Friday, October 22, 2010

Stomp the shit out of 'em

American Scofflaw

Yes, the big banks just pulled the scam of the century and the government that helped them do it is going to rebuild public trust by stomping all over small businessmen.

Again, you need to be careful of these stories that portray the gang-rape of Americans by the bankers as purely a foreclosure fraud issue.

It isn't. The heart of the crime is that the mortgages backing the mortgage-backed securities were resold over and over, as many as 20 times, reaping billions in instant profits.

But there is no way the sellers of those mortgage-backed securities could make good on the over-subscription, so the only way for the scheme to work is for the housing market to be crashed, and all those mortgages foreclosed as quickly as possible to erase the paper trail that could land the fraudsters in jail!

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