Levitin and Yves Smith – TRUST=EMPTY PAPER BAG

26 Sep

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It has taken over 7 years, but finally my description of the securitization process has taken hold. Levitin calls it “securitization fail.” Yves Smith agrees.

Bottom line: there was no securitization, the trusts were merely empty sham nominees for the investment banks and the “assignments,” transfers, and endorsements of the fabricated paper from illegal closings were worthless, fraudulent and caused incomprehensible damage to everyone except the perpetrators of the crime. They call it “infinite rehypothecation” on Wall Street. That makes it seem infinitely complex. Call it what you want, it was civil and perhaps criminal theft. Courts enforcing this fraudulent worthless paper will be left with egg on their faces as the truth unravels now.

There cannot be a valid foreclosure because there is no valid mortgage. I know. This makes no sense when you approach it from a conventional…

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One Response to “Levitin and Yves Smith – TRUST=EMPTY PAPER BAG”

  1. Rita Thomas September 30, 2014 at 10:16 pm #

    Date: Fri, 26 Sep 2014 21:16:34 +0000 To: rita1thomas@hotmail.com

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