Big Empty Bag of Nothing

By: Wednesday April 4, 2012 3:30 pm

It has finally happened. Investors in a Residential Mortgage Backed Security {RMBS) have finally sued that the mortgages were never properly transferred into the trust.

The lawsuit was filed in the New York Supreme Court, New York County (that’s Manhattan to you off-islanders) on Monday. The Plaintiff is German Bank HSH Nordbank and it accuses Barclays of selling securities based on trusts that were supposed to have mortgages in them, but were actually empty.

Created Assignments and “Cloned” Officers Yield Fraudulent Foreclosures Across the Country

By: Monday April 19, 2010 12:30 pm

In courtrooms across the country, judges are foreclosing on homes based on improperly prepared documentation, some of which may even be fraudulent. At the heart of the problem are entities like Mortgage Electronic Registration System (MERS), which itself is owned by many of the largest financial institutions in the U.S. If MERS and other similar firms acting as foreclosing entity were required to show legal proof of mortgage assignment, the documentation offered could reveal a lack of capitalization that would make the bank bailout look like lunch money. Courts should pay much closer attention to the fact that the signatories are pretending to work for the GRANTOR — the original lender or someone in the chain.

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