TILA Explanation

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Logically, one might also observe, that not all lies on mortgage documents are crimes either. Especially, on applications and closing documents that were filled out by many of the several hundred thousand mortgage brokers and bankers, which sucked the money out of bank warehouse lines just prior to what has been euphemistically called, the Great Recession. No one dares call it what it really is, of course. The current Depression is really what should have been called "The Emperors’ Great Banking RICO Scam." No one, from the F.B.I. and Justice Department to local D.A’s, can seem to find any wrongdoing on the part of corporate banking in America as they ride off into the sunset with Trillions. We just can’t wait for the sequel to “Ponzi meets Blankfein?”

But, the cynical view of this situation is that the fraud is just too pervasive and systemic to prosecute all of the presumed criminals. Especially those that used lawyers like Steven Baum for foreclosures and others who charge $500 to $1000 per hour for criminal work -- and collect that money from entities that benefited from the TARP, QE1, QE2, the Discount Window, stockholders and taxpayer largess. It’s like the government using former Wall Street executives to prosecute their friends using taxpayer money to make deals that we all pay for them to pay us.

Goldman Sachs even helped take down Greece and bought CDS’s when they cooked those books. Now, they’re rioting in the streets and Blankfein is collected his bonus.

The geniuses at these banks, called Quants, stayed up at nights trying how to figure out how to create inscrutable securities. They succeeded. The mortgage derivatives, which they produced, part of all $700 Trillion of them out there, confused everyone – including former Fed Chairman Alan Greenspan. In fact, Greenspan was quoted as saying that the Fed had 150 PhD’s working for them and none of them understood what was stuffed into those Collateralized Debt Obligations which the banks insured themselves against going bad. Do you wonder what investors and borrowers knew if Greenspan was clueless?

But, all across America, with all of the chicanery and collusion by the investment banks (creating the CDO’s that generated Trillions for banks, brokers, ratings agencies, title companies and foreclosure attorneys) -- the ones left holding the bag were, and are, only the borrowers. Why, because they are the easy prey for a government intertwined with the banking system which controls the essence of “Justice.” If you cannot pay a settlement like Angelo Mozillo’s S.E.C. deal for $67.5 million, or if you cannot fork over $500 million to the S.E.C. like Goldman Sachs did in a similar deal, you are in trouble.

via How We Learned to Love the Banks | sohojournal.com.

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