April Charney - a consumer lawyer with Jacksonville Area Legal Aid - and CNBC's Dennis Kneale noted in February 2009 that courts have found that some mortgages have been sold again and again to different trusts, when they should have only been sold once.
Kneale explained that that is the reason that two different banks sometimes try to simultaneously foreclose on the same home:
And today, Chris Whalen told CNBC's Larry Kudlow that Bear Stearns will be exposed as having sold the same loan to different investors on numerous occasions:
As I have repeatedly pointed out, the failure of the mortgage originators and banks to prepare and record proper documentation has led to an epidemic of fraud. The pledging of the same mortgage again and again to different trusts related to mortgage backed securities is just one result.
And as long-time foreclosure investigator Nye Lavalle writes:
On thousands of occasions I stated to regulators, CEOS, banks, Fannie and Freddie that the practices of the banks were that they were double and multi-pledging assets and pledging paid off and refinance notes to securitizations. This is something April, Max and I have discussed for years now. Now, they come and admit that each of my allegations were true Without analyzing the deal, as complex as they are, you WILL NEVER KNOW IF THE FORECLOSING PARTY HAS “ANY” RIGHT TO FORECLOSE!!!
The motives I identified for the “Blank Endorsements” and missing assignments and"pre-notarized" “Blank Assignments” and “Blank Allonges” that “were placed into the “custodial/collateral” files were to be able to:
Multi-pledge collateral (Notes) so as to cook the books ....
Disclaimer: The views expressed in this article are the sole responsibility of the author and do not
necessarily reflect those of the Centre for Research on Globalization. The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible or liable for any inaccurate or incorrect statements contained in this article.
The CRG grants permission to cross-post original Global Research articles on community
internet sites as long as the text & title are not modified. The source and the author's copyright must be displayed.
For publication of Global Research articles in print or other forms including commercial internet sites, contact: crgeditor@yahoo.com
www.globalresearch.ca contains copyrighted material the use of which has not
always been specifically authorized by the copyright owner. We are making such
material available to our readers under the provisions of "fair use" in an
effort to advance a better understanding of political, economic and social
issues. The material on this site is distributed without profit to those who
have expressed a prior interest in receiving it for research and educational
purposes. If you wish to use copyrighted material for purposes other than "fair
use" you must request permission from the copyright owner.
Email this article to a friend
Print this article
