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There is also the issue of the "Lost Note Affidavit", highlighted by the recent Massachusetts verdict against Wells Fargo and US Bancorp. The question raised by this case is why the Notes and/or Deeds were never properly transferred to the trust used to create the mortgage backed securities. This implies that the "Mortgage Backed Securities" are not in fact backed by mortgages, but instead are unsecured debt securities. This is the dirty secret no Wall Street Bank wants to discuss, which is why "All Notes Are Lost" in every foreclosure action brought by the Mortgage Electronic Registry System. Not only do the Wall Street Banks lack standing to foreclose, but they owe full refunds to the purchasers of "Mortgage Backed Securities" based on the contract's Representations and Warranties. This will be the next $2.4 Trillion bailout.