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Obama is selling all the houses the banks stole via robosigning to the 1% !!! | OccupyTVstations.com
7:35 pm
Feb 1Obama is selling all the houses the banks stole via robosigning to the 1% !!!
http://occupytvstations.com/blog/obama-is-selling-all-the-houses-the-banks-stole-via-robosigning-to-the-1percent
The Bank Settlement is not looking at the MBS end of the equation, which is even more explosive than the robo-signers, who were hired with the intent to make the loans sour as fast as possible. Why? Because it made the banksters rich.
When the loans when bad, the Mortgage Backed Securities lost value, but Credit Default Swaps allowed the banskters to buy insurance on family homes. It’s like buying fire insurance on your neighbor’s house, which creates a huge incentive for arson.
And so the banks hired 20,000 robo-signers to ignite all those home loans. The result:
California’s state pension fund, CalPERS, lost $100 billion all by itself between 2008 and 2009, largely due to plummeting MBS values.
To recap the crime: the banks lent money to firms like Countrywide, who in turn created billions in dicey loans, who then sold them back to the banks, who chopped them up and sold them to, among other things, your state’s worker retirement funds.
So this is bankers from Deutsche and Goldman and Bank of America essentially stealing the retirement nest eggs of firemen, teachers, cops, and other actors, as well as the investment monies of foreigners and hedge fund managers. To repeat: this was Wall Street hotshots stealing money from old ladies.
I’m reading this and wondering, what sucker sold the swaps to the banks? And then: facepalm! of course- the taxpayers took the hit. The US Gov bailed out AIG for $180 billion, all paid out to these Wall St schemers that orchestrated this whole scam.
The good news is, this could never happen again, right?
Wrong. Credit Default Swaps are regulated by the Commodity Futures Trading Commission. The previous chairman Lukken just got a job with the Futures Industry (payoff), the current chair is Gary Gensler, an 18yr veteran of Goldman Sachs. Ha Ha Ha Ha Ha Ha (The sound of Blankfein laughing in his bunker)
The question now is, will America find a way to halt these crooks and hold them accountable, or will we let them continue to scam the same victims?
What’s coming down the pike.
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Obama is selling all the houses the banks stole via robosigning to the 1% !!! | OccupyTVstations.com