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YES — at least that’s my opinion and the the opinion of a growing body of legal experts. Any property lawyer will tell you that you can fix any chain of title using the proper methods — getting a signature to correct something that was wrong, getting a court order or affidavit from a competent witness, etc. The idea is to make it as easy as possible to correct improperly written or improperly executed documents to reflect the real deal that constituted the transaction.

So why would the mega banks start their own document fabrication and forgery operations when there is a perfectly legal way to correct “paperwork” problems? If there was a real transaction in which money changed hands, it is easy, especially in today;s digital world, to establish the trail of money, put the transaction in context and then either solicit the appropriate parties to sign corrective instruments or force them to do so by court order.

And sure enough there was a real transaction in which money changed hands. No borrower denies it. So why the fabricated and forged documents? ANSWER: BECAUSE NO THE INVESTOR-LENDER WHO ADVANCED THE FUNDS NOR THE BORROWER WILL SIGN ANY CORRECTIVE INSTRUMENTS. WHY YOU ASK? BECAUSE THE CORRECTIVE INSTRUMENTS DO NOT DESCRIBE THE TRANSACTION BETWEEN THE HOMEOWNER AND THE INVESTOR. In order to force the homeowner and the investor to take the deal and lose money on it, the securitizer pretenders would need to show that the transaction they are seeking to “correct” actually existed. But it didn’t.

The investors and borrowers are not suing because the deal didn’t turn out the way  they wanted. They are suing because the real deal was not disclosed to them and they never would have signed papers on either end of the deal.

Start with the “mortgage originator” who in the world of the illusory infrastructure of securitization is distinguished from lender, beneficiary or mortgagee. Here is an entity that has no money, lends no money, and in substance never even handled the money for the funding of the transaction except possibly through their wire transfer department if they were an actual bank. The so-called trusts, were not formed under New York law and the Trustees took great pains NOT to include these trusts within their “Trust Department” that they use ordinarily for the administration of trusts.

Move on to the inflation of the appraisal, the borrower’s income — often without knowledge or consent of the borrower, and you have a deal that nobody would do if they knew what was going on — which is why the securitizer pretenders CAN’T go to the investors and CAN’T go the homeowner and ask or demand that they sign corrective instruments.

AND THAT LEADS TO DEFECTIVE TITLE WHICH WILL HAUNT US FOR DECADES. Wall Street’s efforts to buy or start title companies is only another part of the cover-up. The inescapable conclusion when you look at the money trail and compare it to the documents, is that they don’t match. The unavoidable conclusion is that they were not intended to match — meaning there was fraud in the inducement and fraud in the execution of documents.

LOGIC and common sense bring us to this: the money trail is NOT reflected by any existing document. It never was and it can’t be now. The document trail, pretends to follow an illusory transaction trail in which no money changed hands — hence it is a bunch of documents in support of non-existent monetary transactions. The mega banks can’t correct it without admitting they lied to the investors and lied to the borrowers — because out of necessity, any corrective documents would change the deal completely. So ordinary forms of correcting legal instruments and recorded instruments are simply not available. They have no choice but to keep lying and fabricating and forging.

It won’t be long now before Judges and lawyers and homeowners realize the truth about their so-called mortgage loans. They are a fiction. The money trail leads to a single transaction between the investor-lender and the homeowner without any documents. The government’s attempt to use servicers to modify the mortgages failed because they were asking the fox to negotiate over who would get the eggs — and the chickens for that matter. WRONG WAY AND WRONG PARTIES.

It may therefore be fairly stated that ALL of the more than 80 million “mortgage” transactions that were documented at “closings” were fatally defective, unsecured and involved parties who were not involved in the actual transaction. $13 trillion in transactions went south because the investors were tricked by deception and because the homeowners were tricked by deception. Following the money trial will reveal that much of the money advanced never went to fund mortgages but was shunted off-shore as fees in “off-balance sheet” transactions amounting a yield spread premium that could only be described as fraudulent, inasmuch as the word “excessive” is inadequate to describe it.


It may therefore fairly accurately be described as an economy that appears to be flipped but actually is not. Since none of the actual transactions were liens or encumbrances upon the real property, the original owners still own them. If the investors want to “settle” their claims with the investment bankers, that is fine. But if they want to recover more of the money that was stolen from them, they should probably work out a deal wherein homeowners are allowed to keep or re-take their homes under normal and reasonable terms. If investors want to maximize their recovery and minimize their damages, they need to exercise their right to fire the servicers, trustees, and others who are feeding off of their money.

10 Responses

  1. My home in Califorina is being foreclosed on.
    the original loan was with countrywide then it switched to BAC Home loans and now to Bank of America N. A.
    so are you saying that documents reflecting these transfers should be on file with the county recorders office?
    And if I wanted to go down to the county recorders office to check this, What would I ask for? and what than could I do with this proff of fraud ?
    Please help steer me in the right dirrection to help my situation.
    Thank you, Dan Lopez

  2. I wonder how many judges saw 60 minutes and how many will be more receptive to the fact that within 90 days of closing that the note is transferred into a REMIC (Real Estate Mortgage Investment Conduit) and at point there is broken chain of title due to the fact that the required document was not filed in the county. Moreover, once it is transferred into the REMIC that the orginator forever loses control of the asset therefore cannot transfer, assign, or sell the note. All assignment of mortgages are null and void.

  3. LS was blocked from intervening in the NJ settlement. According to the judge who allowed settlement to go through, homeowners – on whose behalf LS represented, had no say in the settlement because the judge said that the issues were between the court and the banks. Since PSAs are a part of much of the fraud, the NJ judge, effectively implied borrowers are not part of PSA. This is contrary to Alabama judge who states borrowers are third party beneficiaries.

    Agree, this is a great post Neil. Mortgage documents are false and fraudulent and mortgage loans were not funded. In effect, without a properly funded note/loan — there is no secured mortgage — therefore, nothing more than credit card debt.

    One issue, Neil, that you have not addressed is why subordinate tranches to so-called trusts were sold first. Mr. Ranieri, who invented the subprime securitization, has clearly stated that the non-pass-through tranches (subordinate) were sold first. These tranches were sold to hedge funds/distressed debt buyers with very little paid for them. In effect, these tranche buyers provided credit enhancement to the senior pass-through tranches — which the banks held themselves.

    This makes sense as these subprime refinances appear to be nothing more than modifications of already “non-desirable”/non-conforming/default debt. The investors in the subordinate tranches — knew that they were actually purchasing collection rights — on the almost guaranteed conclusion that borrowers would not be able to afford the loan — sometime in the near future.

    But, these loans were intended to fail — intended to capture any equity in homeowners homes — had home prices kept rising — which all expected. That is, the hedge funds/debt buyers “banked” on borrowers failure to pay — and paid cheap money to support a fabricated trust by purchasing subordinate tranches and their own insurance. These “investors” did not expect a drastic collapse in home market prices. Game over. And, it was Europe who first discovered the fraud– of course, not the US.

    I agree, the documents cannot be fixed — they do not exist — and did not exist at the time of the origination. I have a problem with the concept of investors being harmed like homeowners. The only “investors” in these trusts — were the distressed debt buyers/hedge funds who were looking to make a bundle on borrowers inability to pay and rising home prices. There may have been some investors who were duped as subordinate tranches were also packaged into CDOs– but, for the most part — the “investors” knew exactly what they were doing — they were targeting the equity in homes — which ultimately vanished.

    It is those “investors” who are the real creditor — in nothing more than unsecured “credit card debt” — falsely presented as a mortgage to borrowers.

  4. Thanks you Mr. Neil Garfield for shedding light to New Jersey’s foreclosures. Hopefully, more N.J. Attorneys will be willing to help homeowners in their foreclosure cases. In one of the banks Motion to Deny to Legal Services of New Jersey to Intervene, belittled LSNJ attempt speak on behalf of people they are representing as if the criminal banksters stood above the fray.
    God bless you Mr. Neil Garfield !
    Let it be told ” Get the Combo’.

  5. Good Exposure: let’s see where it goes from here!

    Ms Bair is a Bank Regulator. (FDIC?).. seems to me she should have been outraged over the forged and notarized documents.

    I didn’t hear her say she is starting an investigation into the fraud she just witnessed. Or at least refer it to the proper authorities.

    She laughed and smiled a lot.

    Doesn’t she have a duty to enforce Bank Law’s?

    All the robo signers should be prosecuted… and anyone who instructed their employee’s to forge legal documents should be prosecuted as well.

    I don’t think the average Joe could go on national television and admit he committed forgery and fraud, and Not face some kind of jail time.

    What Martha Stewart did was far less!

    4000 forged documents a day from one person? WOW

    Doesn’t a notary have a bond?

    In my state I think you can go after the notary’s bond for $10,000 per occurrence

    4000 forged notarized doc’s x $10,000 is a lot of $$$

    That’s just one days work for Linda Green or should I say Green’s

    That money could fund a really good legal defense, and help a lot of families save their homes!

    A class action against the notary bond might be a good idea.

    One thing is for sure…. the notary and all the Linda Greens would role over on Senior Management in a heart beat, if they were facing jail time!

    It’s hard to watch these people laughing and making jokes about committing fraud when some many families are losing everything they have.

    What happened to our country? We are living in very sad times..

    Just my two cents.

  6. Shelia Bair acted like this was some big joke all she did when she commented was laugh and giggle like some vapid, insipid school girl who was in on a secret.WTF.In our corner my take…. not so much!!

  7. Charles Cox, I agree, they missed the boat on the show. They never asked the questions why were documents forged, robo signed, etc. They never asked What is really going on?

  8. 60 minutes is also subject to slander/libel laws. They have been in the business of exposing bad guys and bad laws for over thirty years. They know how to protect themselves.

    Lynn S. knows her stuff and stepped up to the plate to state what she knows. She is also an expert in forgery and fraudulent documents and TEACHES the FBI about forgery. The other people who basically testified that they were signing Linda Green’s signature also stepped up to the plate. I think 60 minutes will have another show related to this in the near future. Only my musings.

  9. This is the information that was glaringly absent in the 60 Minutes piece last night which was good from the standpoint of what was covered, but they missed the forrest for the trees.

    The “Linda Green” and “robo-signing” issue was an effect, not the cause and only a fraction of the fraud that was and is still being perpetrated.

  10. Great post Neil Garfield. Long lIve Neil Garfield.
    A Must see
    The following link has a 60Minutes overtime the second Video. It is a must see. We must convince people paying their mortgage to also to become aware.

    What about Sheila Bair is she on our side or their side? I would appreciate opinions?

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