New PDF release: Chain of Title: How Three Ordinary Americans Uncovered Wall

By David Dayen

ISBN-10: 1620971593

ISBN-13: 9781620971598

Within the depths of the nice Recession, a melanoma nurse, a motor vehicle dealership employee, and an coverage fraud professional helped discover the biggest shopper crime in American history—a scandal that implicated dozens of significant executives on Wall highway. They known as it foreclosures fraud: hundreds of thousands of households have been kicked out in their houses in accordance with fake facts via loan businesses that had no felony correct to foreclose.

Lisa Epstein, Michael Redman, and Lynn Szymoniak didn't paintings in govt or legislations enforcement. that they had no background of anticorporate activism. as an alternative they have been all foreclosures sufferers, and whereas being affected by their disgrace and isolation they dedicated a innovative act: heavily studying their loan records, gaining knowledge of the deceit in the back of them, and development a stream to reveal it.

Fiscal Times columnist David Dayen recounts how those usual Floridians challenged the main robust associations in the USA armed in simple terms with the truth—and for a quick second they introduced the corrupt monetary to its knees.

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Extra resources for Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud

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This desire for “bankruptcy remoteness” drove securitization transfers, and it didn’t hurt that every transfer generated another fee. At each stage there would have to be documented evidence of transfer, like links in a chain—a chain of title, which lays out the different transactions. You can’t skip a link: the chain must show evidence of transfers from originator to depositor to trustee, and everyone in between, in precise order. Mortgages are assigned with a signed piece of paper affi rming the transaction.

The Clinton administration wanted to increase homeownership rates, which had fallen amid the S&L collapse. It wasn’t likely to crack down on irresponsible lending practices if they served that goal. Anyway, the Federal Reserve held responsibility over consumer protection for mortgages, and Alan Greenspan viewed regulations the way an exterminator viewed termites. Investment banks also got more sophisticated about the securities. indd 29 2/13/16 9:04 AM 30 CHAIN OF TITLE spent their working hours converting risky subprime loans into something that could secure a coveted AAA rating, guaranteeing sale into the capital markets.

But it surprised her that the plaintiff admitted that it lost a key document and was trying to reestablish it in some manner. Others at Living Lies had note problems; for example, Andrew “Ace” Delany’s lender could never supply the note, although he asked for it every week. What was with this epidemic of lost notes? Where did they go? And how did that impact foreclosure cases? As the twenty-day deadline for responding to the summons loomed, Lisa wanted to find out. indd 34 2/13/16 9:04 AM 3 SECURITIZATION FAIL; OR, CIRILO CODRINGTON AND THE PANAMA DOC SHOP None of Lisa Epstein’s options for dealing with her foreclosure seemed very attractive.

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Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud by David Dayen


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