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Remember those CDO's? (Collateralized Debt Obligations)
Remember two years ago when the CDO's were lucky to be sold at 30 cents on the dollar? This was a prime factor in the collapse of the banking system in 2008. The Fed stepped in and ultimately purchased that worthless paper at about 80 cents on the dollar, using Treasury money. And then later the Fed sold this paper back to the banks at about 20 cents on the dollar. It was the taxpayer bailout.
Well, now that banks are finding it impossible to prove that they own the mortgages on which they are attempting to foreclose, those CDO's are now REALLY worthless. Much of that toilet paper has already been sold around the world to unsuspecting investors who assumed that the US banks were at least basically honest.
Here's what Dan Norcini has to say about this in an interview with King World News:
“That collateralized debt obligation is now effectively worthless because the collateral behind the debt can no longer be collected. The banks cannot go and get it.
"Let’s say you have 10 mortgages at $1 million a piece, the sum total of those mortgages are $10 million. So, the banks took the 10 mortgages and bundled them together into a collateralized debt obligation or CDO with a face value of $10 million.
"They then sold that new entity that they created to an investment group of some sort, a pension fund, hedge fund, etc. promising them a yield of let’s say 7%. The sales pitch would emphasize the fact that this CDO was backed by real collateral. In the event of loan defaults by the borrowers, the banks would tell the buyer of the CDO that the collateral behind the loan could be sold to recapture any potential losses on the part of the purchaser.
"Everything seemed to work fine until the defaults began and the foreclosure process kicked into high gear. The foreclosure process has exposed fatal flaws in the system and the flaw is that the banks cannot prove clear ownership of the mortgage.
"Consequently, they are then barred from foreclosing on the property. Because they can no longer foreclose on the properties, the CDO is now effectively worthless."
Be jubilant, my feet. Our God is marching on. Or rather, "the Stone is grinding on."
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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