Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME

Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME: "Trevor Douglas, 54, may soon lose his Orlando house. Sure, Douglas hasn't paid his mortgage in more than two years, which is what a Bank of America spokesperson tells me 'is important to remember.' It is. Still, if it happens, I will feel partially responsible. I helped push Douglas closer to eviction.
Like many other home loans, Douglas' IOU was bought and sold numerous times and finally packed into a bond. So when his foreclosure notice finally arrived, the entity trying to kick him out was one he had never heard of, something called GSAMP 2005-HE3. Worse, GSAMP said it had lost the original document — called a promissory note — to prove they owned his loan. Douglas hired a lawyer, who got the foreclosure put on hold. And that's when I showed up. Much of the ire focused on the banks recently has been on their use of robo-signers — low-wage workers hired by banks to witness and sign hundreds of thousands of foreclosure notices without verifying that the grounds for the evictions were valid"