I Can't Say No

I  Can’t Say No

Originating mortgages and selling them straight through

To deal sponsors, is always what occurs,

Who aggregate a lot and then assure the sale is true.

The notes and liens would all show up on MERS.

Then they assign them to a REMIC Trust

But something in the system just went bust!

I’m just a bank who can’t foreclose

Bondholders feel they’ve been tricked.

Our customers have turned to foes –

People we want to evict.

You must record the mortgage in

The name of those for whom it benefits.

But the market grew so furiously

Nobody knows just where the mortgage sits.

Our Robo-signers would attest

To original docs they reviewed.

Now we are all getting sued.

Are we complicit or screwed?
We can’t foreclose.

Whatcha gonna do when a payment's infrequent

the loan is delinquent

Whatcha gonna do?
S'pposin' that he says
that he's gonna get current

is that a deterrent?

Whatcha gonna do?
S'pposin' unemployment

Has ravaged his town

and the guy is a nervous wreck.
Whatcha gonna do when he hires a lawyer?
Hope he doesn't check!

All of the Trust Custodians

Certified each mortgage loan

Everything made the cut-off date

Whether or not it was owned.

Long before each mortgage’s ink was dry

The loan was sold into an MBS.

When you fabricate conveyance docs

Eventually you wind up in a mess!

PIMCO and Blackrock and the Fed

Found something on which they agree.

Too bad they’re focused on me.

Maybe I should cop a plea.

We can’t foreclose.