Darline Spencer hit the bulls-eye once again. Here she talks about how one loan was multiplied into many loans all of which were sold to investors, but resulted in accounting anomalies that had to be covered up. Here is what she says:
Confusing but it appears as I have claimed initially. They took a real Mortgage and ballooned it into 10 mortgages and used them to move elicit funds thus when you research the accounting part of it you find trustees and investors have been paid even if borrowers paid or not paid their mortgage. Once the investment banks discover their error on tracking the difference and discovered the originating loans were hanging in the wind and ultimately the FDIC would be enquiring and auditing they had two choices. Send out satisfactory of loans or foreclose.
Multiple individuals I have met with received a satisfactory of loan when in fact they had not paid off their loan and were trying to re-finance. Ironically it made it through the courts and since the satisfactory of loan was sent to the borrower it stands. LOL It is like winning the lottery when you get a line of credit or a mortgage letter stating satisfactory of a debt and you did not pay it off! I had the please of meeting a lady that was in tears on the phone with her lawyer after receiving such a notice. Not understanding the notice she happened to ask me what it meant. I reviewed it and explained to her it is a court order satisfactory of loan from Bank of America in North Carolina. Trust me the banks are truly covering up their fraud if they are paying off loans just to destroy a paper trail. IRONIC isn't it! I can tell you this she will not be calling the bank complaining! P.s. This has also occurred on lines of credit borrowed against mortgages and they have also miss-used reverse mortgages. They truly were focused on profits and moving elicit funds that they forgot to take care of the base (Chain of Custody) failed GOTCHA GOTCHA with your hand in the cookie jar!
CHASE WROTE OFF MY SECOND MORTGAGE NOTE FROM LONG BEACH AS