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Desc:It turns out that subprime mortgages are just one of many shady things going down.
Category:Educational, News & Politics
Tags:fraud, 60 Minutes, Corruption, banks, housing crisis
Submitted:Rodents of Unusual Size
Date:05/17/11
Views:1298
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Comment count is 15
longwinded
stick around until at least the 5 minute mark
Cyberblah
Millions of unambiguous cases of criminal fraud. Like everything else in the mortgage mess, handled through multiple layers of cut-outs so that every one can blame someone else.

chumbucket
No one cares how the money creating machine works as long as it keeps running.
godot
Debts never repaid remain in circulation in under fractional reserve banking. The world's rich (including some foreign central banks) will continue use all the extra chits to buy up the strategic assets. The disposable chipboard houses were just a conduit.

Born in the RSR
The american banker's association > Legion of Doom
godot
Some of these homedebtors who continue to reside in houses they couldn't afford are in a sense also some of the "winners" here. Strategic foreclosure is also a fraud of sorts. Losers from last decade include past and present households still priced out of a home, and prudent savers, both from low returns and their losses from indirect investments in the the MBS trash.

Few besides the Federal Reserve are now buying securitized mortgages, and the Fed's low interest rate policy has both decimated savers and eroded the bank deposit base of local banks that might otherwise fund and resurrect the traditional mortgage model. The housing market will increasingly become a cash market, locking out millions of potential buyers, and prices will continue to fall. Best estimates I've seen for a bottom to the Lesser Depression fall around 2016.


jangbones
Next step; banks get out of this by getting politicians elected who will pass laws (under the rhetoric of "deregulation to stimulate the economy") that ultimately protect them from punishment and absolve them of wrongdoing and legal responsibility.

It is completely fucking inevitable.

"What did you do at work today honey?"

"Perpetrated a massive fraud that damaged the entire American economy."

"Sounds dangerous!"

"Don't worry, dear, no one will ever be punished in any meaningful way at all, ever."
dueserpenti
So the government wants to pay people off to "accept" the ownership of the bank, which they can't prove, because ???


godot
Because its a mess. One forensic accountant's mortgage securitization audit:

http://tinyurl.com/3s2xkyg

Oscar Wildcat
You're too kind, Godot. Most of these trusts were done under NY state law, and if you follow that law many of those trusts are invalid due to the way they were constituted. This is not just legal hairsplitting, some really basic laws designed to prevent fraudulent claims of ownership were broken, and are being broken. But of course, laws are only for the little people.

Dread Pirate Roberts
HOLY FUCK!


... this kind of shit makes me want to rethinking buying my own house (which I'm in the process of currently). This is some scary shit.

As others have said, stick around until at least the 5:00-6:00 range, and you'll see how bad this is.
Banal Intercourse
I hate to ape enjoy here, but now is a spectacular time to be a first time home buyer as long as you do what you're supposed to: get a FIXED mortgage you can afford.

Granted, getting a mortgage is as difficult as it's ever been.

The Mothership
Sweet merciful fuck. That ain't right at all.
Caminante Nocturno
Welcome to your libertarian paradise.
memedumpster
Just when I think I have found the absolute bottom of my capacity for cynicism, America throws me a shovel.
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