Maybe I'm just too simple to understand the importance of all of this.

I see the scenario as this:

1. Person signs 30+ pages of mortgage, one of those pages being a personal guarantee to pay the note.

2. Bank takes note and sells it off on the secondary market so they can get more money to loan to the next person, but retians the servicing to the loan.

3. Person for whatever reason cannot pay the loan anymore.

4. Bank tries to get collateral back but is stopped mid-way because no one likes how the sausage is made.

Personally I think this is much ado about nothing. Who cares if a computer signed an affadavit or a person, this doesn't have anything to do with the debt itself, it's simply an ownership claim. When that note is sold on the secondary market the originating bank or service company reserves that right to foreclose. The contracts for the secondary market are quite extensive. Besides, that note could have been bought or sold ten times within 10 years, it makes little difference against the fact that the borrower didn't pay.

It is doing nothing more than falsly proping up an already struggling market. No one will be able to seriously get back to work until the housing market is allow to fully collapse.. oops I mean correct itself.

I find it strange that this is only coming to light 1 month before elections when foreclosures have been done like this for decades. Interesting....