"I was chopping away at my best one day, for I was anxious to get the new house and my wife as soon as possible, when the axe slipped all at once and cut off my left leg.... When I began chopping again my axe slipped' and cut off my right leg. Again I went to the tinner and again he made me a leg out of tin. After this, the enchanted ax cut off my arms, one after the other, but not daunted, I had them replaced with tin ones. The wicked witch then made the axe slip and cut off my head and at first I thought that was the end of me . . . I worked harder than ever, but I little knew how cruel my enemy could be. She thought of a new way to kill my love for the munchkin girl, and made my axe slip again, so that it cut right through my body, splitting me into two halves . . . But alas, I now had no heart, so that I lost all my love for the munchkin maiden and did not care whether I married her or not (pp. 46-47). Wizard of Oz (story of the Tin Man.)
In a case issued last week we recently learned of a decision issued by the bankruptcy court in NJ that could have far reaching ramifications for the mortgage industry. Specifically, How they collect repayments of loans. The case involving Countywide deals with an objection to a proof of claim where the the lender can not prove that the chain of title due to a failure to properly securitize the loan.
