Via Naked Capitalism.
By masaccio, first posted at FireDogLake. (Original online post has been removed).
Yves here. Note that masaccio uses “indorsed” when laypeople would use “endorsed”. For some weird reason, in bankruptcy matters, the term of art is “indorse”. To masaccio’s post:
The administration and the banks want you to believe that there is nothing more to foreclosure fraud than just mere paperwork. I point out that the false affidavits and rocket dockets can rob people of their legal rights. But that was just the first grade primer. When home mortgages are securitized, a whole new level of legal rights and duties are set up that go far beyond the minimal requirements of the Uniform Commercial Code. The interaction of these rights and duties make it difficult to determine who is entitled to enforce securitized mortgage notes. …