``The original crime at the front of the securitization process is creating "non-property." The loss of the legal paper trail of title transfers, note transfers, country property transfer registrations in the rapid performance of mortgage securitizations is further sidestepped by focusing attention on the foreclosure procedural irregularities at the end of the process. The creation of "non-property" at the front of the process necessarily creates the additional requirement of additional fraud at the end of the process: foreclosures.''

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