BOA admits: Mortgages Were Fraudulently Pledged to Multiple Buyers at the Same Time

[dixiegrrrrl]

WOW....

Bank of America alleged in a court filing this June:


"It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies."

http://www.washingtonsblog.com/

[hedgehog]

1. Makes me wonder if there are people out there making payments

to Bank "A" only to be foreclosed by Bank "B".

[dixiegrrrrl]

3. Yes, you are right.

CNBC's Dennis Kneale noted in February 2009 that courts have found that some mortgages have been sold again and again to different trusts, when they should have only been sold once.

Kneale explained that that is the reason that two different banks sometimes try to simultaneously foreclose on the same home:
( video at link)

http://www.washingtonsblog.com/2010/10/mortgages-which-can-legally-only-be.html

and, for even more fun reading:

http://4closurefraud.org/2010/06/21/freddie-mac-bank-of-america-taylor-bean-whitaker-important-info-amp-statement-for-you-all-regarding-assignments-transfers-note-ownership/

[Hassin Bin Sober]

2. And some people here think the "Show Me The Note" crowd are being silly or trying to get one over.

[dixiegrrrrl]

4. yeah, I often wonder exactly those critics really are.

[Vincardog]

5. That is EXACTLY WHY we have to freeze the foreclosures and get to the bottom of all the Banksters

dirty dealings.

As well as why some people are so vehemently opposed to looking under that particular rock

[fasttense]

12. It seriously bothers me that no national moratorium on bank foreclosures of homes

has been implemented. This means that our government is giving a green light to banks to illegally take your home. There are many people out there, the elderly, the poor, who have no understanding that the banks are illegally foreclosing. It's as if our federal government is standing back and saying to the banksters "Go ahead take the houses you want. destroy any family that has a home. We will let you play any con you have on our citizens, without penalties or repercussions."

Do you feel like bait yet.

[defendandprotect]

6. NATIONALIZE the banks .... and we'll find out what really has been going on...!!!

[dixiegrrrrl]

8. The banks ARE nationalized.

Remember when Fannie Mae and Freddie Mac got all those mortgage from the banks and the banks got TARP money?
At the time, the gov said they were using Fannie and Freddie to "guarantee" the loans.
Then the gov. did the infamous "stress tests" and made sure none of the TBTF banks ...failed.
So the gov. which owns the banks "assets" ( debt/mortgages) and promises the banks won't fail...has de facto
nationalized them.

[defendandprotect]

9. Let's have real NATIONALIZING ... not "de facto" ....

Take down the bank names - get rid of the CEO's --

keep the employees --

[westerebus]

10. Fan and Fred are not on the US Government books.

If they were a budget item, the National debt would go up by what $7 trillion.

Neither is the FED the US Government.

The management of the TBTF banks remains in place for the most part.

There was no Trustee appointed. There's a legal term for that position that escapes me for the moment.

There has been no investigation for fraud by the Justice Department/FBI.

Even though some form of racketeering has taken place.

The TBTF banks remain barely confined by the law at the Federal level.

The SEC fines and releases.

It's the States AG's that are taking the banks to court over the documentation fraud.

If the TBTF banks were Nationalized that couldn't happen.

Sovereign Immunity would come in to play.

By my reading, I respectfully disagree the banks have been nationalized(de-facto).

[jtuck004]

14. Add to the list of things that are off the books the derivatives which all these mortgage

are based on. Perhaps a $100 trillion of toxic assets sitting in banks, pension funds, foreign government holdings, foreign investor holdings, etc., in addition to those sitting in the Fed, F&F, you mentioned. All on top of a $13 trillion (less now) housing market.

The passage of the CFMA signed back in 2000 written by investment bank lobbyists to keep all this from public view. The better to compete with, they said.

[aquart]

7. I don't suppose a single person will go to jail for this.

Although it would make me giddily happy to see it.

[bemildred]

11. Would that be anything like a Ponzi scheme? nt

[AnneD]

15. More like the scam that was highlighted...

in Mel Brook's movie and broadway play-The Producer. Remember he wooed little old ladies, sold them 100% shares in his broadway play. As long as it was a flop his scheme worked. But one day, his play about Hitler became a hit and everyone was expecting their profit on 100%. In that story...they did go to prison, but that is Hollywood. And as we know, any resemblance to Hollywood and reality is purely coincidental:evilgrin:

[bemildred]

16. Yeah, that works. nt

[snot]

13. Before your story sinks off the page you linked to,

here's the hard link: http://www.washingtonsblog.com/2010/10/foreclosure-expert-confirms-mortgages.html

[Yo_Mama]

17. This doesn't mean what you think it does

This was a filing in the Taylor Bean Whittaker BK case. It was for loans that TBW still held.

TBW originated loans and sold them. It had lines of financing before it went bust. Those lines of financing were supposed to be secured by TBW's "book", i.e., the loans it had in house. What BofA is claiming is that TBW pledged the same sets of loans to different creditors.

In a case like this, ownership of the assets (loans) might legitimately be disputed. But this does not affect the loan itself. The obligations could be given to a Trustee appointed by the Court, and that Trustee would then contract them out to be serviced as normal, and foreclose on non-paying loans.

Those thinking that many obligations will magically disappear are fooling themselves.

[whosinpower]

18. It is a glaring red card

To further illustrate the REASON why there is no confidence in the financial industry. And because they - the banking institutions know they did it themselves - they also are well aware that their fellow bankers did it as well....and this has a catastrophic effect on exactly what they are trully worth.

Example - if I was a car dealer and I sold the same car three times - the value of the car does not cease to exist - but WHO owns the car? They all paid for it. And, more importantly - WHY am I allowed to still be in business?

[girl gone mad]

20. It means exactly what we think it does.

Though there is every reason to suspect our government will attempt to legitimize this fraud.

[dkf]

19. Holy cow.

Who is getting paid then?