Rockwell P. Ludden, Esq. — A Lawyer who gets it on Securitization and Mortgages

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.

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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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One thought on “Rockwell P. Ludden, Esq. — A Lawyer who gets it on Securitization and Mortgages

  1. david belanger (@revolutionnow1), on February 25, 2015 at 3:55 pm said:
    scot, you are so right on all. this is what believe as well,
    this is what is up, just got a 2nd foreclosure notice and sales date, of march 20th 2015.
    i do have a copy of the , incoming wire-advice of credit, from the true funder of credit/money? it was deposited straight into attorney’s bank account.
    mortgage and note, say’s , gmac mortgage corporation. but funds came from Deutsche Bank trust co.Americas.
    have a copy of my original note i just got from gmac mortgage corp servicer back a little while ago, and it has on it the following.
    pay to the order of, deutsche bank trust company americas,
    with out recourse, it is sign. D. CHIODO, with a signature of this guy,
    as assistant secretary, gmac mortgage
    it is also dated, as of the closing day, that was 11/8/2005.
    now, owcen/trust is trying to foreclose for 2nd time, and sent a copy of note, and say’s this on it.
    pay to the order of, nothing there, must mean ( BLANK ) without recourse, it is sign, BUT NOT DATED, AND SIGNATURE IS A STAMP,
    OF SAME PERSON, D. Chiodo, but now he is limited signing officer, acting agant for gmac mortgage corporation.
    now gmac mortgage corporation, went by the waist side in 2006, this corporation stop existing. and gmac mortgage, llc , also stop existing in 2009.
    and 2012 all gmac mortgages,llc and all afilits went BK IN THE RES-CAP BK.

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