If this is true, the whole economic system is KABOOM for good

Another great article by Karl you know who.

If This Is True...... KaBOOM

I don't know.

Multiple people have told me this before.

Catherine Austin Fitts has talked about this for a long time. I get "whispers" all the time from people who I know actually are involved in securitization work related to this on occasion - and have for the last three years. We have the story from this morning from FDN talking about their software that has uncovered multiple sales of the same instruments.

But this..... if this is true it's not just systemic, it's not just common, it was the premise and basis of the entire securitization game - and "game" is the correct word for it, as the allegation made here is that the entire thing was a gigantic scam.

The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand.

Well there's 600 trillion in CDS. So yeah, the backup is not there. IMO this is true... and the whole system is a fraud. All big banks are kaput and have been kaput for a long time.

So here's my challenge:

If you've got an actual wet-signature note from a foreclosure with all the intervening assignments on the page, I'd like you to fax it to me.

Use the link at the bottom of the page here for my email address and contact me. I'll send you my fax number in reply.

We should be able to quickly disabuse this claim, if in fact there are a sizable number of wet signature notes with endorsements - after all, there are hundreds of thousands of foreclosures, right? Since these are official court records, there's no privacy right implicated here, nor any problem with disclosure.

Hopefully he gets the document, bring it in court and IT'S OVER FOR THE BANKS.

Yep, it's a giant Ponzi scheme and it's days are numbered. People for the most part aren't willing or able to wrap their minds around how enormous the fraud is, and how low we are about to sink. Zero Hedge readers have been awaiting the finale for many months now, and I'm pretty sure that it will be very soon.

I foresee a day when we will begin to trade in violence, not dollars.

I hate to think about it.

If you have your money in a bank you are a fool.

I foresee a day when we will begin to trade in violence, not dollars.

I hate to think about it.

If you have your money in a bank you are a fool.

I have been keeping up with Catherine Austin Fitts for a while. She really deserves to be a "one" namer, simply "Fitts". I mean, if "Hillary" can be a one namer, as evil a bitch as that is, Fitts deserves at least that much for being on OUR side.

She is the real deal.

I see a day real soon when people en masse walk away from their mortgages, I mean the REST of us. Not because they/we are eager to. But because they/we HAVE to. WE simply will not have a choice, we will make the best decision for our families.

Good thread.

Who has much money that they can call theirs?

This isn't the wild west, Kimosabby.

It is up to people whether the system stands or falls. Without support, the big bad guys have nothing. I am pretty sure the guilty parties are a minority.

Hang em! ....as they used to say!

BigfatfurryTexan: you beat me to the punch, well said.
Welcome to the New World Order
Anyone notice around the same time they did away with any honesty in banking the US became the world police?
The Pentagon stole $2.3 trillion dollars in real money. 911 was the cover, it happened the day after Rummy announced they had "unaccounted" for the money. They probably swiped more from the banks at the WTC before they blew it all to hades.
They're going to run this scam as long as there's one wheel left on the getaway car.
When that wheel goes things are going to be rough.
Steel will fly and food and fuel will be the new gold for some.
Meanwhile the fat cats who manipulated the markets and stole the world's wealth sit in their Swiss chateaus and watch the video feeds of WW3 from far, far away.

That is, unless humanity can unite and excise this world cancer of crony capitalism.

reply to post by Vitchilo


HOLY SH_T

Securitization is the juice behind the community reinvestment act. This foreclosure mess is not just greedy bankers, this is also political. Wow if the banks get taken to court in masse over foreclosures, this can also expose some very powerful political players. Entire agencies such as the SEC, Fannie, Freddie, etc will be discredited. It seems that regulatory bodies are not there to protect the American economy, but to hide the fraud of the financial-political complex.

If this is true, Humpty Dumpty had a great fall. Get ready for retroactive laws or extreme bailouts.

It's starting to hit the MSM, slowly, but, will probably be held in check by Washington, no doubt...

Oh where, oh where to find the "TRUTH"?????

Standing by.....






www.nytimes.com...

I wonder if this activity has been prevalent in other securities such as student loans, credit cards, and car loans. It would explain the expansion of the education bubble tuition increases and expansion of "colleges" on many city retail areas.

reply to post by wutone


Probably.

And Obama, as usual, shills for the banks and protect their frauds, just like Bush and Clinton did.

Obama Team Punts On Foreclosure Fraud: 'For The Banks and Servicers To Fix'

Yeah, the BANKS WILL FIX THEIR OWN PROBLEMS UH? Rapists will punish themselves? Murderers will punish themselves?

OBAMA IS A TRAITOR FOR SUPPORTING THOSE CRIMES AND ANYONE KNOWING THIS SCAM AND STILL SUPPORTING OBAMA IS INSANE.

reply to post by Vitchilo


You are right about that cover-up.

market-ticker.org...

The Obama administration does not support a nationwide moratorium on foreclosures at this time, Federal Housing Administration Commissioner David Stevens said Sunday in an e-mail response to questions. Calling the growing evidence that lenders have used inaccurately prepared and even fraudulent documents to foreclose on homes a "serious problem," he said it had already "thrown a lot of uncertainty into the housing market that is already fragile." "I'm not sure about a national moratorium, because there are, in fact, valid foreclosures that probably should go forward, and where the documentation and paperwork is proper," Axelrod said.

Just as Richard Nixon attempted to cover up the Watergate burglarly by destroying the evidence he had proving he knew what was going on, President Obama is attempting to deflect attention from the actual offense and pattern of conduct. The issue is not "robo-signed" documents. The issue is that the robo-signed documents are an attempt to cover up for previous failures in the securitization process which have left investors worldwide holding an empty bag, and homeowners with seriously-damaged chains of title.

It seems to me that the government is going to try to legislate a way for the banks to push through the foreclosures, even though they do not have the legally required note, to further cover-up the way banks have funded mortgages. This probably means they will come up with a bill that retroactively changes the law foreclosure laws in the Uniform Commercial Code.

Wow if there ever is a mother of all bailouts.

reply to post by Vitchilo


But lets not only blame the Obama administration...

www.mcclatchydc.com... s-paulson.html

Paulson's failure to take steps to curb risky mortgage lending also enabled top executives of other Wall Street firms to continue cashing big bonus checks, while less privileged Americans lost their jobs, their homes and their retirement savings in the worst economic catastrophe since the Great Depression. Paulson and Federal Reserve Chairman Ben Bernanke have been widely praised for engineering the Wall Street bailouts, which avoided systemic chaos, and they'll probably get more plaudits if the government recovers much of the $400 billion in loans it made to financial institutions. Read more: www.mcclatchydc.com...

In his eight years as Goldman's chief executive, Paulson had presided over the firm's plunge into the business of buying up subprime mortgages to marginal borrowers and then repackaging them into securities, overseeing the firm's huge positions in what became a fraud-infested market. During Paulson's first 15 months as the treasury secretary and chief presidential economic adviser, Goldman unloaded more than $30 billion in dicey residential mortgage securities to pension funds, foreign banks and other investors and became the only major Wall Street firm to dramatically cut its losses and exit the housing market safely. Goldman also racked up billions of dollars in profits by secretly betting on a downturn in home mortgage securities. Read more: www.mcclatchydc.com...

The blame for this economic debacle we are experiencing goes all the way up. Hopefully local and state courts aren't as tainted as at the Federal level and will start exposing the fraud.

Wow this is like reading a novel.. a scary novel.

This seriously needs to go viral..

/ponders how to make information go viral..

The more people know, the sooner we can get things fixed without the wool being pulled over our eyes by the administration.

Originally posted by bigfatfurrytexan
[...]
If you have your money in a bank you are a fool.

I've never understood that. Where should it be then? If the banks fail like that, then the entire system has failed and your (paper) money is just as worthless, no? I think a bigger fool keeps his money under his mattress(etc.).


You're talking a collapse of epic proportions - a possible end to modern civilization! Money will be the least of your problems. Use it now to prepare, perhaps, but once TSHTF? It matters not, imho.

Doesn't everybody see it? Yes, the whole damn system is a fraud. Yes, TPTB are in on this fraud, and raking in the money. But there is one more thing that everyone seems to forget. We are all dependant on this fradulent system. If this fraudulent system goes down the crapper, that means we all go down with it. Everybody goes down. From the rich, to the poor. It's economic disaster, globally. It's the end of the world. So why is everyone so hell bent on making this information public? The Obama administration is crooked, and is in on this, the government has been for decades. So obviously they don't want this information to go public. But they also don't want this information to go public, because it affects everyone. So if we prove this system is a fraud, and once and for all expose the bastards, we're slitting our own throats. So I ask, is exposing the corruption of a few, worth destroying the way of life for the masses?

I hope that one day, we find a peaceful way out of this system and a new, better system is put in place. But not at the cost of destroying our way of life. We are simply, not ready to expose this kind of a cover up. But then again, we may never be.

I could care less if anything happens. I'm not wasting my energy on negative news/predictions.

Let the Ponzi scheme come crashing down. We will survive and prosper from its' ruins.

Originally posted by Vitchilo
reply to post by wutone

 

Probably.

And Obama, as usual, shills for the banks and protect their frauds, just like Bush and Clinton did.

Obama Team Punts On Foreclosure Fraud: 'For The Banks and Servicers To Fix'

Yeah, the BANKS WILL FIX THEIR OWN PROBLEMS UH? Rapists will punish themselves? Murderers will punish themselves?

OBAMA IS A TRAITOR FOR SUPPORTING THOSE CRIMES AND ANYONE KNOWING THIS SCAM AND STILL SUPPORTING OBAMA IS INSANE.

edit on 20-10-2010 by Vitchilo because: (no reason given)

That links to a great article...

If you haven't read it yet...

Soooo... It strikes me as "Oooops, clumsy me! I forgot to change the laws to include Loan Fraud, Investment Fraud, Banking Fraud and ... OOOPS oh yeah Fraud Fraud!"

Yeah, TPTB are in a whole world of hurt. Bad part is that I'm sure many people that work there were just doing their jobs. Ooops if some didn't find out and continue on anyways.
LOL @ BoA... Payback is bitch huh?

Hope you enjoyed spending all those illegitimate FEES that you STOLE from me.

I guess you'll be told now how it really IS YOUR fault and not the consumers FAULT huh?

I am not a US citizen so this case does not concern me as much but I want to bump the thread for other to see , and because I am a bit worried about the fact that some dude predicted that an economic collapse will start rolling from the 20th of this month

"The System" was always designed to end in a flush down.
And one nice, happy day - it will end.