Ultrapetrol Completes 100% Of Mortgage Note Exchange

Ultrapetrol add that as of the Expiration Time, holders of $25.0 million aggregate principal amount of the Notes have participated in the Exchange Offer, representing 100% percent of the Notes eligible for exchange. They further explain that the purpose of the Exchange Offer was to satisfy certain obligations under a registration rights agreement entered into by and among the Company and the initial purchasers of the outstanding notes. About Ultrapetrol Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. For the original version including any supplementary images or video, visit http://www.marinelink.com/news/ultrapetrol-completes363708.aspx





That mysterious missing mortgage note





Here she learned the details of derivatives, the absurdities of accounting and the various structures of ... erm ... structured finance. For the original version including any supplementary images or video, visit http://ftalphaville.ft.com/2010/11/22/412486/that-mysterious-missing-mortgage-note/







Deposition: Countrywide Never Sent Mortgage Notes to Trust; Mortgage-Backed Securities in Question





I would add that its simply not the only problem, or even the biggest problem, that the banks have. Of far bigger importance is the possibility that the trustees for the mortgage-backed securities they created never secured the assets from the originators. If the notes never transferred to the trust, theres no way to retroactively do that now; the trusts are governed by very specific pooling at servicing agreements that for the most part give the trust 90 days to transfer all the required assets. For the original version including any supplementary images or video, visit http://news.firedoglake.com/2010/11/21/deposition-countrywide-never-sent-mortgage-notes-to-trust-mortgage-backed-securities-in-question/