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Editor’s Comment: Read this joke and think about it because it tells part of the story of American “securitization.” Then realize that the only debt — the one who got the dead donkey was paid in full once while his agent/broker received payment multiple times. THAT is why I say the debt is paid, there was no default and there should be no foreclosure because there is no enforceable mortgage. Nobody gets cheated out of anything by stopping the foreclosures except the brokers who want to become the largest landowners in U.S. History.
Young Paddy bought a donkey from a farmer for £100. The farmer agreed to deliver the donkey the next day.
The next day he drove up and said, ‘Sorry son, but I have some bad news. The donkey’s died.’
Paddy replied, ‘Well then just give me my money back.’
The farmer said, ‘Can’t do that. I’ve already spent it.’
Paddy said, ‘OK, then, just bring me the dead donkey.’
The farmer asked, ‘What are you going to do with him?’
Paddy said, ‘I’m going to raffle him off.’
The farmer said, ‘You can’t raffle a dead donkey!’
Paddy said, ‘Sure I can. Watch me. I just won’t tell anybody he’s dead.’
A month later, the farmer met up with Paddy and asked, ‘What happened with that dead donkey?’
Paddy said, ‘I raffled him off. I sold 500 tickets at £2 each and made a profit of £898’
The farmer said, ‘Didn’t anyone complain?’
Paddy said, ‘Just the guy who won. So I gave him his £2 back.’
Paddy now works for the Royal Bank of Scotland .
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