Below is a link to a video where GlobalCollateral’s Chief Commercial Officer Ted Leveroni discusses collateral settlement failures and he basically states that the securitization failed. Collateral fail and securitization fail are exactly the same thing. In this case, the evidence is indisputable that most transactions are not in fact settled but that they are held “in street name” which means the brokers own it as “nominee.” And that enables the banks as brokers to assert ownership over what is not theirs to own. Account holders are getting statements and payments from a slush fund. This is partial corroboration of my conjecture that there literally was no actual loan in most cases involving a refinance.
The Officer states USB doesn’t know who the investors are and says you’ll have to go to DTC to likely find out.
Look at this short video from DTC –
Filed under: foreclosure | Tagged: collateral failure, Refinance, securitization fail, settlement failures | 5 Comments »
