The Day Securitized Debt On Mortgages Died

Lord Tammerlain · Oct 6, 2010

The Day Securitized Debt On Mortgages Died : Welcome To Jim Sinclair's MineSet

The following is BREAKING NEWS:

Racketeering suits (RICO), now as civil class action suits in two states, have hit the nail on the head. The civil suit says the banks do not have proper title to the homes on which they are foreclosing. This by direct inference questions if securitized debt on mortgages have real collateral behind them.

Simply stated a long time ago by Marie McDonnell and myself, THEY DO NOT.

That means legacy assets are cooked, dead, and worthless, yet are now marked up in value to cost and above. This is all thanks to FASB’s capitulation that now represents a large amount of capital for the Western world’s financial entities.

The you know what hit the fan today for those that understand. October 4th 2010, the essence of securitized debt on mortgages died!

That alone gives you gold at $1650

Combine the FICO lawsuits and a few of the big financial institutions putting a hold on foreclosures all due to the fact no one knows who owns the title on plenty of mortgages. Also a large problem seems to be foreclosure actions on people who did not have mortgages to begin with.

If the FICO cases stand up, this will be huge, imagine the number of people who will be able to stop payment on their mortgages because the financial institutions do not have the original paper title to legally show who actually owns the property

This is something Jim Sinclair has been talking about for a few months if not a couple of years now

The Day Securitized Debt On Mortgages Died

Lord Tammerlain

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