From Unknown Creditors to Unknown Landlords: Wealth Transferred from Homeowners to Investment Banks to Hedge Funds

Success in fraudulent foreclosures meant that the winners had to launder the corrupted title, so they sold it to hedge funds who then outsourced the renting to still other firms who in turn outsourced the rights to still other firms. That is exactly the same “formula” used by the banks when they started securitization, with “trustees.” “trusts”, “master servicers”, “subservicers” and “attorneys in fact.”

Seehttps://www.nytimes.com/2020/03/04/magazine/wall-street-landlords.html?referringSource=articleShare

And the same truth holds. If the original foreclosure was fraudulent then the title transferred on paper was invalid. And if the title transferred on paper was invalid then the new owner had no more right to rent the property than the foreclosure mill had when they invoked foreclosure process in order to obtain revenue instead of restitution for an unpaid debt. But unchallenged and unchecked that is the way it will go — all to the extreme detriment to former homeowners and current renters.

The original foreclosure is fraudulent if the named claimant did not exist and/or did not possess any legal claim to collect money from the borrower. The Wall Street banks chose this path pof  laundering because in most US jurisdictions it is not possible to defend evictions by challenging the title of the landlord.

So the fraud continues and multiplies. And normal people who would otherwise be buying homes are being squeezed out of the housing market. When the dam breaks there will be trouble. Meanwhile with the equivalent of free money flowing everyone is skimming so much off the top that there is little left.

It was clear from the beginning that there was something a little unusual about his new landlords. Instead of mailing his rent checks to a management company, men would swing by to pick them up. Within a few months, Ellingwood noticed that one of the checks he had written for $2,000 wasn’t accounted for on his rental ledger, though it had been cashed. He called and emailed and texted to resolve the problem, and finally emailed to say that he wouldn’t pay more rent until the company could explain where his $2,000 went. For more than three months, he withheld rent, waiting for a response. Instead, the company posted an eviction notice to his door.

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FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. IN FACT, STATISTICS SHOW THAT MOST HOMEOWNERS FAIL TO PRESENT THEIR DEFENSE PROPERLY. EVEN THOSE THAT PRESENT THE DEFENSES PROPERLY LOSE, AT LEAST AT THE TRIAL COURT LEVEL, AT LEAST 1/3 OF THE TIME. IN ADDITION IT IS NOT A SHORT PROCESS IF YOU PREVAIL. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.
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2 Responses

  1. Bank ABC to Freddie or Fannie to Trustee for a Trust.

    Lies. Lies. Lies.

  2. Yup, REIT Trusts, unsecured debt…100%. Bundled and sold to more investors.

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