"How do you know you're right?"

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People (including lawyers cross-examining me as an expert witness) ask “How do you know that?” Or sometimes they will ask “How do you know you’re right?” My answer is that it’s not just me, there has been plenty of material written, interviews broadcast on Radio, TV and Internet, books written, including some pretty highbrow stuff that told me chapter and verse what Wall Street was doing.

In a nutshell they were draining every penny they could out of homeowners and investors.And now they have increased their power by consolidating even more, this time with access to our depository bank accounts which were never intended to be piggy banks for speculation on Wall Street.

Since I began studying and analyzing the mortgage meltdown and the growth in the use of derivatives and hedges on derivatives, combining that information with legal research, litigation experience and business experience, it was pretty much black and white. And every bit of it was completely consistent with tactics dating back to before the 1929 crash. It was also completely consistent with my own exposure to Wall Street as a securities analyst, investment banker, and institutional salesman for retail brokerage houses.

Then there is the fact that nobody in more than 30 months has challenged my conclusions directly or indirectly with any analysis, facts, or interpretation that would give me pause. The only thing I see, somewhat sparsely I might add, is the occasional planted article, comment or interview where some shill is pushing ideological buttons in order to make this a matter of class or age warfare.

So bottom line — I will accept any challenge from a person who is knowledgeable in the details of securitization of residential mortgage loans, how Wall Street works, how loan underwriting is intended to work (and how it did work during the roaring 2000’s), the legal aspects of recordation of transfer of interests in real property, the industry standards for appraisal, underwriting, origination and transfer of loans and all the other topics raised on this blog.

There is plenty on the internet and in the bookstore about this subject. Give me a site and I’ll go read it. Right now, all I have seen even from some rotten decisions by ideologically motivated judges is that they will find any procedural gambit to hang their hat on to avoid the inescapable consequence of all this — the invalidation of all those mortgages and notes and the extinguishment of the obligation.

Tags: amazon, banks, demand deposit accounts, depository, extinguishment of obligation, invalidation of mortgages, invalidation of notes, kindle, mortgage meltdown, regulators, securitization, speculation, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |