“There was effectively no legal lender at closing.
Hence, the note and mortgage were executed in favor of an originator who posed as the lender, like Quicken loans. The only “creditor” for these loans were the defrauded investors (pension funds etc.). But they only had actions for fraud against the banks or potentially unjust enrichment against the borrowers, but no claim to foreclose on a defective mortgage. ”
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Not much time today for discussion but this fight between Quicken Loans, who pretended to be making loans even though they were just a naked nominee at loan closings, is instructive about what really happened.
REAL enforcement cannot begin until everyone starts with the right premise, to wit: that investment banks sold an IPO for thousands of inactive, empty entities and called them REMIC Trusts. No money went to the Trusts or the Trustees; and the investment banks, who are the only people who have proof of what happened with the same of mortgage backed securities, kept the money. No loan ever entered the trusts.
The money that appeared in loans to borrowers was received by the closing agent hours, days, weeks, months and maybe years after the borrower thought the closing…
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