Taking The ‘M’ Out of Mortgage-Backed Securities (MBS) = BS

Ah, So There Are No Notes?

Here we go….

In its complaint Monday, HSH Nordbank also alleged that all of the mortgages weren’t assigned to trusts backing the securities (as issued by Barclays) as promised. By not doing so, it hinders the ability of the trusts to foreclose on the mortgaged properties, according to the lawsuit.

Indeed, without such assignment of the mortgages into the trusts, these so-called ‘mortgage-backed securities’ were not actually backed by mortgages,” HSH Nordbank said. “Plaintiffs would not have purchased these certificates had they known they were not backed by collateral or the notes.”

Oh, you boughth an empty box of chocolates?

Isn’t that special…. I think I’ve been talking about this for quite some time eh?

Now we’re actually seeing the lawsuits that I expected to eventually start showing up, show up.

Now about the rest of those so-called “MBS” that might not really have anything in them, and thus the purchaser literally give his money to the issuing bank for a worthless piece of paper…..


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