The securitization of mortgages scam is in the process of meltdown as more fraud is uncovered in foreclosures. It is a giant mess and who knows where this will end up. Some suggest that the banks will be looking for another bailout. Read this and other articles below to keep informed.
Foreclosuregate and Obama's Pocket Veto by Ellen Brown
By most reports, it would appear that the voluntary suspension of foreclosures is underway to review simple, careless procedural errors. Errors which the conscientious banks are hastening to correct. Even Gretchen Morgenson in the New York Times characterizes the problem as “flawed paperwork.”
But those errors go far deeper than mere sloppiness. They are concealing a massive fraud.
They cannot be corrected with legitimate paperwork, and that was the reason the servicers had to hire “foreclosure mills” to fabricate the documents.
These errors involve perjury and forgery -- fabricating documents that never existed and swearing to the accuracy of facts not known.
US banks fake documents to rush foreclosures by Tom Eley
And if you really need to understand this mess more, read "Foreclosure Fraud For Dummies" from Rortybomb.
And to extract some humor out of it:
Jon Stewart on the Foreclosure Fiasco
