One of the many ways top Banks committed Fraud-Securitization.

Lets discuss the whole process of “securitization” and what it means. Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling said debt as bonds, pass-through securities, or collateralized mortgage obligations(CMOs), to various investors. These CMO’s are now traded on Wall Street each and every day. A huge percentage of all mortgages are securitized which represents more than 7 trillion in mortgage debt. This is the exact process the banks practiced for many years without our knowledge and the reason why many are claiming fraud.
So what is the benefit for the banks to securitize these loans? Well there is a huge benefit which ultimately led to an unbelievable amount of greed on behalf of the banks. And as you will see, this is why qualifying for a loan at one point was as easy as pie. For the most part, if you had a pulse you could get a loan. Now this might be a bit of an exageration but not by much. They were willing to loan money to anyone because they already had investors wanting to buy these CMO’s, and in some cases they were sold before the buyer even signed the loan papers! Investors were lined up at the banks begging to purchase these securitized loans because they were a safe bet and it offered a great return on their money. So the banks were set to make money within literally hours if not days of us signing our loan docs. There was absolutely no risk to the banks so why not offer loans to everyone?? Well that’s basically what they did! Now we are in the
middle of the biggest mortgage meltdown in the history of our country and don’t think for a second the banks didn’t know this was going to happen. They knew darn well the bubble was going to burst, it was impossible for it not to but what did they care? They made their money back plus a whole lot more!
To find out if your loan was not properly handled by your bank you will need to get a forensic audit done which will list all major violations that occurred. Just shoot me an email and I can assist you by referring a reputable company(typically takes 5-7 business days). As always, please educate yourself on this matter.
bankfraudeducator@aol.com

Finding a good Mortgage Audit Company

There are many Audit companies to choose from now and it is important to make sure you are dealing with a legit one.  The typical price range for an audit is from $250-$2500 but keep in mind its safe to say you get what you pay for. The purpose in getting a forensic audit done could be for many reasons.  Basically its a complete(depends on the company) report with details outlining exactly where the banks have screwed up.  Most homeowners have this done to fight back the banks in one way or another.  It could be used to stop the foreclosure process, extend or cancel the trustee sale date, used as evidence in court when suing the banks, and many other reasons.  I think the best way to know you are dealing with a good honest company that will provide you with a detailed report is to get a referral from someone you know.  When you find a company you want to use, ask them for sample reports so you know exactly what to expect.  It is a very good idea to consult with an attorney so they can tell you the key points to focus on when the auditor is conducting his investigation.  A experienced attorney that has dealt with bank fraud will know what the judges are looking for so it is a huge advantage to make sure the report contains this.  Remember, not all audits are the same so just be clear from the beginning.  I have been referred a really good company so if anyone would like the information, just ask!
If you have recently hired an auditor, we would love to hear from you, good or bad.