What is a Bank Robber?
Mafia families’ use of homicide and torture is, indeed, profoundly different than structured finance. Nevertheless, structured finance of subprime and exotic mortgages continues to rely on another form of violence that is structurally similar to homicide and disturbing in its own right. Foreclosure on family homes, the “American dream” transformed into a nightmare, relies on the very real threat of state sponsored violence. The entire edifice of residential mortgage backed securitization is based on the state laws that instruct police to expel insolvent families from their homes, by force, if necessary. The strong and admirable respect for law and order in the American middle class insures that police enforcing court ejectment orders only very infrequently are forced to turn to actual violence. Nonetheless, the threat of violence is quite real and casts a shadow across the decision making and well being of American families and their children. The physical and emotional harm suffered by families who have lost their shelter is no less real if produced by threat of force rather than actual force. Indeed, sociologists have long known that there is high morbidity associated with the loss of family homes. People who are expelled from their homes suffer such stress and sense of loss that they become much more susceptible to disease, including depression and suicide. Both organized crime and structured finance of subprime and exotic subprime home mortgages rely on violence and the threat of violence to facilitate unlawful acquisition of great wealth.
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