Politics and Reality Radio: Dayen on the Continuing Foreclosure Crisis
First up, we speak with journalist David Dayen about his new book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud. Dayen tells the story of three victims of the foreclosure crisis who took the unusual step of actually reading their mortgage documents and ended up helping expose what may well be the biggest consumer fraud in history.
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There are Investment Banks , lets name some , Bear Sterns , Lehman Brothers , Goldman Sachs , Morgan Stanly , they deal in the world of SECURITIES ,and there are depository Banks , lets name some . Wells Fargo , Bank of America , Citi Group , JP Morgan Chase , they deal in Residential Mortgages . There is a great gulf in the world of Banking that divides these two system’s of Banking , so how do you bridge that gap without breaking the Law ??? YOU CAN’T ! But what happened to cause the 08 Mortgage crises , is that they tried !?!? How they did it was to create STRAW MAN LENDERS ( SUB-PRIME LENDERS ) who stood in the gap between the two Banking systems . Expendable entities that would take all the liability of UNLAWFUL CONTRACTS between the world of Residential Mortgage owners and Securities Investors . The Banking systems found a way to play the Homeowner , against the Investor , make tons of Money doing it , and put FREE Houses into the hands of the Depository Banks ! They defrauded both ends of the Contract and the way they did it was ILLEGAL AS HELL !!! It was also engineered to collapse within 3 to 5 years after its creation . That’s what happens when you play both ends against the middle in an illegal scheme !!! Since the STRAW MAN LENDER , didn’t lend you any money , but it was a secret loan created from money from the Investors through the Investment banks , That constitutes FRAUD IN THE INDUCEMENT , and because the Fake Lender ( SUB-PRIME LENDER ) Brokered a bogus Mortgage contract with supporting documents but it was really a SECURITIES CONTRACT behind your back and without your permission , with STRAW MAN LENDER acting as a SERVICER of the real , illegal loan contract between you and the Investment Bank, that constitutes FRAUD IN THE FACTUM !!!! Your very first payment went to the Investors as a cash flow claim and the fees charged for performing the scheme netted the perpetrators TRILLIONS . As far as the Depository Banks and their participation , was the fact that they knew full well that NOBODY in the alleged securitization document ever brought any CONSIDERATION to the Table , and all the documentation that alleges transfer to them is a LIE to cover for the LIE of being in a Residential Mortgage ,When WE were all involved in an ILLEGAL SECURITIES CONTRACT with a Banking system that has no legal right in the Residential Mortgage industry !!!!! Because of what they did and that this illegal contract violate several categories of Law , you have a RIGHT TO RESCIND the Bogus / FAKE mortgage contract ! DO IT !!!! Then prepare to sue for the Money they Illegally made because you are entitled to it !! You have a Possessory right in the Note and a Proprietary right in the asset ( home ) which gave Value to the certificates they sold to the Investors . ( ASSET BACKED SECURITIES CERIFICATE ) After you rescind the bogus Mortgage contract , sue for the money !!!! I believe you can legally sue for three times what the home was worth !!!