It’s Bigger On The Inside

C’mon, just say it. Everybody does.

You think it’ll last forever: people and cars and concrete. But it won’t. One day it’s all gone. Even the sky. My planet’s gone. It’s dead. It burned, like the Earth. It’s just rocks and dust. Before its time.
What happened?
There was a war, and we lost.
A war with who? What about your people?
I’m a Time Lord. I’m the last of the Time Lords. They’re all gone. I’m the only survivor. I’m left traveling on my own, because there’s no one else.
There’s me.
You’ve seen how dangerous it is — do you want to go home?
I don’t know… I want… Oh, can you smell chips?
I want chips.
Me too.
Right then, before you get me back in that box, chips it is. And you can pay.
No money.
What sort of date are you? Come on, then, tight wad, chips are on me… we’ve only got five billion years ’til the shops close!

Mortgage Companies Seek Time Travelers to Find Missing Documents
by David Dayen, The Intercept
June 17 2016, 10:43 a.m.

Recruiters are hiring for a job that shouldn’t exist: finding “missing” documents required to “complete” broken chains of title on mortgages entering foreclosure.

Since all assignments of mortgage should have been prepared and recorded within days of the transfer or sale — and the failure to do so irreparably ruptures chain of title — the companies would seem to be looking for time travelers or magicians.

Or maybe they want to manufacture false evidence to introduce into courts as a means to take away people’s homes.

Without a chain of title documenting the sequence of historical transfers of title to a property, foreclosure proceedings cannot continue in a legal fashion.

For the most part, these breaches cannot be reversed, because the governing securitization documents, known as pooling and servicing agreements, specified a time limit for conveying mortgages into trusts.

Regardless of this rigid deadline, mortgage companies hired third parties to mock up after-the-fact documents, making it look like they held an unbroken chain of title and had the ability to foreclose. The obvious fabrications have been challenged in court numerous times, and were the focus of a national settlement with leading mortgage servicing companies in 2012.

However, the focus of the settlement — false documents submitted to courts in foreclosure cases — continues to this day.

The multiple job listings for specialists to fix broken chains of title only confirms that nothing has changed in the industry. No mortgage company would require a chain of title specialist if the documents needed to foreclose existed.

(A) Default Breach Specialist must maintain a caseload of delinquent loans “to ensure timely preparation, execution and/or recordation of all needed assignments prior to foreclosure referral.” Alluvion adds that two years of mortgage default servicing and a high school diploma are required for the job, with “college education a plus.”

Select Portfolio Servicing’s job listing seeks individuals who can “facilitate document requests in a timely manner,” while exhibiting a “comprehensive understanding of proving up all Chain of Title requirements.”

The qualified applicant would have document-processing experience, proficiency in Microsoft Word and Excel, and mysteriously, the “ability to lift boxes weighing 25 lbs.” The company does not specify a pay range. Company officials could not be reached for comment.

Over 6.2 million families have lost their homes to foreclosure since the financial crisis began in September 2008, according to a report Monday from CoreLogic. It is not known how many of those foreclosures were executed with false documents. But we do know that the failure to follow longstanding property records laws in securitization contracts was so systemic that eight years later, special teams of chain of title specialists must be hired to make the problem vanish.

Plus ça change, plus c’est la même chose


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