Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud

Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud

by David Dayen

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NOW IN PAPERBACK The "gripping" ( New York Times ) and "Hitchcockian"( Publishers Weekly ) story of how a nurse, a car dealership worker, and a forensic expert took on the nation’s largest banks

Product Details

ISBN-13: 9781620973509
Publisher: New Press, The
Publication date: 12/19/2017
Edition description: First Trade Paper Edition
Pages: 416
Sales rank: 305,368
Product dimensions: 5.50(w) x 8.10(h) x 1.20(d)

About the Author

David Dayen is a contributing writer to Salon and The Intercept and a weekly columnist for the New Republic and the Fiscal Times. Other outlets that publish his work include Vice , The Nation , the American Prospect , Naked Capitalism , and In These Times. He lives in Los Angeles.

Table of Contents

Preface vii

1 A Knock at the Door 1

2 The Dark Side of the American Dream 16

3 Securitization FAIL; or, Cirilo Codrington and the Panama Doc Shop 35

4 The Originator 51

5 The Community 63

6 Mr. Anonymous 79

7 When Michael Met Lisa 93

8 Happy Hours 103

9 The Network 113

10 The Specialist 130

11 Black Deeds 145

12 The Revolution Will Be Blogged 155

13 The Ninth Floor 168

14 The Rally in Tally 180

15 By Any Means Necessary 191

16 Downfall 206

17 The Big Time 222

18 We Will Put People in Jail 236

19 Wriggling off the Hook 250

20 The Final Whitewash 264

21 Lisa's Last Stand 281

Epilogue 294

Acknowledgments 313

Notes 317

Index 375

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Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud 4 out of 5 based on 0 ratings. 1 reviews.
Vietnam1968 More than 1 year ago
This book explains how the banks created a structure of many banks making fees off of one mortgage. A mortgage originator sold the mortgage to a depositor bank which sold it to a trust bank then to a servicer bank, all of which made fee in the chain. Also originators like Countrywide made more if they sold subprime loans. Mozzilo of Countrywide should be in jail. Then when the market collapsed the banks falsified documents in their rebo-signing scheme to steal homes. No wonder these banks cannot make money anymore. The mortgage market of $10 trillion was expanded into $500 trillion of Mortgage Backed Securities (MBS) into collateralized debt obligations (CDO) backed by more derivatives of credit default swaps (CDS). There was no need for a bailout in the mortgage crisis, but expanding mortgages into derivatives caused the freezing the the banking system, not the mortgage collapse. We bailed out a fraudulent system, and nobody went to jail for the fraud. Lesson here is if you think the fine print or the government will protect you, think again. They must keep the system afloat, meaning the economy. Big money wins no matter how it occurs.