From:
The Fed Bought Fraud
(USAWatchdog.com) -- by Greg Hunter --
In the wake of the financial meltdown of 2008, the Federal Reserve announced it would buy mortgage-backed securities, or MBS. The January announcement by the Fed said it would buy MBS from failed mortgage giants Fannie Mae and Freddie Mac in the amount of $1.25 trillion. At the time, the Fed said in a press release, “The goal of the program was to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally.” (Click here for the full Fed statement.) It did provide “support” to the mortgage market, but did it also buy fraud and cover the banks that sold it? The evidence shows, at the very least, it bought massive amounts of fraud.
We now know the Fed definitely bought valueless MBS because it has joined other ripped-off investors to demand Bank of America buy back billions in sour home debt. A Bloomberg story from just last week, featuring Philadelphia Fed President Charles Plosser, reports, “The New York Fed, which acquired mortgage debt in the 2008 rescues of Bear Stearns Cos. and American International Group Inc., has joined a bondholder group that aims to force Bank of America Corp.to buy back some bad home loans packaged into $47 billion of securities. On the one hand, the Fed has “a duty to the taxpayer to try to collect on behalf of the taxpayer on these mortgages,” Plosser said today at an event in Philadelphia.”
Mr. Plosser lamented the “difficult spot” the central bank is in because it is both bank regulator and plaintiff. He said, “Should we be in the business of suing the financial institutions that we are in fact responsible for supervising?” (Click here to read the complete Bloomberg story.) To that question, I ask shouldn’t the Fed have done a much better job of supervising the big banks in the first place? The whole financial and mortgage crisis from sour securities to foreclosure fraud is in the process of blowing sky high. The entire mess is clearly the biggest financial fraud in history! It looks to me like the regulators were just supervising their pay checks being deposited into the bank.
And remember, the $1.25 trillion of mortgage-backed securities the Fed bought from Fannie and Freddie? How much of that is fraud? William Black, the outspoken Professor of Economics from the University of Missouri KC, says all the big banks were committing “major frauds”in the mortgage-backed security market...MORE...LINK
FOR LIBERTARIAN NATIONALISM: ANTI-CORPORATIST, ANTI-COMMUNIST, ANTI-GLOBALIST...PRO-SOVEREIGNTY, PRO-POPULIST, PRO-FREE ENTERPRISE
My Other Blog & Comments
News and Information Feed
-
-
-
-
-
-
Russiagate timeline 201834 minutes ago
-
-
Follow the Money37 minutes ago
-
-
The complicated truth about being stalked43 minutes ago
-
-
-
Meta Platforms: Don't Fear AI Spending47 minutes ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A lesson in privilege2 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sunday, April 28, 20245 hours ago
-
-
-
-
-
-
Arthur Topham RIP - ZOG Opponent7 hours ago
-
-
-
The Scramble For Antarctica7 hours ago
-
-
-
-
-
The Collapse of The Enlightenment9 hours ago
-
-
-
-
-
-
News Briefs – 04/28/202412 hours ago
-
-
All About Ed14 hours ago
-
-
Washington Moves On to Plan B15 hours ago
-
-
-
-
Dying to Your Flesh – Session 219 hours ago
-
Afghans Gone Wild19 hours ago
-
Ashes of Apathy in El Salvador19 hours ago
-
-
-
Moral Anarchy: An Understatement19 hours ago
-
-
-
-
-
-
-
Colleges revolts against Israel1 day ago
-
-
-
Month of the Leader, part 31 day ago
-
-
-
-
-
-
-
The Kim Iversen Show2 days ago
-
-
-
-
-
-
-
I Called It Five Years Ago!2 days ago
-
A Derb Tribute Show2 days ago
-
-
-
The dumbest decision.3 days ago
-
-
-
-
-
-
Democracy For Dummies4 days ago
-
-
-
-
-
-
-
-
Now Argentina Wants To Join NATO1 week ago
-
-
-
-
Tulsi Gabbard Left The Woke War Party2 weeks ago
-
-
-
-
Help Whatfinger Grow…4 weeks ago
-
-
-
Navigating Taxation Policy5 weeks ago
-
-
-
-
-
-
-
So sorry about tomorrow3 months ago
-
-
-
TFeed Index 20233 months ago
-
-
-
-
Headline 3: Of Christmas And Paganism5 months ago
-
Imagine Being This Desperate5 months ago
-
-
Hardcore7 months ago
-
Media Say ... Gloom And Doom In China7 months ago
-
-
U.S. Openly Militarizes Space8 months ago
-
-
-
-
-
-
Conversations With Cabbies10 months ago
-
-
-
-
Hegemon USA’s War on Truth-Telling11 months ago
-
-
-
-
-
-
-
-
-
Tips1 year ago
-
-
-
-
-
-
Man, Bear, Pig Event Coming1 year ago
-
-
-
-
-
-
-
-
-
What a Wonderful Stocking Stuffer!2 years ago
-
test2 years ago
-
-
-
-
-
#273 – Marc Randolph2 years ago
-
My Farewell Announcement2 years ago
-
My Farewell Announcement2 years ago
-
-
-
-
-
-
-
-
-
-
Farewell, for now3 years ago
-
-
Audio Book Lost Colony of Hatteras3 years ago
-
-
Cancel Yourself3 years ago
-
-
Hello world!3 years ago
-
-
-
-
-
-
The Non-Jewish Origins of Krav Maga3 years ago
-
-
-
Why the Marines are dumping their tanks4 years ago
-
-
-
-
-
-
-
Voxiversity Live Stream6 years ago
-
-
Home: A Recap6 years ago
-
Big Brother’s War on Cash6 years ago
-
-
-
-
By: Osamas Pajamas9 years ago
-
Join Our Mailing List12 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Saturday, October 30, 2010
Fed both "regulated" and covered up for banks engaged in massive fraud by spending trillions in taxpayer dollars to buy their toxic loans
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment