Friday, December 17, 2010

The Anatomy of a Fraud

I just finished reading an amazing three part series on the Mortgage Electronic Registration System (MERS) and its place at the heart of the most massive fraud ever perpetrated. The articles by L. Randall Wray should be required reading for anyone who owns a home or is planning to buy one.

Part 1

Part 2

Part 3
And the problem is not what we long believed -- it is not simply because the securitizations are complex, making it too difficult to get all the parties to agree to a modification. Rather, it is because the loans and the securitizations were fraudulent from the get-go that foreclosure is needed. Foreclosure is seen as the only protection the fraudsters have. Success of the fraudster requires destruction of the borrower.

// posted by montag @ 10:15 PM
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