Updated over 10 years ago on . Most recent reply
Discussion on froeclosure fraud.
It seems to me that a bank foreclosure on a persons home is nothing more that a bank rip off destroying a families life. Think about this - When a bank offers a home buyer money to purchase a home and the deal goes thru, the bank turns that mortgage document into a copyrighted instrument as a derivative which they sell multiple times. As an example a $500,000 mortgage gets sold so many times that it brings in to the bank an amount of $93,000,000. Not to mention the mortgage insurance for default. This leads me to believe that the mortgage has been paid and the home owner no long is liable for the debt.
Does anyone have an opinion?
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@Mike Sedlacek, You are making an argument that's been making the rounds in the internet and articulated by a Florida lawyer named Kenneth Eric Trent. In my state of Minnesota,attorney William Butler eventually got suspended after he filed several frivolous lawsuits citing problems with the MERS system. Find that story here;www.startribune.com/...attorney-suspended...lawsuits/24038.
In the 70's,the U.S dollar was no longer linked to gold,yet every one agreed that a dollar was still a dollar. People make money by selling FUTURES in wheat,oil,hogs...because of agreements in place. A lot of what you are highlighting in regards to mortgages has been agreed upon. Unless you find an exception in your case that you are also able to prove to a judge, you'd better start renting from a landlord, who will probably have used "funny money" to purchase the property and the property is part of his asset-backed security portfolio.