Goldman takes on new role: taking away people's homes
SAN JOSE, Calif. — When California wildfires ruined their jewelry business, Tony Becker and his wife fell months behind on their mortgage payments and experienced firsthand the perils of subprime mortgages.
The couple wound up in a desperate, six-year fight to keep their modest, 1,500-square-foot San Jose home, a struggle that pushed them into bankruptcy.
The lender with whom they sparred, however, wasn't the one that had written their loans. It was an obscure subsidiary of Wall Street colossus Goldman Sachs Group.
Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into high-yield bonds. Now that the bottom has fallen out of that market, Goldman finds itself in a different role: as the big banker that takes homes away from folks such as the Beckers.
The couple alleges that Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a
output
Force them to produce the original signed note
for the mortgage.
They don't have it, because they bundled it and sold it dozens of times, and nobody knows where it is.
They can't foreclose without the note.
Take them to court, and make them produce it, or they cannot foreclose because they can't show that they own the note.
Crush these bankers.
Tell everybody about this.
When they "securitized" those mortgages into "investment bundles" all the original paperwork was lost in the shuffle, and they have no lawful right to foreclose on somebody when they can't prove that they own the mortgage.
This is their "achilles' heel", so make them hurt.
.
Just the beginning.
The beginning was several years ago for us (me and my husband).
We're wondering when it will end.
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It is good and proper to respect the U.S. flag, perpetuated with the blood of American heroes. It is a fatal mistake not to recognize those who wrap themselves in the same flag to cover up their crimes against the American people.
~ Sherman H. Skolnick