The following are six things that you should know about how deep this foreclosure fraud crisis really goesâ€¦.
(Very abbreviated version)
#1 According to the Associated Press, financial institutions were hiring just about whoever they could find, including hair stylists and Wal-Mart employees, as â€œforeclosure expertsâ€ to help them rush through the massive backlog of foreclosures that were rapidly piling up….
#2 There is soon going to be a colossal legal scramble to figure out who actually owns millions of U.S. mortgagesIn his recent article entitled â€œInvasion Of The Robot Home Snatchersâ€œ, Robert Scheer described the complete and total mess that the U.S. mortgage industry has createdâ€¦.
#3 Legal battles over foreclosure documents could soon spawn thousands upon thousands of lawsuits across the United States…
#4 The problems with foreclosure paperwork may be more widespread than anyone would have dared to imagine.
Attorney Richard Kessler recently conducted a study in which he found â€œserious errorsâ€ in approximately 75 percent of the court filings related to home repossessions that he examined. Now he says that the foreclosure crisis could haunthe U.S. mortgage industry for the next ten yearsâ€¦.
â€œDefective documentation has created millions of blighted titles that will plague the nation for the next decade.â€
#5 If some banks discover that they are missing the paperwork for large numbers of mortgages (as is currently being alleged), those banks could be forced to significantly revalue those assets (as in â€œclose to zeroâ€) on their balance sheets…
#6 Renowned investor Jim Sinclair is actually warning that the collapse of securitized mortgage debt could be the â€œfinal shotâ€ that will wipe out many financial institutions across the United States.
The recent warning that Sinclair posted on his blog is more than a little soberingâ€¦.
I am asking for your attention again because of the depth of the fraud and now the size of the securitized mortgage debt OTC derivative pile of garbage that is in the trillions. This entire mountain of weapons of mass financial and social destruction is now in question. I have been telling you this for more than 2 years since the manufacturers and distributors of this @#$%&! were called by the NY Fed due to the loss of control over the paperwork…