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Tuesday, February 26

Some (bankers mostly) are weeping and wailing and gnashing their teeth

Others of us, however, are merely laughing our asses off:

"Joe Lents hasn't made a payment on his $1.5 million mortgage since 2002.

"That's when Washington Mutual Inc. first tried to foreclose on his home in Boca Raton, Florida. The Seattle-based lender failed to prove that it owned Lents's mortgage note and dropped attempts to take his house. Subsequent efforts to foreclose have stalled because no one has produced the paperwork.

"If you're going to take my house away from me, you better own the note," said Lents, 63, the former chief executive officer of a now-defunct voice recognition software company."

Check it all out at Bloomberg in a delightful little article entitled "Banks Lose to Deadbeat Homeowners as Loans Sold in Bonds Vanish".

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