Monday, October 20th, 2014

Time Bomb: Thousands of Mortgage Loans Duplicated (Counterfeited) and Sold to Multiple Investment Trusts

Mac Slavo
The Daily Sheeple
March 16th, 2012
Reader Views: 383

Though recent stress tests by the Federal Reserve suggest that (just) 20% of major U.S. banks couldn’t survive 13% unemployment and a stock market collapse, the data are based on numbers provided by the banks themselves. What if, however, those banks were manipulating their investment figures?

What if, for example, a single mortgage loan was sold to multiple securitized investment trusts?

According to a report from Gary Victor Dubin, a forclosure attorney in Hawaii, this is exactly what is happening. A brief review of WaMu’s ‘Mortgage-Pass-Thru-Certificates’ indicates that some loans exist on the books of at least five (5) different investment trusts, which means investors in those trusts believe their investments are backed by actual mortgages.

It turns out that this is not the case. A single mortgage loan can only be sold once, but in the case of WaMu (and we’re sure every other major bank as well) those mortgages have been sold to unsuspecting investors of these trusts, which are, by all accounts, anything but trustworthy.

Via Deadly Clear:

It’s no wonder that the Wall Street MBS scheme collapsed. Last night, together with Lisa Epstein, we ran a random audit on WaMu Mortgage Pass-Through Certificates, Mortgage Loan Trusts. One loan was found in 6 different trusts, another loan was found in FIVE trusts’ original SEC loan level data, 39 were listed in 3 trusts, and 503 were listed in two separate trusts.

The winner so far is a NEW YORK condo, loan number WaMu loan # 714934858, appeared in 6 DIFFERENT trusts from May through November 2006…

Check your winning WaMu lottery loan numbers folks and find  a good foreclosure defense attorney that understands securitization – you may have a free house… or a severely clouded title. And if you are an investor – you may have hit pay dirt.

This could be a huge win for homeowners, as it clearly shows that no one knows who owns the bank note.

For investors who think they’re holding legitimate paper however, it’s a ticking time bomb and it’s only a matter of time before the entire mortgage securitization market detonates.

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Contributed by Mac Slavo of The Daily Sheeple.

Mac Slavo is co-creator of The Daily Sheeple, an alternative media venue for breaking news, opinion, commentary and information. Mac is also the founder of the popular SHTFplan.com community oriented website which aims to help individuals understand and prepare for troubling times. Wake the Flock Up!

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  • Highspeedloafer

    If I didn’t know better, I’d say you were making all of this stuff up. But, I know better. Its like reading the comics in my dreams.

  • easykeeper

    No it’s not a dream…it’s a nightmare. My question is, how can anyone actually find out if our own mortgage is one of these that were ‘traded’?

  • Grandpaspeaks

    I was thinking the same thing HSL. The absence of corruption seems to be the exception these days.

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