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The Fbi Saw How Serious Mortgage Fraud Was Years Ago


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The FBI saw ALL this coming YEARS ago!!!

Here's some interesting reading on Mortgage Fraud.

The Two Documents Everyone Should Read to Better Understand the Crisis

As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.

They did not review samples of loan files because doing so would have exposed the toxic nature of the assets they were buying and selling. The entire business was premised on a massive lie -- that fraudulent, toxic nonprime mortgage loans were virtually risk-free. The lie was so blatant that the banks even pooled loans that were known in the trade as "liar's loans" and obtained AAA ratings despite FBI warnings that mortgage fraud was "epidemic." The supposedly most financially sophisticated entities in the world -- in the core of their expertise, evaluating credit risk -- did not undertake the most basic and essential step to evaluate the most dangerous credit risk. They did not review the loan files. In the short and intermediate-term this optimized their accounting fraud but it was also certain to destroy the corporation if it purchased or retained significant nonprime paper.

http://www.huffingtonpost.com/william-k-bl...n_b_169813.html

Edited by eric pebble
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It's a mammoth.

It's monumentally mammoth!!!

The bunching together of toxic loans/LIAR LOANS/fraudulent mortgages - and the selling of these to any schmuck who'd take them - and it appears even the major banks WERE schmucks - has led to what is now so conveniently called the "credit crunch". But what the BBC/Pravda/Niew Labia Meedja always fail to say is -- the "credit crunch" is THE RESULT OF MASSIVE FRAUD.

It makes me PUKE the way they NEVER spell this out -- they should be saying this EVERY TIME THEY USE THE WORDS "Credit Crunch". :angry: :angry:

Edited by eric pebble
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Here's a must watch interview with the same guy:

http://www.pbs.org/moyers/journal/04032009/watch.html

So if someone were to say, publicly, that Fred Goodwin is a thief, they would not be charged with libel?

Further, if that someone were NOT charged with libel, that would be Goodwins admission of theft??

Time to take out a half page ad in one of the nationals perhaps??

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So if someone were to say, publicly, that Fred Goodwin is a thief, they would not be charged with libel?

Further, if that someone were NOT charged with libel, that would be Goodwins admission of theft??

Time to take out a half page ad in one of the nationals perhaps??

Yeah.... Not a bad idea....

Reading that article - it would seem that people were just making TOO much "money" -- and it was too inconvenient to stop the whole show...... The Madness of Crowds - and all that stuff etc. etc....

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Yeah.... Not a bad idea....

Not a bad idea from Fred Goodwin's point of view. As far as I can tell, there's no evidence of theft, per se... any any such allegation could be robustly defended. What's more - having defended against a bogus allegation of theft, he'd be in a stronger position to defend against future more focused allegations... such as, for example, treason on account of debasement of currency.

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Here's a must watch interview with the same guy:

http://www.pbs.org/moyers/journal/04032009/watch.html

Much as I want to see those responsible for the risk obfuscation models brought to justice I think that such actions will only occur after a tide of fraudulent loan applications against individuals lead to the finger being pointed at, what can only be regarded as the complicit disregard of it by senior executives.

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Much as I want to see those responsible for the risk obfuscation models brought to justice I think that such actions will only occur after a tide of fraudulent loan applications against individuals lead to the finger being pointed at, what can only be regarded as the complicit disregard of it by senior executives.

Yup -- We should start to see all the fraud unwinding over the coming years/months as - like with a massive ball of tangled wool - we pick apart the knots - unravelling the toxic mass.......... OR WILL WE? WILL THE PROPER AUTHORITIES DO ANYTHING??? :angry: :angry:

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  • 4 years later...

Yup -- We should start to see all the fraud unwinding over the coming years/months as - like with a massive ball of tangled wool - we pick apart the knots - unravelling the toxic mass.......... OR WILL WE? WILL THE PROPER AUTHORITIES DO ANYTHING??? :angry: :angry:

------------------

5/6 years on......

The signs were there all along......... :rolleyes::rolleyes:

------------------

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Yup -- We should start to see all the fraud unwinding over the coming years/months as - like with a massive ball of tangled wool - we pick apart the knots - unravelling the toxic mass.......... OR WILL WE? WILL THE PROPER AUTHORITIES DO ANYTHING??? :angry: :angry:

I no longer think we will. The fraud isn't unwinding they're just burying it with more fraud. Sadly it is the natural state of affairs for our species.

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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