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I don't know.
Multiple people have told me this before.
Catherine Austin Fitts has talked about this for a long time. I get "whispers" all the time from people who I know actually are involved in securitization work related to this on occasion - and have for the last three years. We have the story from this morning from FDN talking about their software that has uncovered multiple sales of the same instruments.
But this..... if this is true it's not just systemic, it's not just common, it was the premise and basis of the entire securitization game - and "game" is the correct word for it, as the allegation made here is that the entire thing was a gigantic scam.
The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand.
So here's my challenge:
If you've got an actual wet-signature note from a foreclosure with all the intervening assignments on the page, I'd like you to fax it to me.
Use the link at the bottom of the page here for my email address and contact me. I'll send you my fax number in reply.
We should be able to quickly disabuse this claim, if in fact there are a sizable number of wet signature notes with endorsements - after all, there are hundreds of thousands of foreclosures, right? Since these are official court records, there's no privacy right implicated here, nor any problem with disclosure.
The Obama administration does not support a nationwide moratorium on foreclosures at this time, Federal Housing Administration Commissioner David Stevens said Sunday in an e-mail response to questions. Calling the growing evidence that lenders have used inaccurately prepared and even fraudulent documents to foreclose on homes a "serious problem," he said it had already "thrown a lot of uncertainty into the housing market that is already fragile." "I'm not sure about a national moratorium, because there are, in fact, valid foreclosures that probably should go forward, and where the documentation and paperwork is proper," Axelrod said.
Just as Richard Nixon attempted to cover up the Watergate burglarly by destroying the evidence he had proving he knew what was going on, President Obama is attempting to deflect attention from the actual offense and pattern of conduct. The issue is not "robo-signed" documents. The issue is that the robo-signed documents are an attempt to cover up for previous failures in the securitization process which have left investors worldwide holding an empty bag, and homeowners with seriously-damaged chains of title.
Paulson's failure to take steps to curb risky mortgage lending also enabled top executives of other Wall Street firms to continue cashing big bonus checks, while less privileged Americans lost their jobs, their homes and their retirement savings in the worst economic catastrophe since the Great Depression. Paulson and Federal Reserve Chairman Ben Bernanke have been widely praised for engineering the Wall Street bailouts, which avoided systemic chaos, and they'll probably get more plaudits if the government recovers much of the $400 billion in loans it made to financial institutions. Read more: www.mcclatchydc.com...
In his eight years as Goldman's chief executive, Paulson had presided over the firm's plunge into the business of buying up subprime mortgages to marginal borrowers and then repackaging them into securities, overseeing the firm's huge positions in what became a fraud-infested market. During Paulson's first 15 months as the treasury secretary and chief presidential economic adviser, Goldman unloaded more than $30 billion in dicey residential mortgage securities to pension funds, foreign banks and other investors and became the only major Wall Street firm to dramatically cut its losses and exit the housing market safely. Goldman also racked up billions of dollars in profits by secretly betting on a downturn in home mortgage securities. Read more: www.mcclatchydc.com...
Originally posted by bigfatfurrytexan
If you have your money in a bank you are a fool.
Originally posted by Vitchilo
reply to post by wutone
And Obama, as usual, shills for the banks and protect their frauds, just like Bush and Clinton did.
Obama Team Punts On Foreclosure Fraud: 'For The Banks and Servicers To Fix'
Yeah, the BANKS WILL FIX THEIR OWN PROBLEMS UH? Rapists will punish themselves? Murderers will punish themselves?
OBAMA IS A TRAITOR FOR SUPPORTING THOSE CRIMES AND ANYONE KNOWING THIS SCAM AND STILL SUPPORTING OBAMA IS INSANE.edit on 20-10-2010 by Vitchilo because: (no reason given)