Again… look towards the “Common Thread” chances are MERS is involved if they’ve been securitized . Remember every loan needs a “MOM“
FBI crackdown on fraudulent mortgages may underestimate scope of problem
by CHRISTINE RICCIARDI
Tuesday, September 14th, 2010, 1:00 pm
When the Federal Bureau of Investigation began Operation Stolen Dreams in March 2010, the government’s largest mortgage fraud takedown, the FBI estimated about $2.3 billion of fraudulent mortgages were originated in 2009. However, recent estimates from a source monitoring the operation indicates that number is now closer to $14 billion.
The numbers were put together recently by an European investment bank in the run-up to a mortgage fraud conference in the U.K. next month. It found that mortgage fraud in the U.K. stood at $120 million in 2009. “The phenomenon, though worrying and one that certainly requires strong intervention from authorities, is not of the same scale as in the U.S.,” said the source. “Securitization is therefore well protected from this issue.”
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It seems improbable that in the height of the financial meltdown…that 2.3 BILLION in fraudulent mortgages were issued.. it seems to me IMHO that what they are talking about here is reissuing toxic assets into multi-able MBS pools… like shifting the chairs on the deck of the titanic. Lets see a break done by, state, lender and underwriter etc. of where $2.3 Billion in fraudulent mortgages were issued.