Breakthrough Whistleblowers for Sale?

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Editor’s Comment:

Executive departures at Fannie, Freddie and Investment Banks

The Wall Street Journal and the New York Times are all buzzing about the departures and layoffs of high placed investment bankers at Fannie and Freddie and the huge layoffs at BOA, Citi, Chase, and Wells of formerly high-priced (stupidly high salaries and bonuses) of major players in their investment banking divisions. These people have intimate knowledge of the actual flow of money, securities and the alleged  securitization of millions of loans.

If you are looking for fact and expert witnesses, this group of people contains at least a few hundred whistle blowers despite contracts they signed for their benefits package on leaving the GSEs and the Banks. Many of them are waiting to be contacted and believe they can make far more money busting the banks or agencies that hired them than the bloated severance package they received.

If you ask the right questions and follow up with them, you will learn that from the very start the documents used at closing with borrowers were even more misleading than the documents used at closing with the lender investors. They will also tell you names of investors and investor “pools” and the fund manager of each. And of course they will tell you that the pools are either empty, non-existent or hydrogenated so that their existence and contents are a complete mystery even ton those who sold repackaged mini bonds or mortgage bonds using the dissolution of the old “trust” that purportedly claimed ownership over the entire loan.

Most important is that these people can tell you why “bankruptcy remote” thinly capitalised entities were used to originate the loans rather than the lending pools. And they can tell you where to find the money that was received, but not allocated to reduce the loan balances or the balances due on the mortgage bonds.

Tags: bankruptcy, bankruptcy remote, closing documents, disclosure, Executive departures at Fannie, foreclosure, foreclosure defense, foreclosure offense, foreclosures, Freddie and Investment Banks, GSE, investment banking, investor pools, investors, Lender Liability, lending pools, predatory lending, whistle blowers
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