Relevant:
- DC Waking Up to Escalating Foreclosure Train Wreck: Grayson Calls for FSOC to Examine Foreclosure Fraud as Systemic Risk
- Rep. Alan Grayson: You Own the Red Roof Inn, Thanks to the Fed; Why the Fed Does Not Want an Audit; America is Wall Street's Sucker
- Is Congressman Alan Grayson Hiding Money Offshore?
- Caught in ethics flap over hedge fund, Alan Grayson calls names ... again
- Alan Grayson Letter To Neil Barofsky Requesting Audit of Citi
2010-09-30 — youtube.com
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"This is Rep. Alan Grayson explaining the crisis of foreclosure fraud and how it links to the entire securitization chain of Wall Street."
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Comments:
downtowner at 10:12 2010-10-01 said:
The, as yet, unaddressed story on the mortgage/CDO fraud perpetrated on the American people is the connection between the Investment banks and the mortgage brokers. That is where the biggest fraud occurred. WaMu, now JPMorgan Chase, in fact, admitted that documents were created by brokers as they did drugs. Dead people got loans. Mortgage brokers worked with appraisers while being threatened by the banks to do more deals any way they could. Prosecutors, with limited intelligence and budgets then went after borrowers instead of multi-billion dollar banks where convictions were easy to get. (Ever know anyone who wouldn't admit to absolutely anything instead of having going to jail when they had no money to fight deep pockets) Investigate how brokers instructed borrowers how to fill out forms and verify income so that they could collect YSP's (yield-spread premiums), then walk away as the "synthetic CDO's" were sold off around the world as AAA bonds verified by Moody's. Permalinkadd a comment | go to forum thread
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