“At the Root of the Crisis We Find the Largest Financial Swindle in World History”, Where “Counterfeit” Mortgages Were “Laundered” by the Banks
by George Washington
The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is so large that the attorneys general of up to 40 states are launching investigations.
People’s homes are being taken when they didn’t even hold a mortgage, and the big banks have been using “robo signers” to forge mortgage related documents. Indeed, even president Obama has been hit by robo signers (see this and this).
Its so blatant that foreclosure mills have published price lists for forging documents, including such gems as:
“Create Missing Intervening Assignment” $35
“Cure Defective Assignment” $12.95
“Recreate Entire Collateral File” $95
In response, the big banks are saying that these are simply “procedural defects” which don’t affect their ability to foreclose. See this, this and this.
But let’s take a step back. Only with some context will the actions of the banks with regards to these “defects” make any sense.