No one should be allowed to rehypothecate your collateral without full disclosure and explicit consent. And if Congress is too blind to see this – how can anyone expect the judiciary to take off their blinders? It’s time to take these issues to the Supreme Court under securities related claims. The rehypothecation agreements were in place long before the borrowers unwittingly entered into the collateral procurement to securitization and rehypothecation scheme.
see FORECLOSURE, SECURITIZATION DON’T MIX ROCKY'S+ARTICLE+in+the+CAPE+COD+TIMES+February+21,+2015
As I write this, I have no recall of Mr. Ludden before today. BUT his article in of all places, the Cape Cod Times, struck me as astonishing in its concise description of the illegal foreclosures that are skimming past Judges desks with hardly a look much less the usually required judicial scrutiny. He says
No one should have the legal right to take your home merely by winking and nodding their way around a significant flaw in the securitization model and whatever burrs it may leave on the industry’s saddle. …
Is there anyone with a present contractual connection to you or the loan who has actually suffered a default? If not, any… foreclosure begins to bear an uncanny resemblance to double dipping.
It is time for Judges to dust off the principle of fundamental fairness that lies at the heart of our…
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