Connecting dots:
With no legal papers to establish ownership (mortgage securitization process transferred no titles, no note documentation, an industry wide practice), the govt has “possession” of formerly private US property available with no legal claimants for the purpose of redistribution in the original social justice plan dating to the Community Reinvestment Act of 1977.
This current “jobs” bill dedicates $16T to the renamed ACORN for redistribution of property in cities all over the US, and especially large cities and especially in NY, FL, NV, CA. The use of subprime mortgages, loss of jobs to enhance the foreclosure process with destruction of the legal standing of private property, makes the redistribution of property from a centrally controlled govt possible. The result is Marxists in ecstacy.
The key tool for use is the destruction of the legal standing of property via the securitization process (no title transfers, no notes)in order for the govt to get control of private property for redistribution with the foreclosure and abandonment of property.
The banks got full payment on the first securitization sale, and then the original properties were sold worldwide in as many as a couple of hundred times within tranches of collateralized (mortgage) debt obligation derivatives with ratings of triple A, with the new “owners” with no legal standing in a US fed court for foreclose and actually “owning” unsecured derivatives. Big Ponzi scheme of fraud. Then the govt forces the taxpayers, losing jobs, wealth, to pay for the redistribution of the “stolen” private property to jobless poor people who do not pay taxes in the first place.
$16T “”’
Trillion or BILLION?