Most stories about the mortgage crisis begin with the idea that people were induced to buy homes they could not afford. This is mostly incorrect. The reason for the meltdown is that people were induced to “buy” mortgages they could not afford — when in fact they qualified for mortgages they could afford and would […]

Tags: CDO, fraud, meltdown, Mortgage, securities fraud, yield spread premium
Posted in Corruption, Eviction, securities fraud |

We keep seeing bits and pieces in the media instead of the entire picture. Let’s trace the average mortgage meltdown event: It is 2003. Builder Stan Plans Construction project, goes to 1st National Lender and is surprised to learn that the lender is very flexible. It turns out that the bigger the loan, the more […]

Tags: foreclosure, fraud, investment banking, lender, Mortgage, pension
Posted in Uncategorized |

Enron is just one of a long series of scams starting back in the 1960’s with changes in the rules that prompted Abromoff to Write Unaccountable Accounting. The essence of the scam is simple: put the risk on some unsuspecting schmuck and take all the money. It is the middlemen — the accounting firms, the […]

Tags: economy, Enron, fraud, money, securities
Posted in Uncategorized |