“The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“Success was individual achievement; failure was a social problem.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“When you’re a conservative Republican, you never think people are making money by ripping other people off,” he said. His mind was now fully open to the possibility. “I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“A Home without Equity Is Just a Rental with Debt.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
Michael Lewis’s “The Big Short”, only tells part of the story.
Visit Rockwell P. Ludden’s, brief, while excellent: http://www.capecodtimes.com/article/20150221/OPINION/150229876
In hedge fund operations “market makers” define the market. In other words, they define a cause and basis for “speculation”; “successful” or otherwise; there are always, at least, two positions to take on any financial adventure.
In the current, on-going Scam of mortgage Fraud, REMICs that are empty- devoid of any “mortgages”- define 1200 Trillion Dollars owed to insurance products (“derivatives- cds, cdos and synthetic cdos; also called “Swaps”) that are taken against “Mortgage-Backed-Securities”, that have no “Mortgages” in them.
These “Special Purpose Vehicles”, these “REMIC Trusts”, these “pools of loans”, all share the same description, while each define, the same thing, an empty, “shell company”.
There are no “Mortgage Loans” in these phony, “Mortgage-Backed-Securities”.
To gain deeper insight into how Eric Holder’s, law firm, “Covington-Burling”, created the first “shell company , “the MERS”, read page 116, of Professor Christopher L. Peterson’s,
http://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=3399&context=wmlr
While the balance of his article is a primer that describes the frauds to come.
The “REMICs- Real Estate Mortgage Investment Conduits” are better described as “REMIFs- Real Estate Monopolized Insurance frauds”; “Insurance Swaps- cds, cdos, synthetic cdos”, taken by wholly-fraudulent claimants, against wholly-fraudulent, “Trusts” that are completely devoid of ANY ASSETS!
There are NO “Mortgages” in the “Mortgage-Backed- Securities”.
The criminals are placing “Insurance Swaps” on “Assets” that don’t belong to them and were never, in fact, the “corpus”, or “RES” (ASSESTs) to ANY REMIC, in the first place.
“Nemo Dat”.
Shooting fish in a barrel is not successful “Speculation”, while instead, an “insider trade”.
The “market makers” to these phony, empty, “Trust” mechanisms, employ forgery (robo-signing), fraud (counterfeit title- digitized copies of mortgage “Notes”: LPS, Black Knight, etc.) and “dual-tracking (fraud in the inducement: promising a modification -Obama’s HAMP and HARP Nonsense- while simultaneously moving forward with a foreclosure that is based on any number of frauds).
The “foreclosure notice (once hapless homeowners listened to mortgage bankers that told them to skip payments, in order to qualify for Obama’s HAMP and HARP Nonsense)”, acts as a “Market-Made”.
The mortgage bankers created a “market” by telling homeowners to skip 90 days, in order to qualify for the promised “modification”.
For the homeowner, once in the mix, a foreclosure, under these circumstances, becomes a foregone conclusion… did I mention “Insider Trading”?
The SCAM, listed above, is simply, “Securities” and “Insurance Fraud” and it is given a “nod” and a “wink” by the Court System, that indemnifies these criminal behaviors, because the amounts owed (1200 Trillion Dollars), to these criminal behaviors, are considered a “Systemic Risk”…
A “Systemic RisK”?… to the wholly-fraudulent, hyper-inflationary, bubble, … that has now and forever, allowed the criminals to pervert and destroy “The American Dream”?
In the absence of Constitutional Remedy…
Indeed.
The REMICs are empty: “Securities Fraud”; now, REMIFs of “Insurance Fraud”.
The heart of America’s Economy is broken and sold to unconscionable Greed, while given to a bubble, presently poised to destroy world markets, once the Brexit pops and the hyper-inflationary, “Federal Reserve Dollar”; now cyclonic-whirli-gig; destined to the fate of Icarus, comes crashing to earth…
So much for the American Freedom…
Except: there is time to awaken, while, in fact, the criminal imposters, presently manipulating the intentionally-mislabeled, “Federal Reserve”, have destroyed themselves… NOT, THE AMERICAN PEOPLE.
These Securities and Insurance Frauds, define inter-bank, zero-sum-game, criminal adventures, where there must, in fact, be a winner and a loser.
The fact the criminals have listed themselves claimants to 20 X the combined GDP of every country on the planet (1200 Trillion Dollars) is yet, more of the same; another, criminal prank courtesy of the adolescent mind in residence to Wall Street, where daddy’s money castrates the law, so long as sonny-boy is described in thrall to “Affluenza”…
Enough, already.
Article One, Section Eight, explains: “Congress shall have power… To provide for the punishment of counterfeiting securities and the current coin of the United States…”
The criminals have counterfeit over 1200 Trillion Dollars and the “American Coin” is about to fall on its head.
What are We The People waiting for?
These criminal Filth must be routed out and punished. The “Sovereignty” of our nation demands it and the souls of the victims, the world over, demand retribution.
~ Michael Keane 3/17/17
GMAC Note and Mortgage Discharged: https://livinglies.wordpress.com/tag/gmac-mortgage/
Securitization Fail:
https://livinglies.wordpress.com/2011/01/31/adam-levitin-the-big-fail-securitization-never-occurred/
https://cloudedtitlesblog.files.wordpress.com/2016/12/charlies-wallshein_securitization-fail-part-one-001.pdf
Exactly who prompted sane people to push subprime mortgages that were utilized by people who could not hope to repay them? Who would lend to such people using security for such loans such sources as food stamps, welfare, unemployment?
The government and poverty pimps pushed subprime mortgages and when the reality confronted them of looming disaster they did nothing. Far worse, they rewarded the guilty and punished those who abided by the rules by pushing interest rates to artifical lows that ruined dreams of retirement while allowing reckless Wall Streeters to recoup their bad loans.
And the politicians got sweet haert loans, jobs, and payoffs.
Lewis never manages to find the fingerprints the government left behind. He never bothered to look.
This is a deliberately orchestrated, “Boom-and-Bust Cycle”, courtesy of “Securitization and Insurance Fraud”.
Both parties stripped the few protections, still left, as inherent to “Glass-Steagall”.
The Clintons then deregulated “Derivatives”. Now, there are 1200 Trillion phony, counterfeit, intentionally-mislabeled, “Federal Reserve, Notes, Bills and Bonds”, owed as inter-bank, insurance Frauds…
In a word: “Derivatives”.
To suggest the food stamp crowd crashed the planet is disingenuous, while lending zero credit to the armies of bent lawyers and mortgage brokers that pursued a larger comish, while jamming phony paper.