It's nothing more than counterfeiting. The scam is 1. Put a fake warranty deed on the land records showing a purchase an inflated price but no money changes hands. 2. Do several of these 3. Make sure they are multi family loans so you can imply that HUD is involved in the underwriting. 3. Write up fake mortgages and put them on the land records - usually CBRE originators but signatures are questionable 4. Get them insured through Freddy. 5. Bundle them in MBS securities. 6. Sell them to the FED. You can turn a 1 million dollar property into a. 5 million dollar property investment in less than a month - money changes hands fast and not one has any idea because the FED is not auditing their investments. The FED is either stupid or complicent. $ is a theater performance. I have only one example of this documented - three suspect - but how widespread is this, OIG is on top of this but what will they do if it is widespread?
Hope Sessions gets on top of fake mortgages the FED is buying
Started by
MaryAM
, Feb 08 2017 11:52 PM
5 replies to this topic
#2
Data
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Posted 09 February 2017 - 12:09 PM
They've been talking about letting the MBS run off the Fed's balance sheet. The announcement is expected to come late this year.
#3
fib_1618
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Posted 09 February 2017 - 12:34 PM
This would be up to the HUD Secretary and Treasury Secretary to take care of...of which we still don't have one.
Fib
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#4
dasein
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#5
pedro
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Posted 09 February 2017 - 04:55 PM
We need a judicial system that doesn't give MONOPOLY power over decision making in the hands of a single political party and its appointees.
The bankers never got prosecuted after the GFC because two people stood in the way: O and Holder.
Same with HRC's email scandal. O and Lynch.
Now it will be DJT and Sessions.
Who knows who it will be 4yrs out?
This is no way to ensure justice. Need the equivalent of PERMANENT special prosecutors (PLURAL) with the freedom to go after who ever they deem appropriate under the law. Directly answerable to the people.
#6
MaryAM
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Posted 10 February 2017 - 12:02 AM
Who is going to buy them? I wouldn't
