Livinglies's Weblog

The cancer that keeps eating away at the foundation of our economy is the current culture on Wall Street. It involves fake accounts, fake documents, and nonexistent transactions.

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It involves lawyers who are protected by litigation immunity and who promote false claims on behalf of claimants that have not hired them or even know they exist. We have seen such nonsense multiple times in history. It always ends the same —- with a crash. And apparently, the 2008 crash wasn’t enough because they are still doing it.

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With a hit tip to summer chic, here is an edited version of what she recently wrote to me.

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Lone Star reincarnated Countrywide into  Caliber and BlackRock – into PennyMac

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There are at least 10-12 companies preying on each of us at any given time.

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Elle correctly said – investment banks are not involved in extortion from homeowners – directly. This is probably why Wells is “leaving housing market”

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They act via numerous intermediaries- hedge funds and fintech who in turn act via fake servicers and fake lenders.

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That is what Wall Street does – they establish the Scheme to sell securities.

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Then they destroy all documents about their transactions – after it was imaged and stored in Foley’s database ; and declare it “defaulted”

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Each prior transaction is stored in this database as defaulted.

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As many times as the property was sold, refinanced or modified , each time it creates a new string of securities- and this  new transaction is named as “defaulted” right away and assigned to so-called “debt buyers” who of course did not buy anything and do not own anyone’s debt.

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The largest “debt buyer” is BlackRock, who merely is given access to Black Knight’s database and permission to steal as much as they can from homeowners under cover up of “servicers” who merely rent their names for correspondence and “billing statements “

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Hedge funds also don’t have access to money flow since it’s all done via BL, Fiserv and Exela.

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Each hedge fund has its own cohort of smaller fintech companies who receive passwords and instructions from main Fintech such as Bkack Knight and Fiserv.

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The players get paid by Wall Street banks after money is transferred offshore.

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All details should be investigated by DOJ who of course knows about it.

Filed under: foreclosure |