Without full disclosure that these are not true traditional mortgages – but rather securities transactions, this is still (after nearly 20 years) an unconscionable corrupt scheme. Time does not make it less corrupt.
Payment by third parties may not reduce the debt but it does increase the number of obligees (creditors). Hence in every one of these foreclosures, except for a minuscule portion, indispensable parties were left out and third parties were in reality getting the proceeds of liquidation from foreclosure sales.
The explanations of securitization contained on the websites of the government Sponsored Entities (GSE’s) clearly demonstrate what I have been writing for 11 years and reveal a pattern of illusion and deception.
The most important thing about a financial transaction is the money. In every document filed in support of the illusion of securitization, it steadfastly holds firm to discussion of paper instruments and not a word about the actual location of the money or the actual identity of the obligee of that money debt.
Each explanation avoids the issue of where the money goes and how it was “processed” (i.e., stolen, according to…
View original post 515 more words