Video - Neil Garfield, Esq, MBA, JD - Foreclosure Defense - What You Need To Know
If you're in a hurry, start watching at the 7-minute mark. Runs 2 minutes from there.
Taxpayer Funded Mortgage Fraud 101.
$9 Million Payoff On A $300k Defaulted Mortgage.
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Analysis below from Chunga of Foreclosure Hamlet:
I believe that these individual mortgage obligations live in more than one MBS investor's "book." Each manifestation of the obligation is insured against default for the full outcome based appraisal "value."
Each investor is made whole via insurance and thanks to AIG, who of course was caught by surprise, has no choice but to dump the whole mess on the taxpayer. Meanwhile, the "servicer" purchases (for pennies on the fiat) the right to pursue the extinguished debt and seek as many deficiency judgments as possible.
Not to mention the fact that clear chain of title on millions of homes (in default or not) are destroyed. Further, if the obligations fail to make their way to the trusts within the REMIC window, throw massive tax evasion into the mix.
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