The Foreclosure Fraud Fantasy
News
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Posted 09/02/2012
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3607
As pressure mounts on hold-out states in the U.S. to ratify a shameful deal on Wall
Street mortgage-fraud, the mainstream propaganda machine continues to circulate
a Big Lie as justification for this despicable sham: that a deal would
help to “fix” themassive, deliberate,– which will permanently cripple the U.S. housing market.the actualshould there be any talk of “making a deal” the Wall Street fraud-factories can only guess at the total amount of fraud involved.
Understand that in the real world where an individual was in negotiations to “settle”
some fraud which had been committed against them that no competent lawyer
would
scope of the damages was clearly apparent.
Yet what do we see here? According to Bloomberg
already agreed to a deal.
Are we to believe that more than 40 U.S. state governments
were unable to find a competent lawyer to represent them? Or, are we to believe this
is yet another corrupt betrayal of the American people, solely for the benefit of the
Wall Street crime syndicate?
Not only does this deal permanently entrench 10’s of millions of acts of (systemic)
Wall Street fraud in the U.S. land title registry (causing permanent damage to the
U.S. housing market); not only does this sign away the legal rights of U.S. states for
compensation at pennies on the dollar; but it doesn’t even rescue the Wall Street
fraud-factories themselves. It is entirely an exercise in futility.
It does
mechanism of mortgage fraud
Even the propagandists expect those lawsuits to
importantly, it does nothing to negate the still-looming mountain of liability which
these fraud-factories face from the swindled chumps who purchased their
“mortgage-backed securities”. Liability there will almost certainly end up in the
$trillions – particularly given the penchant in the U.S. civil system for large “punitive
damage” awards.
More generally, the private, bankster casino known as “the derivatives market”
continues to lurk in the shadows: a $1+ quadrillion collection of insanely leveraged
bets. The only reason that this financial abomination has not already imploded (and
vaporized most of the Western financial system) is because the corrupt operators of
this rigged casino are now
binding, legal contracts known as credit default swaps.
The government of Greece has defaulted on its massive debts. All that remains to be
decided is the degree of the default: whether it will result in 50%, 70%, or 100%
write-offs. Credit default swaps are (supposedly) “insurance” which protects the
holders of Greek debt (and that of other nations) from the risk of default. Yet here
Greece has clearly defaulted, but the corrupt administrators of the credit default
swap market have refused to honour those contracts.
Understand that the credit default swap Ponzi-scheme is so inherently unstable that
even an implosion of a tiny debt market like that of Greece could cause the
domino-like collapse of not only the entire credit default swap market, but the instant
implosion of the entire derivatives market – along with the Wall Street fraudfactories
who operate it.
Let me briefly reiterate how flawed this process is, to illustrate the magnitude of this
folly. A deal does not fix the housing market; it only makes things worse by
ever allow his/her client to sign-away their right to compensation before the“more than 40 states” havenot address the endless/infinite lawsuits involving the banksters’ principal: MERS, and the fraud-filled database it concocted.total in the $billions.
Much moreopenly refusing to honour some of those bets – i.e. the permanently entrenching all this systemic fraud into the U.S. legal system. It throws
away the states’ right to compensation at a time when they still don’t have the
slightest idea of the total extent of Wall Street fraud, and the total extent of the
resultant damages. It doesn’t even save the fraud-factories themselves, since their
reckless gambling and previous acts of fraud already guarantee their ultimate
financial oblivion.
This entire exercise has been a colossal waste of time, in addition to being yet
another complete betrayal of the American people by their so-called leaders. As
usual, the media propaganda machine is especially worthy of condemnation for
hiding the issues, coddling the criminals, and presenting the absurd overall fantasy
that a deal here would somehow put an end to the
mortgage fraud
nightmare of Wall Street.
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U.S. housing market. Not only is this wrong, but it is entirely opposite to the truth.
What the media continues to deliberately obscure is what is actually being
negotiated here. You can’t ‘negotiate away’ 10’s of millions of fraud-infected
mortgage documents.
All that is currently being done with this “deal” is to absolve
the Wall Street fraud-factories of responsibility for the this
systemic fraud
Once a deal is done, all of the fraud will still be sitting in those mortgage documents:
10’s of millions of infected land titles, which can only be purged of their fraud
through being litigated one at a time, through a U.S. court system which is already
hopelessly clogged with Wall Street fraud.
By simply “sweeping under the carpet” these countless millions of acts of systemic
fraud, rather than helping to fix the U.S. housing market, it guarantees decades of
massive uncertainty and insecurity regarding land titles in U.S. residential real estate.
Put another way, it makes title security in the U.S. grossly inferior to any/every other
reputable land title system on the planet.
Until these 10’s of millions of acts of fraud are (eventually) purged from the U.S. land
title registry – one by one – U.S. real estate will trade at a permanent discount in
relation to all of those other real estate markets. What person in their right mind
would pay full price for a piece of real estate where there is always a lingering doubt
about actual, legal ownership of that piece of land?
In fact, there has always been only one rational approach to the made-in-Wall Street
mortgage fraud nightmare.
First of all, all time/effort/expense that has been wasted
(solely for the financial benefit of the Wall Street fraud-factories) in these
negotiations should have been invested into a national audit of the entire U.S. land
title system – to systematically (and efficiently) purge all of this fraud from the U.S.
real estate market once and for all. Only after that had been done, and
damages were finally visible/apparent
with Wall Street.
Indeed, there is no more damning indictment of the illegitimacy of these current
negotiations than the fact that the parties seeking to sign-away their rights to sue
Jeff Nielson
http://www.lemetropolecafe.com