Understanding Wall Street’s Great Foreclosure Fraud


Understanding Wall Street’s Great Foreclosure Fraud

A review of Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud
by David Dayen

@@@@@ (5 out of 5)

Recent events have made us all aware that police officers sometimes act outside the law, not just in fiction but in reality. But what about their bosses and their bosses’ bosses? And the judges, attorneys general, and Justice Department officials who are supposed to oversee the administration of the law? How do we find out about it when they act outside the law — and what can we do in response?

David Dayen explores that question in Chain of Title, an expose of the criminal conduct that ran rampant during the fallout from what is so delicately referred to as the “housing bubble.” (The phrase sounds frivolous, doesn’t it?) With a focus a handful of activists, most of them based in the state of Florida — among the states hardest hit by the foreclosure crisis — Dayen uncovers the truth about the role of law enforcement officials and the Wall Street banks in forcing an estimated six million people out of their homes. It’s a grim and deeply unsettling story.

More here…



3 Responses to “Understanding Wall Street’s Great Foreclosure Fraud”
  1. mike Drouin says:

    Where everyone is getting hung up is that The Banksters want everyone to believe there was a step one ( Residential Mortgage Contract ) and a step two ( Securitization ) But that’s the BIG LIE !!! The Residential Mortgage documents were the Fraudulent concealment of an Illegal Securitization intended before the NOTE was even signed . The SUB-Prime entities never funded or intended to enter into a Residential Mortgage loan and the execution of an illegal securitization were in play and intended before the creation of the Residential Mortgage Documents . It was known to the FAKE LENDER(S) that the money ” table funded ” by Investors would be used to purchase Asset Backed Security Certificates , created and given value , with STOLEN PROMISSORY NOTES . Stolen because all this was premeditated with the execution of the illegal securitizations were the primary purpose of Sub-Prime entities before the formation of that entity . MUTUAL ASSENT is at the heart of every contract . Without it , ” there can be no contract ” it is void !!! The Fake lenders never intended to enter into a Residential Mortgage Contract with anyone , and it is impossible for anyone to agree to the terms of a contract brokered without their knowledge and cloaked with Residential Mortgage Documents !!!!

  2. mike Drouin says:

    What needs to be addressed right out of the gate is , ” consummation of a contract ” What happened from 2001 to 2006 was the biggest MORTGAGE THEFT in the history of the United States !!! Sub – prime entities deceived millions into believing they were actually , ” Mortgage Lenders ” , But what they did was ILLEGALLY securitize your personal property ( note ) through a scheme executed without your knowledge and without your permission !!!! Therefore , no MUTUAL ASSENT could possibly be achieved !!! in order to have CONSUMATION of a contract , which is at the heart of the contract process , you have to have clear and unambiguous terms agreed to by both parties . The sub-prime entities never intended to enter into a residential mortgage contract with anyone !!!! They wanted your name on a promissory note to fuel the ILLEGAL SECURITIZATIN SCHEME that was executed , ” without your knowledge , and without your permission . So there was NEVER any agreement to the terms of a mortgage contract , or a securities contract , therefore the Contracts are VOID ab Initio for lack of MUTUAL ASSENT , and FRAUD IN THE FACTUM . They involved you in a contract other than what you were led to believe !!!!! That FRAUDULENT CONCEALMENT gives you the right to Rescind the bogus mortgage contract under the Truth in Lending Act ( TILA ) The reason the Banksters have to commit all the fraud is because they have to LIE to cover for the fact that an illegal securitization was executed cloaked by , Residential Mortgage Documents !!!!

  3. Tim Allen says:

    Guess what? They are all doing it again!! Quicken Loans back at it is a huge indicator. No regulation! Get us all in debt again….debt makes the world go round*!

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