wonderful name for it: Mulligan Mortgage.
The clever turn of phrase captures it exactly: A mulligan is a golf term. It’s when your first shot pretty much sucked—so your golf partner lets you take another shot, with no penalty. It’s the gentlemanly thing to do, as it were. A way to keep a lazy Sunday afternoon game interesting.
Mulligan Mortgages seem to be how the TBTF banks are keeping their own game alive: They seem to be chasing mortgage holders—whether in default or not—and offering them an expedited refinance of their mortgage loan.
In order to convince homeowners to sign on the line which is dotted, the banks have to give them something: What they give them is lowered monthly payments of at least a couple of hundred dollars a month. The banks can offer this without touching the principal of the loan by either refinancing the mortgage at a lower interest rate, or a longer term of repayment, or usually both.
In other words, though the homeowner might still be underwater after signing the Mulligan Mortgage, they’ll still get a reduction in their monthly mortgage payment.
Now there are several advantages to these Mulligan Mortgages:
From the banks’ point of view, the Mulligans automatically fix the chain-of-title issue by creating a new note. The whole problem with the current scandal is that a lot of home loan notes were either lost, destroyed or mishandled, or else irremediably tainted by foreclosure mills’ unsavory business practices.
But all of that goes away, with a new note courtesy of the Mulligans.
(There are, of course, a whole host of administrative and legal steps that must be followed, in order for this to happen. In this post as well as in my previous post on the Mortgage Mess, I skipped a lot of these legal and administrative steps for two simple reasons: One, they add no insight to the issues at hand, and in fact clutter up the view of the overall situation; and two, the administrative and legal steps are often different in each state.)
A new note by way of a Mulligan Mortgage clears up the issue of standing, which would allow a bank to foreclose on a delinquent borrower. So once a homeowner signs a Mulligan, the bank will have clear standing to foreclose, if the homeowner becomes delinquent.
For bond holders of Mortgage Backed Securities, Mulligan Mortgages are also a fine idea: By re-establishing the chain of title, MBS holders are once again holding secured bonds—they’re not holding paper which might well be worth nothing.
This is a non-trivial issue: Considering how PIMCO and the New York Fed started making noises yesterday about the bonds Bank of America sold, I’d say there are a lot of bond holders and CDS underwriters who are very nervous about how this new outbreak of America’s Herpes will affect their MBS positions.
Mulligan Mortgages are the unguent that will keep bond holders happy—until they realize the cost that they’re payng (I’ll get to this in a moment).
These Mulligans are also great from the Federal Reserve’s and the Obama administration’s point of view: Mulligan Mortgages mean people will pay less for their home mortgages, and therefore have more disposable income. There’ll be a bump in consumer spending.
Mulligan Mortgages, of course, can’t fix REO’s that may or may not have been foreclosed illegally—but they’ll get the rest of the housing market back on track.
But it’s not all sweetness and light—there are some issues with Mulligan Mortgages:
First of all—and most obvious of all—the homeowners the TBTF banks are targeting for Mulligans are probably the very homeowners whose original note is lost or irretrievably ruined by someone in the sausage factory that created Mortgage Backed Securities. I’ll bet a buck to a nickel that they’re precisely the ones where the bank likely has no standing to foreclose.
So the banks have to do the Mulligans quickly, before people get wise. Homeowners can’t be allowed to realize what the banks are up, or why. If homeowners understand fully why the banks are suddenly so nice to them, they’ll realize that they’ve got the banks by the short-hairs—and then they’ll realize that they can have their way with them, up to and including doing the Show Me The Note, Mo-Fo!! dance. If that happens, the banks are screwed.
The second obvious issue is, Mulligans represent a severe hit to the TBTF banks’ revenues.
How much of a hit? Nobody knows—at least not yet—because nobody knows how many mortgages are affected by the current Mortgage Mess.
CoreLogic says there are something like 11 million underwater mortgages in the United States as of late August. The Wall Street Journal says about $154 billion worth of mortgage loans could be affected by the Mortgage Mess.
We could extrapolate ‘til the cows come home, but simply put, there is no way to know how many mortgages might be getting a Mulligan. The TBTF banks are completely opaque, ever since the Fed basically rescinded sane accounting rules in March of 2009; when the banks officially turned into zombies.
But any way you look at it, the Mortgage Mess—even with all the Mulligans needed to fix a lot of this mess—is going to take a bite out of revenues—
—and not just on the balance sheets of the TBTF banks: On the MBS bond holders too.
Nobody ever said Bill Gross was stupid: Regardless of how effective the Mulligans are, the Mortgage Backed Securities—and the CDS’s written on them—are all going to take a hit. That’s why PIMCO started making noises, trying to bully BofA into taking back the mortgage bonds: Even with the best solution to the Mortgage Mess, bond holders are going to take a forced haircut. Or a buzzcut, as the case may be.
Since the Federal government really does not have the political will or inclination to go for yet another round of bank bailouts, and since the bond holders have the political muscle in this corrupt system to get their bacon saved (where’s all that bullshit talk about “capitalism’s creative destruction” now, huh?), it’ll be up to the Fed to make MBS bond holders whole—just like they did the last time.
So although a lot of people are predicting that the Fed will start buying Treasuries when QE2 is anounced, I beg to differ: I think they’re going to load up on even more Mortgage Backed Securities. In fact, I think a big piece of QE2—maybe a trillion dollars’ worth—will be directed at Mortgage Backed Securities. And I think the Fed is going to pay top dollar for that garbage.
I think the way the Fed is going to do it is, they’ll go for another round of Stealth Monetization: Buying MBS and other toxic assets off the banks for newly conjured cash, the banks then taking that cash and parking it in Treasuries, thereby funding the Federal government’s deficit.
Because of the Currency Wars going on around the globe right now, I don’t think the Fed wants to be perceived as accelerating any weakness in the dollar. I think Bernanke and the Lollipop Gang at the Fed want to weaken the dollar, sure, but I don’t think they want the perception to linger that they are out-and-out trashing the dollar.
Also, I don’t think Bernanke has the votes on the Federal Reserve Board anymore. I think a lot of Board members are discreetly coming to the conclusion that Benny Boy’s strategy of ZIRP, propping up assets, and extreme market liquidity, is a losing one.
But they’ll be forced to vote in favor of a massive MBS buy, in order to keep the American Zombie banks on their feet. As predicted back in 2008 when they were saved rather than allowed to fail, the TBTF banks really have become “too big to fail”—because they’ve grown, like a cancer.
So you see, it all goes back to the Mortgage Backed Securities. America’s herpes. See, the problem with herpes is, once you get it, you can never be cured. At best, you can alleviate the symptoms—but the disease is always there.

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Ripped Chunk's picture

The Mortgage Backed Securities—America’s Herpes: The gift that just keeps on oozing.


Bill Black on....well pretty much everything that is wrong.



Mako's picture

The author is again wrong.  MBS are not the disease, the system from which you need exponential growth or you go down the shitter is the disease.  The current MBS is just the symptom that will be used as the excuse when the system collapses.

Sorry guys, this system was going down if MBS never even existed. 

There are no mulligans, the system will collapse and liquidate just like the last time and time before that, and time before.....

Humans will use every excuse in the book other than to blame themselves for this failure.

High Plains Drifter's picture

Yep, hundred years life span max.


Tarheel's picture

why doesnt the FED just refi everyone's home for the $1T instead? Thats better use of the money

VK's picture

Precisely! All ponzi schemes collapse.

SloSquez's picture

Maybe, but damn what a creative way to extend and pretend.  Waiting on the next chapter.

FEDbuster's picture

All any politician wants to do is kick the can down the road, and let some future ego maniac deal with it.

Another problem with "Mulligan Mortgages" that I see is that in some non-recourse states you will lose your ability to "walk away" from the home if you refinance it.  The non-recourse provision applies to purchase money mortgages only.  The "Mulligan" will allow the banksters to come after you for the deficiency for the difference between amount owed and sale price (which could be a big number).  Then you are forced to file for BK to discharge the debt.

kathy.chamberlin@gmail.com's picture

i have never taken a mulligan, i just don't keep score. i really am not cheating anyone. who says you have to keep score of your golf game if your not playing in a tournament. honest not keeping score is a beautiful thing. great read gonzo, really really like your added humor oh especially your inclusion of tiger. i bet be stopped counting his scores of hits or tails or pussy, but the public sure didn't. sick society interested in how many woman tiger bagged. jealousy powerful outcry. i spotted keeping score in a lot of my aspects of life, who counting and who cares if you don't. i did receive a mulligan mortgage but i got a BIG penalty for that one.

williambanzai7's picture

Try using one of these balls to improve your score

kathy.chamberlin@gmail.com's picture

yep your damn funny. F O R E

s p r e a d wide open for that ball. guess if you had that size one, you wouldn't need two.

Goldilocks's picture


Most disingenuous comment of the day.

JLee2027's picture

Mako is correct. There will be no bailout, a collapse is coming and quickly.

Spitzer's picture

The author is writing the book chapter by chapter, you are not looking like a genious by skipping to the last page.

Pladizow's picture

Sorry to have awaken you, go back to sleep!

Mako's picture

All you are doing is spreading junk.  There are no boiler plate lawsuits, hogwash silver bullet schemes.

All George Tan has perfected is an impending civil storm that will wreck havoc upon his misguided assertions of free and clear in 90 days.

Pladizow's picture

Other than the few seconds you spent in between my post and yours, how much time have you spent investigating the subject?

Or are your comments most likely backed up by nothing!

Mako's picture

I have read his stupid crap before.

Who knows, George Tran may fall through the cracks, but given he has successfully slandered the title to his free and clear homes under the color of an alleged default judgment, he will not be able to perfect the statute of limitations for debt collections, as he has committed an overt civil fraud.  So, no matter when the alleged holder in due course, and or the loan servicer wakes up to George's Civil Fraud, they will have standing to first pursue the slander of title, and secondly move to burst Georges Tran's bubble, he coyly wraps within this misstatement of fact, Free and Clear in 90 days.

George Tran is treading in deep water, without a way to reach to the sandy shores of lawful legitimacy.  All George Tran has managed to do, is fool himself, and others who fail to properly address the legal sufficiency of his claims.

If George Tran had been statutorily honest, he would have filed his action in the local county where the alleged holders in due course and or Loan Servicer resides, which would be the location of the corporate headquarters, or he would have filed a federal question in the Federal District Court.  IN either jurisdiction, he would first be required to properly serve notice of his actions to the opposing party.  All George Tran has perfected is an impending civil storm that will wreck havoc upon his misguided assertions of free and clear in 90 days.

You are the worse type of idiot, at least most idiots know they don't know, you somehow think you know, but you have no understanding of the Law.  Stop promoting SCAMS.

Pladizow's picture

May be, May be not - but the system should continuously be tested and chalanged.

Mako's picture

Why would you test something that is bound to fail?

I certainly wouldn't jump off a cliff in the hopes I will somehow be lucky and survive. 

He is not only wrong, he is completely wrong. 

All George Tran has filed in the Davis County Office is nothing more than a fictitious claim of Reconveyance, which when challenged will enable the challenger to circumnavigate the statutory limitation for the collection of debt due directly to what appears to be civil fraud.

He will be lucky this only stays a civil action once the holder in due course or sevicer finds out what he has done.

Pladizow's picture

Well if a am an idiot, as you accuse, only a greater idiot would argue with me.

The end??????????????

Mako's picture

If it were just a matter of you slamming your own head against the wall, I would just let you continue on... however, you are promoting nonsense that will get OTHERS in trouble. 

Mako's picture

I am not your mommy, feel free to follow that idiot and come back here in a few years and let me know what kind of shitstorm is knocking on your door.

Pladizow's picture

Top of my list!

Oh and by the way, thanks for making this such a long thread to help promote http://www.freeandclearin90.com/ , like we agreed on!

Fed Supporter's picture

Agree with everthing MAKO said.  Some guy in my parts just went to prison for fraud on all that UCC sovereign man bullshit, fake lawsuits, etc.  

Attempt at your own risk.

spinone's picture

I junked you because you are passing on bad legal advice.  This UCC stuff wont work for the rabble.

Goldilocks's picture


So that's how pluggin' a website is done. Interesting approach. Will check it out ... thanks.

merehuman's picture

hi Mako, we "others" thank you.

MayIMommaDogFace2theBananaPatch's picture

Third rule...if someone yells "stop!", goes limp, or taps out, the fight is over.

DocLogo's picture

when I saw the title "free and clear" I assumed it was the blood parasite group from Fight Club. I was actually kind of excited. We could all use a good cry.

greyghost's picture

this is the exact same ponzi scheme that the fed has been running with the chinese and their toxic mbs paper. fed buys worthless paper from chinese with the agreement that the chinese purchase treasury paper. this keeps interest rates low for now. however as has been pointed out here on zerohedge, the chinese are buying only short term treasuries...nothing over 7 years. QUESTION: what happens when the chinese no longer have worthless paper to sell and no longer want to buy u.s. treasuries? now we will have the fed buying worthless toxic paper from our own banks and they in turn buy u.s.treasuries! when the ponzi scheme goes full circle[jerk], what then?

Goldilocks's picture

@Ripped Chunk,

Thanks for the Bill Black link. Good stuff.

macholatte's picture

RE: Great American Bank Robbery


Very good.   Thanks for the link, Chunk.

I did not watch all of it. However, Mr. Black clearly states that the routine of routine mortgage fraud is nothing new and could very well make the case that the banksters knew exactly what they were doing, building a bubble, and so did the regulators and that all the double talk by Greenspan, Sommers, Dodd, Frank & Co. that "nobody could have seen this coming" is complete, unadulterated bullshit. Very aggravating.



As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.1 When the person that controls a seemingly legitimate business or government agency uses it as a "weapon" to defraud we categorize it as a "control fraud" ("The Organization as 'Weapon' in White Collar Crime." Wheeler & Rothman 1982; The Best Way to Rob a Bank is to Own One. Black 2005). Financial control frauds' "weapon of choice" is accounting. Control frauds cause greater financial losses than all other forms of property crime -- combined. Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a "criminogenic environment" (Big Money Crime. Calavita, Pontell & Tillman 1997.)




Gloomy's picture

Just asked my real estate attorney whether I should make the bank show me the mortgage papers before I paid anymore. He said don't bother. Although they might never be able to foreclose on me, they could sue me in civil court and that, because I had made paymenys in the past, success would be highly unlikely.

molecool's picture

That's bullshit advice - you made payments on the basis of false information. You could counter sue.

My advice: Find a real lawyer who's able to find his ass in the dark.

Almost Solvent's picture

Hey, I don't remember signing no stinkin' note.


Even if I did, I owe him the money, not you.



Gloomy's picture

 How many of you critics have even bothered to check with an attorney?

kathy.chamberlin@gmail.com's picture

from what i can tell even the most astute real estate attorney's aren't the least bit interested in this paper trail. i don't think can even fathom this type of behavior from other "professionals". honest, engaged many attorney with this topic, they want to sue me for slander against such statements. they can not wrap their heads around,possible corruption exists at the base of title or loan lending. they think everyone is doing their job like they are. which only means everybody is drinking the cruelAid.

JLee2027's picture

Most attorneys would be guessing. They don't know. It's new ground for everyone.

But I can't see banks suing tens of millions of people based on past payments. Too many people, and the banks are going down for the count soon enough.

Confused's picture

Wouldn't the original transaction be considered fraud in the inducement? 


Obviously not a lawyer here. Sorry if that is dumb. 

The Alarmist's picture

That's bullshit ... at the end of the day, we're going to look through to the economic substance of these transactions, and most of the mortgages will be foreclosed because the debtors did not meet their obligations.  Most of this crap will be settled out of court. While it is true that gross fraud runs the risk of vitiating some element of the transaction, documentary technicalities merely serve to delay the inevitable.



Fed Supporter's picture

As Chris Whalen said the loans would become unsecured for the homeowner and unsecured collateral for investors.

Give this scenario some thought.  In Texas home owner exemptions are for the full amount of a homes value, you can not lien them nor can you garnish wages in Texas.  If a Texan successfully got the mortgage lien stripped off of his home, a civil suit by the lender for a money judgment, of the now new and unsecured loan would be very hard pressed to collect.  

Just some food for thought.






Gloomy's picture

How many people have the wherewithall to fight lawsuits with lawsuits in court? Not me. Very few, I'd wager.

kathy.chamberlin@gmail.com's picture

i am in a HUGE lawsuit. the defendants don't have squat, except reference to me being crazy. but if i were crazy i should not been able to sign on the dotted line, right? i think i read somewhere if the person is crazy you can't engage in contract signing with them. they sure were eager to have a crazy person buy the half million dollar property from them. senior moments lately.

Confused's picture

"The term incompetency has several meanings in the law. When it is used to describe the mental condition of a person subject to legal proceedings, it means the person is neither able to comprehend the nature and consequences of the proceedings nor able adequately to help an attorney with his defense. When it is used to describe the legal qualification of a person, it means the person does not have the legal capacity to enter a contract. When it is employed to describe a professional duty or obligation, it means that the person has demonstrated a lack of ability to perform professional functions."

Now are you just crazy? Or incompetent? They need to clarify. :P

Good luck.

Gloomy's picture

 How many of you critics have even bothered to check with an attorney?

JLee2027's picture

As I said above, the attorneys would be 100% clueless in this area. It's still "evolving".

-Michelle-'s picture

Shouldn't your real estate attorney have verified those mortgage papers in the first place?