What is a national system needed for in the first place? The state recordation did just fine until the government allowed the corruption of the records. And what are the penalties for filing fraudulent documents in this “new” system – a batch of chocolate chip cookies, I suppose?
Well said. Courts make the homeowner follow every order to the letter of the law, but let the crooks off the hook. If a homeowner were sanctioned and ordered to pay within 10 days and failed to do so there would be a bench warrant issued – but not the bank or its attorneys, no – they get to file more excuses.
What attorneys and judges need to recognize is that securitization begins with the Fannie patented 1003 loan application. Collateral was solicited and procured to fill pre-existing contracts and agreements that the banks already had in place and operating BEFORE the borrower signed the faux mortgage and note documents.
The homeowner unwittingly participated in a securities transaction. Without his collateral the entire transaction could never have been completed.
The incredible people that found the patents in the last decade knew that the securitization system was pre-existing BEFORE signatures ever hit the page.
In May 2009 Congress created a special commission to examine the causes of the financial crisis. The idea was to emulate the celebrated Pecora Commission of the 1930s, which used careful historical analysis to help craft regulations that gave America two generations of financial stability.
But some members of the new commission had a different goal. George Santayana famously remarked that “those who cannot remember the past are condemned to repeat it.” What he didn’t point out was that some people want to repeat the past — and that such people have an interest in making sure that we don’t remember what happened, or that we remember it wrong.
Read More: ‘The Big Short,’ Housing Bubbles and Retold Lies – The New York Times
Absolutely remarkable. See the movie! Read the book.
It’s very interesting how many conservative states are starting to take more aggressive positions to protect properties.
IMHO – since the securitization procurement agreements and process were pre-existing (prior to the signing of the faux mortgage documents), why wouldn’t the class action be failure to disclose the intent to create securities from the homeowners’ collateral. A Rule 10(b)5 class action? Why can’t we press the non-disclosure issue?
The financial crisis struck a chord with Hollywood this year as two major motion pictures were listed in the nominations for the 73rd Golden Globe Awards, which were announced early Thursday morning.
The Big Short was one of three motion pictures to lead the nominations for the 73rd Golden Globe Awards, which were announced early Thursday morning.
The comedy motion picture flashes back to the 2008 timeframe where the subprime debacle was just taking hold.
The cast of characters bet against the big banks, and potentially, the American economy to get rich while the Empire crumbled.
Add in a couple of Hollywood A-listers and you get The Big Short movie, based on the book by Michael Lewis.
Golden Globe nominations for The Big Short include:
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Up until the motion picture The Big Short, which is based on the best-selling book by Michael Lewis, the name Michael Burry was probably unfamiliar to most people.
The comedy motion picture flashes back to the 2008 timeframe where the subprime debacle was just taking hold.
……………………
One of the characters is Michael Burry, played by Christian Bale. According to an article in CNBC, Burry made a fortune in last decade’s financial crisis by betting that the housing bubble would burst, is also gaining a following north of Hollywood, as a Silicon Valley tech investor.
Now, in 2015, the article explained his latest venture. Burry is an early investor in PeerStreet, an online marketplace for real estate-backed loans.
From CNBC:
PeerStreet’s mission is to open up a particular segment of the real estate market — residential, typically non-owner occupied — to a wider swath of investors, thus adding…
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