westerebus
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Mon Oct-25-10 07:35 PM
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I don't think this has been brought up yet, but there exists a very real possibility that there were many MBS's on houses that did not exist. What we have all looked at so far is missing paper work, not missing houses.
Wait till that shoe hits the floor.
As it is the duty of every citizen to support our elected officials, I would caution them to obey the law, as the only thing between us and them, is the law.
There is no need for accommodation in this matter.
We are watching you.
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dixiegrrrrl
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Mon Oct-25-10 08:12 PM
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1. Wow...where did that idea come from? |
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Makes perfect sense, they have lied about everything else.
Can we expect more info soon on this?
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westerebus
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Mon Oct-25-10 09:41 PM
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3. I just got a glimmer of it myself. |
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If I hear more I'll let you know.
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Sonoman
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Mon Oct-25-10 08:45 PM
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2. One heck of a reason for "missing" documentation. |
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That is a really interesting theory.
Sonoman
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Po_d Mainiac
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Tue Oct-26-10 10:02 PM
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:spray:
I hope the imaginary residents of those non-existent domiciles remember to vote
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ironrooster
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Wed Oct-27-10 11:06 AM
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5. I'm no expert in securitizations - but |
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Edited on Wed Oct-27-10 11:07 AM by ironrooster
I would think under normal circumstances within a single security there would be only (one) instance of (each) property for each (loan) - so for example, property A' has a single mortgage, so it is listed once in a particular security that has many other listings as well - ad infinitum.
Property B' however, has a second mortgage and is listed once in one security and once in another.
What if however, the bundlers of these securities listed the same house again and again in various instruments? NOT for a partial interest, but putatively for the entirety of the value. OOPS.
Is this possible - anybody??
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Po_d Mainiac
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Wed Oct-27-10 02:49 PM
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6. Not only possible, perhaps commonplace..link below |
Po_d Mainiac
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Wed Oct-27-10 09:23 PM
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ironrooster
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Thu Oct-28-10 09:01 AM
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8. The linked article is very disturbing. |
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The article mentions Bear Stearns as selling the same mortgage several times. I wonder if this was an industry-wide practice, or confined to the worst actors? Sadly, we won't know without massive investigations requiring an army of accountants - which we all know isn't going to happen because the banks are so well insulated from the outrage of the little people. The top-heavy over financialization of our economy has wrought this. Too much money - and few people of morals to withstand the temptation of easy money. It's foundational rot. It's very tempting to give into apathy.
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Po_d Mainiac
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Thu Oct-28-10 07:41 PM
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And these two guys (Black and Wray) are the smartest guys in the room.
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dixiegrrrrl
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Fri Oct-29-10 12:23 PM
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11. Industry wide practice. |
blue97keet
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Thu Oct-28-10 09:51 AM
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9. Synthetic CDS's betting on nothing? |
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That was mentioned in a mortgage hearing on C-Span this morning.
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dixiegrrrrl
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Fri Oct-29-10 01:36 PM
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12. Yeah..to the tune of trillions. |
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and betting on BOTH sides of the "nothing".
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westerebus
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Sat Nov-13-10 12:03 AM
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13. Where did the nothing come from? |
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FEMA Current Housing Unit Damage Estimates. Feb,12,2006. Included Hurricanes Katrina, Rita and Wilma all occurred in 2005.
Major damage estimate 179,378 Severe/destroyed est 125,731
Total 305,109
This figure does not include vacant units, summer homes, second homes on the gulf coast.
The difference here is being under-water and being under water.
As were tax records. As were deeds. As were county records. Not all, but enough.
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Sun Oct 12th 2025, 11:07 PM
Response to Original message |