FORECLOSURE FRAUD THE FINANCIAL CRISIS AND SHREK’S ONION

“The CONSPIRED PLAN: To create “attractive” securitized trust ”investments” to sell on Wall Street to “unsuspecting securitized trust investors.” NOTE: Many “Investors” being Pension Plans for blue collar workers, which were instructed by the Pension Plans to invest only in verifiable “LOW RISK” investment vehicles. And let’s not forget other types of employee Pension Plans, SUCH AS FOR LEGISLATORS AND JUDGES!!!! That’s a whole other “can of worms” resulting in “bank bias” in our judicial system and more.”

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THE FINANCIAL CRISIS AND SHREK’S ONION OF FRAUD

Author: L. Randall Wray

In the last couple of weeks I’ve been pushing foreclosure fraud. Well, not pushing the fraud but rather arguing that foreclosure is fraud. It has to be. If a mortgage was registered at MERS, then the chain of title was broken. Broken chains mean the bank cannot foreclose. But that was MERS’s business model, and so most mortgages are “infected”. Still, there’s a lot more to it than that.

I’ve been arguing since early on in the crisis that the entire real estate food chain is like Shrek’s onion—as you peel back every layer you find fraud. From the appraiser to the broker, from the lender to the securitizer, from the recording of the mortgage sales to the securitization’s trustees, from the accounting firms that signed off on everything to the ratings agencies that rated everything AAA, from the investment banks that created CDOs to the hedge fund managers who bet against the synthetics Goldman sold to its own customers, and from the bank lawyers to the judges that help banks steal homes. The whole damned onion is fraud.

And most of it, today, is to cover up the chain of fraud that dates back to the early 2000s. It has been all fraud, all the time, since 2000.

Rest here…

L. Randall Wray

L. Randall Wray is a Professor of Economics at the University of Missouri-Kansas City and Senior Scholar at the Levy Economics Institute of Bard College, NY. A student of Hyman P. Minsky, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990). Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University in St. Louis. He has served as a visiting professor at the Universities of Rome and Bologna in Italy, the University of Paris, and UAM and UNAM in Mexico City.

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4closureFraud.org

Comments
One Response to “FORECLOSURE FRAUD THE FINANCIAL CRISIS AND SHREK’S ONION”
  1. Ali says:

    Lets not forget the insurance companies. They are as culpable as the banks.

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