and why the mess will get worse before the government figures out how to screw the public - http://burndownthefreakingmission.com
So this is
what happened, more or less – the short version:
In
the crazed frenzy to get as many mortgages securitized during the
Oughts, banks took shortcuts with the paperwork necessary for the
Mortgage Backed Securities. The reason was because everyone in the
chain of this securitization mania got a little piece of the action
– a little slice of the MBS pie in the shape of commissions.
So in the name
of “improved efficiencies” (and how many horror stories
are we finding out, carried out in the name of “improved efficiencies”),
banks digitized the mortgage notes – they didn’t physically
endorse them, like they were supposed to by the various state and
Federal laws.
Plus –
Read more at www.lewrockwell.com
once the wave of foreclosures broke, and the holes in this bureaucratic
paperwork became evident and relevant – some of the big law
firms handling the foreclosures for the banks started doing some
document fabrication and signature forgery, in order to cover up
the mistakes – which is definitely illegal.
No comments:
Post a Comment