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Friday, May 24th, 2013 |
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Time Bomb: Thousands of Mortgage Loans Duplicated (Counterfeited) and Sold to Multiple Investment Trusts
The Daily Sheeple
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.
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. Delivered by The Daily Sheeple Contributed by The Daily Sheeple of www.TheDailySheeple.com. Please share: Spread the word to sheeple far and wide
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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?
v.8
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.
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’?
I was thinking the same thing HSL. The absence of corruption seems to be the exception these days.