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Loan Modification

: Mortgage Lender Implode-o-Meter

Whistleblower Speaks On Fraudclosure

By Implode-Explode Heavy Industries

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Zero Hedge has been approached by an individual who participated directly in the various aspects of what is now broadly known as Fraudclosure. The below narrative recounts his experience in the due diligence process of selecting loans for the MBS pipeline. And far more than just legalese "technicalities" or a broad abrogation of property rights, as he points out there is a far more palpable issue for all those who hold Mortgage Backed Securities or other pool aggregations of mortgage loans: "we have no idea what is in those packages."

Full post as published by Mortgage Lender Implode-o-Meter on October 19, 2010 (boomark / email).

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