While the decision’s impact isn’t entirely clear, even Wall Street analysts who downplayed its applicability, acknowledged its troubling implications for banks.
One of the issues is the so-called "mortgage in blank" procedure. In the Ibanez case, for instance, the last mortgage assignment with a full set of names on it is from Rose Mortgage to Option One. After that, the mortgage is assigned in blank throughout the securitization. There’s no assignment with "US Bank" on it anywhere, though the bank did try to go back and finish off the assignment after it moved to foreclose.
Getting someone at Lehman to go through the process of executing the assignment is going to be very difficult. It’s not even clear if anyone at Lehman Brothers has the legal authority to execute an assignment now, while Lehman is bankrupt.In any case, getting the assignment from Lehman wouldn’t really help you. You’d still have a gap in the chain from Option One to Lehman. It’s probably best to skip over Lehman all together and go directly to Option One to ask for the assignment.But you have a bit of a problem. You didn’t buy the mortgage from Option One. They aren’t under any contractual obligation to you to execute any documents.