Bloomberg Terminal Iceberg – Tortious Interference?
Who Forced BLOOMBERG TERMINAL To Shut Down ALL Audit Service Providers? Can You Say Tortious Interference?
A couple of weeks ago forensic auditors and attorneys ran into the Bloomberg Terminal iceberg when Bloomberg Terminal (a securities stock searching software program) locked them out of the loan finding program [LFND]). Without warning Bloomberg Terminal shutdown access to the loan searching program that had been used by numerous companies to research securitized trusts and the loans within in them. It appears too many loans had been found in trusts when the servicers were claiming ownership. What better way to stop the truth than to try to sink the ship?
Unknown to most homeowners, their mortgage loans ended up trading on Wall Street in alleged REMIC trusts, supposedly tax shelters for investors who turned over primarily 401ks, pension and retirement funds in what now is viewed by many as the world’s largest and most egregious un-prosecuted Ponzi scheme [and its no wonder why Bernie Madoff wants out of prison, at least some recovery was achieved]. It now appears the INVESTORS in the securitized RMBS (Residential Mortgaged-Backed Securities) trusts failed to scrutinize the assets of the alleged REMICs. It also appears, the Depositors and Trustees for the trusts apparently did not properly and timely assigned the mortgage loan documents to the Certificateholders and it appears in most cases the REMICs have actually failed.
From what sources inside the loan audit and forensics companies say, many times the servicer initiates a foreclosure action in its own name when it doesn’t own the loan. In particular, the loan may actually be in a REMIC trust – that many times has been paid! Paid by either Uncle Sam TARP (thank you very much) or by some other entity that the borrower has no obligation or agreement to repay.
Rest here…
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And the hole just keeps getting deeper and deeper………