“The abuses and dishonesty and multiple breaches of contract within the shadow banking world of securitized trusts appear to have been endless, now with new revelations regarding the rigging of Libor rates, as well as constituting a litigation puzzle for borrowers and for their attorneys seeking to use those abuses and dishonesty to their advantage. But how?”
SECURITIZED DISTRUST PART TWO provides another outstanding synopsis of the banking foreclosure fraud and little known hidden secrets used by lenders to defraud the borrowers and the courts.
SECURITIZED DISTRUST – PART TWO
By Gary Victor Dubin
“In the March 15, 2012 Issue of Deadly Clear, I summarized what for many were little known aspects and abuses of what has been going on behind the scenes, often unlawfully, in securitized trusts, where individual mortgage loans have been and still are being bundled together in the thousands, often undisclosed to borrowers or even to courts contrary to sworn disclosures in court papers made cavalierly under penalty of perjury to the contrary, and ownership certificates therein sold by Wall Street to investors like stocks, called mortgage backed securities.
Since then, borrowers and their attorneys throughout the Nation have been increasingly trying to find which securitized trust their mortgage loans may be in, no easy task, and to expose and use such associated abuses to defend against foreclosures.
Some have found, for instance, that their foreclosing mortgagees never owned their mortgage loans which were instead found trading in securitized trusts or even unlawfully were found placed simultaneously in more than one securitized trust, or that their mortgage loans were paid off by investor certificates and losses being reimbursed by insurance companies with TARP funds.
The problem for borrowers and for their attorneys has been how to use that information and frequently violations of federal and/or state law either affirmatively or as a defense to foreclosure.
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