Tuesday, October 26, 2010

Deadbeats?

Karl Denninger and Vox Day cheerfully hammer the bankster apologists, whose favorite refrain is that deadbeat borrowers are the real villains in the mortgage fraud scandal. It has come to light that employees at Ameriquest were conning borrowers into signing Adjustable Rate Mortgages when they thought they were signing for fixed rate loans.

Denninger writes:

People wonder why we can't find an original note, complete with the documentation? Why the original loan files "disappeared" - this, in a business, that historically has all been about paper, and which has studiously kept it around?

After all, you can walk into any office supply store in America and down one of the aisles you will find a product called BANKER'S BOXES. With good reason.

This is the part of the lending story that nobody wants to talk about. Wall Street securitized this paper, even though they knew they were securitizing trash. The original documents would prove the frauds - if they were ever produced in court.


And:

....how many of the so-called "deadbeats" are really beaten dead - by a financial system that rooked them and now has committed hundreds of thousands of felony counts of perjury to cover it up.

No comments:

Post a Comment