Relevant:
- Fraudclosure Queen Wants You To Bask In Her Greatness
- JPMorgan Chase To Sell Mortgage-Backed Securities Backed By Loans In Default: Report
- How to Find Weeds in a Mortgage Pool
- SEC Invites Whistleblower Claims in JPMorgan Chase Mortgage Settlement
- Loan Modifications: Selling Loans Means Being Sold Down the River
2010-10-19 — zerohedge.com
Zero Hedge has been approached by an individual who participated directly in the various aspects of what is now broadly known as Fraudclosure. The below narrative recounts his experience in the due diligence process of selecting loans for the MBS pipeline. And far more than just legalese "technicalities" or a broad abrogation of property rights, as he points out there is a far more palpable issue for all those who hold Mortgage Backed Securities or other pool aggregations of mortgage loans: "we have no idea what is in those packages."
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Comments:
catherine at 03:07 2010-10-20 said:
HE COULDN'T BE MORE RIGHT...............as too big to fail institutions still pour their kool-aid and dead companies walking like CITI spew profits............they don't get it, there is not ONE WAY IN THE WORLD to know how all those mortgages diced, spliced and wrapped into fancy investments are working. OR WILL WORK. it is shoot in the barrel time and all those OFFLMFAO "AAA' packages have absolutely no power to keep those mortgages from tanking like the first subprime did............... this is where the depression is..............securitization and NO WAY TO TELL WHICH PILE IS STINKING IN THE BOX, the good ones are mixed with all the bad ones....... no one knows and THEY ARE LYING if they tell you they do............... Permalinkadd a comment | go to forum thread
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