This scheme was years in the planning stages. Relaxed subprime lending criteria coupled with seduced borrowers' overreach were crucial to the scheme's success. The scheme enabled borrowers to enter into greater debt by unlocking borrowers' equity. The scheme first created, then inflated artificial "equity" which, when monetized, could be wealth transferred from one group to another. Like from the poor and middle class to the rich.
This elaborate conspiracy was set into motion long ago by Republican and Democrat politicians who worked in lockstep which then kicked into high gear in the early 1990s with the creation of Mortgage Electronic Registration System (MERS) or whatever it calls itself today, by the now, "too big to fail" banks or whatever is left of them from the early days or what they call themselves now. (MERS' business model has been ruled "illegal" by a NY Federal Court.) Despite that elaborately deceitful scheme, mortgage notes are still negotiable instruments, and mortgage notes are still property. Private property.
At the center of these battles which have escalated from back rooms, to board rooms to court rooms, rests establishing the validity and enforceability of alleged rights to certain mortgage notes, especially those created between 2002 and 2009. Those who orchestrated and implemented the scheme are experiencing the legal consequences of creating bogus mortgage loan securities, unfunded trusts, and their disregard to complex pooling and servicing agreements. And their disregard to law.
There are at least three very separate, but connected high stake battles with connected outcomes. Again, I'm not a lawyer, but I think a party's sworn testimony used in one proceeding, should be consistent with that party's sworn testimony at another proceeding. Don't you?
Wall Street's financial charlatans are under attack by the investors it bamboozled. The US Regulatory Agencies are under attack for general failure to regulate their Wall Street friends' untoward, reckless and perhaps illegal business practices. And then there is the foreclosure process itself which pits an alleged borrower against an alleged lender. Millions of alleged borrowers but only a handful or two of alleged Lenders.
As these boardroom and courtroom battles play out, millions of distressed home owners' lives have been ripped apart: upset, stressed, their health and well being threatened, marriages dissolved and families splintered. Betcha there was some violence, too.
Neighborhoods and communities are at risk of neglect, or worse, blight.
These now neglected houses are thought to be part of a growing inventory of "phantom" foreclosures which are neither occupied legally or maintained, whose past, present and future remains suspended in a limbo-like nightmare for all concerned. In that legal limbo, the elephant in the room asks: "Who owns these homes?" And, "Did these new "alleged" owners acquire the properties legally?" And, "What a minute! Lets get the former owners back on the phone."
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