“At law, fraud’s defining element is deceit. The fraudster gets the victim to trust him and then betrays that trust. This is why control fraud by our elite financial institutions is such a powerful acid to erode trust. Trust is vital to an effective economy. Markets shut down in the crisis because bankers no longer trusted other bankers’ asset valuations.”
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William K Black | How Did a Relatively Small Number of Subprime Loans Cause a Record Crisis?
A number of analyses of the U.S. and global crisis begin by attempting to explain what they assume to be a paradox — how could so small a market segment (subprime housing and CDOs backed by subprime) have caused (1) the largest financial bubble in history, (2) a U.S. economic crisis, and (3) a nearly global crisis? To these scholars the obvious answer is that subprime lending could not have caused this traumatic trifecta. It follows that the importance of subprime lending must be overstated and there must be other, more powerful causes of the trifecta.
I will show that the focus on subprime loans was excessive and allude briefly to the points I have made in prior columns about the variant causes of the global crisis. The next column will address in more detail how criminologists determine the true incidence of mortgage fraud. Subprime loans were and are a serious problem, but there has been a destructive overemphasis on subprime loans as the core of the U.S. crisis. “Liar’s” loans are a far greater problem, and most problem subprime loans are actually liar’s loans. While the nonprime mortgage industry’s preferred euphemisms were “alt-a” and “stated income” loans, it was the industry that accurately dubbed them liar’s loans. It was the industry that created liar’s loans and it is liar’s loans that made so many officers wealthy.
You can check out the rest here…
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Because THEY intentionally collapsed the markets and intentionally caused a financial crisis to hide the robbing of our wealth to COMPLETE THE BIGGEST PONZI SCHEME IN HISTORY. Then THEY stole our jobs and now THEY are trying to steal our homes or, just as bad, turn us all into their debt slaves and make ALL OF US PAY FOR THEIR CRIMES. They are ALL LIARS AND CRIMINALS. They are trying to make us look like the criminals trying to blame us all for buying houses we could not afford which is simply not true. When the people lost their livelihoods because THEY COLLAPSED THE ECONOMY, THEY ALL NEED TO GO TO PRISON FOR A VERY LONG TIME. It is time THEY admit what THEY DID to our country and stop FRAUDCLOSING ON HOMEOWNERS. THEY ARE A DISGRACE ON OUR NATION and that is putting it in a nice way.
The emphasis has been put on the loans that are in default.
All press and written info is in that regard.
The truth is those loans and the people that have them are being kicked out of their houses so they make the noise.
What is never discussed, at least in my hearing or reading is that the same wrong, illegal wranglings exposed in those foreclosure loans exist just as bad in the loans that are being paid right on time.
Wait until those good citizens tery to sell ther homes and the Title Companies that are being made aware of this more each day won’t give them a clear title to pass on th their buyer.
Wait until someone pays their last payment, right on time and they do not get a clear title or paid uff note like you do when you pay off a car or anything else.
What we need is EVERYONE with a loan payment to jump on board and together fight this mess, not having the foreclosure people doing it alone.
I have my ORIGINAL stamped, paid off and recorded deed with title insurance attached that shows my deed to be a true document with no assigmnet of note or mortgage to the deed in 18 years. My recorder’s office told me that MY HO– USE is PAID FOR. I can live in it, sell it , or do whatever I want with it. The statute of limitations has run out on THEM to assign a debt to MY deed so said my recorder’s office. My signature is the only thing I need to CREATE A NEW CHAIN OF TITLE. I have the NOTE (THE DEED) and they have nothing. They NEVER secured a debt to my paid off deed. I would have to say that THEY are screwed.