http://www.washingtonsblog.com/
Push button fraud, the standard practice.
If this was you or me the FBI would have nailed our ass long ago.
So why are these bankers still in operation?
After knowing all of this would you even seriously think of buying a house?
Oh Hell NO
So why are the "Talking Heads" still trying to sell the idea that a foreclosure moratorium would hurt housing even more?
This is how stupid the "talking heads" are, after reading all of this, do they actually think there is a real estate market left to hurt?
Lol apparently they do, it must be all those new housing starts.....NOT!
From Washington's blog
Today, foreclosure expert Neil Garfield (former investment banker, trial lawyer and board member of several financial institutions) confirms this, explains that the loans were not actually securitized, and the whole "sloppy paperwork" excuse is really an attempt to explain away a system of push-button fraud:
The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand.
If the loans had actually been securitized, the issue would not arise. They were not securitized. This was a mass illusion or hallucination induced by Wall Street spiking the punch bowl. The gap (second tier yield spread premium) created between the amount of money funded by investors and the amount of money actually deployed into “loans” was so large that it could not be justified as fees. It was profit on sale from the aggregator to the “trust” (special purpose vehicle). It was undisclosed, deceitful and fraudulent.
Thus the “credit enhancement” scenario with tranches, credit default swaps and insurance had to be
