Here is another case where failing to ask the question “why?” results in a lack of understanding of the process referred to as securitization of debt.
I have previously written at length about how the proceeds from a foreclosure sale are not going to anyone who is entitled to receive them. The article in the above link shows how those with a criminal mind accurately perceived the gap between entitlement and receipt. By intervening in the process, they made off with several hundred thousand dollars. And now they are going to jail.
BUT nobody is asking how the funds became available to criminal minds. AND the answer is that the funds were left because the complex system involving Black Knight and the investment banks sometimes fails and they forgot to designate a party to receive the funds for deposit into a commercial bank on behalf of an investment bank who neither owned nor controlled the debt.
This case corroborates the facts I have reported. The interesting thing is that these defendants are accused of stealing from parties who had no entitlement to the funds. So where is the victim, the loss and therefore the validity of the claim against the criminals? Having criminal intent is not a crime. And theft can’t substantively occur unless there is a victim from whom the money or property was stolen.
So if you steal from a thief are you still guilty of theft? Maybe.
Filed under: foreclosure |
LOL.
Chicago Judge Jessica O’Brien went to jail for defrauding Citi bank with a mortgage loan.
Citi actually defrauded Jessica O’Brian first, and made tons of money by selling her identity in the open market.
Nonetheless, Jessica went to jail (and lost her judicial seat) while Citi pocketed all profits and was never charged