This page has been archived and commenting is disabled.
Mortgages Were Fraudulently Pledged to Multiple Buyers at the Same Time
Bank of America alleged in a court filing this June:
It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies.
April Charney - a consumer lawyer with Jacksonville Area Legal Aid - and CNBC's Dennis Kneale noted in February 2009 that courts have found that some mortgages have been sold again and again to different trusts, when they should have only been sold once.
Kneale explained that that is the reason that two different banks sometimes try to simultaneously foreclose on the same home:
And today, Chris Whalen told CNBC's Larry Kudlow that Bear Stearns will be exposed as having sold the same loan to different investors on numerous occasions:
(6:45 into video)
As I have repeatedly pointed out, the failure of the mortgage originators and banks to prepare and record proper documentation has led to an epidemic of fraud. The pledging of the same mortgage again and again to different trusts related to mortgage backed securities is just one result.
And as long-time foreclosure investigator Nye Lavalle writes:
On thousands of occasions I stated to regulators, CEOS, banks, Fannie and Freddie that the practices of the banks were that they were double and multi-pledging assets and pledging paid off and refinance notes to securitizations. This is something April, Max and I have discussed for years now. Now, they come and admit that each of my allegations were true Without analyzing the deal, as complex as they are, you WILL NEVER KNOW IF THE FORECLOSING PARTY HAS “ANY” RIGHT TO FORECLOSE!!!The motives I identified for the “Blank Endorsements” and missing assignments and "pre-notarized" “Blank Assignments” and “Blank Allonges” that “were placed into the “custodial/collateral” files were to be able to:Multi-pledge collateral (Notes) so as to cook the books ....
»
- advertisements -
You honestly think anything will be done? What are they going to do put MERS, a server rack behind a monkey cage, in jail?
No, it will promptly be ignored in the next two weeks and let's put it this way. The powers that be have people exactly where they want them to be. Stupid, servile and so politically disconnected that even the small bark of the tea party just get lost in the din of back ground chatter between reports on Jersey Shore and drug rehab for that ex-hottie disney girl.
Trust me. Nothing. Will. Be. Done. Ever. Arguing otherwise is just a waste of energy.
So why don't we just sit back, have a beer and watch it burn by the power compound interest owing against derivatives that would require 10 times the output of the entire planet over 100 years to pay off.
Forclosure Gate, now if this is out of the bag and this is pretty shitty and dunce worthy. Just think of the shit it's acting as a smoke screen for.
Unfortunately, I think your right. But if so...how much more do you think the country will take as far as out right theft by Big Brother. The family home is most of the wealth for most families in this country. When that is stolen, on a vast scale, all over the country...do we as a nation have the guts to stand up and say: "F*&% This"!(?)
Besides, those aren't the people you would want help from anyways. Fair weather friends are as bad as an enemy. They just take up oxygen and space as far as i'm concerned.
Best thing to do is keep yours and your own close and help out in a smaller circle. While it's shitty that awful things are happening to people across the board (unless a multi-bazillionaire). But that's life. It's indifferent and regardless of the intention of the powers that be attempting to steer a train, they will not be able to change their fate.
...which I'm guessing is first against the wall as soon as it does collapse. If they aren't already on a plane five minutes before it happens to South East Asia to fuck 12 year olds on a beach somewhere and drink mai-tai's.
People are already saying F^&k this. It's just in a million directions without anyone cohesive game plan. Sort of like watching someone with tourettes barking random swear words. It appears comprehensible, but the optics of the situation say the person is without direction.
This is just a belief, but I think most people will just take it. 60% of them are on happy pills which nerf the flight and fight reaction. They will just amuse themselves to death to avoid reality. In tens years when the peak oil curve goes into a falling knife pattern most of them "might" wake up because of a shortage of amusement.
Whether they wake up in their homes, on the street with nothing or in a camp somewhere is to be determined. My guess is the streets and they end up shuffling around wondering where they are going.
All such fraud was covered by Jim Willie in his recent year open news letters.