it was also the fact the original lender did not care if there was a default because they were out of the risk by selling the note.
It is so bad that many notes can not be found. Note holders have actually lobied, and got, lost note reconstruction laws modified. (you don’t actually need to have the physical note if the judge can order the note as paid to prevent a future holder demanding payment.)
I suspect some of the sleazier bundles will be found to have duplicate sales for the same mortgage promisory note.
We are going through a financial surgery, there is going to be a recovery healing time and better in the long haul.
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ATTENTION: STEALING ELECTIONS ON FNC
ATTENTION: STEALING ELECTIONS ON FNC
ONE JUDICIAL ELECTION IN FL IS STILL IN COURT FROM AUGUST.
DUE TO “ISSUES” THE ELECTION MAY BE REDONE.
Key point here long term, and that's exactly what Obamas buddy Raines did! He bought the bad paper as fast as he could so his commissions would get higher and higher not caring a dam about what so much bad paper did to the bottom line of the company. And when it all went South don't dare challenge him since he is black and that would be racist. Scam masters all! That's what they are!
Once again Mark Levin exposed all of this on his Friday show and held back no punches.
“it was also the fact the original lender did not care if there was a default because they were out of the risk by selling the note.’
The other even more complex issue is valuing the CDSs on the MBOs. They BDs have them on the books and made a lot of money trading them without having a formalish market. The big BDs are toast on fundamentals. Look at the stock prices of the 21 century brokers. Look at the clean banks (not the BD banks). Look at the boutique investment bankers. They are all doing very well. The NYC bulge bracket model is a buggy-whip. Especially those with local offices in every small town. 90% of that business is selling annuities to people that do not need them. We have brand-name retail brokers putting 401Ks in Annuities around here. Sick.
Bill Crystal is an idiot. He can’t possibly think the fed is writing a $700B check. That is not what is going on at all.
How true this is done so often now even with credit card debts and smaller ones that that. Due to my mother's illness (see had dementia) my parents did not pay their council tax for 2 and half years the council sold that debt to a collection agency. If it is happening that level how much more is it happening with bigger and more at risk debts with the original lender not even in the picture.
I suspect some of the sleazier bundles will be found to have duplicate sales for the same mortgage promisory note.
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I agree with you. The resales of these notes has gotten so enormous that their tracks would look like a skein of yarn after a litter of kittens had played with it.
“Money managers” have been buying nothingness and putting it on their books as an asset. Talk about a bubble! It has to pop!