Den så kallade Foreclosure Gate-skandalen eskalerade rejält på tisdagen då Bloomberg rapporterade att Pimco, New York Fed och Blackrock planerar att kräva att Bank of America köper tillbaka (kanske) värdelösa bolåneinstrument för hela 47 miljarder dollar.
Det här är en mycket dramatisk utveckling. Jim Sinclairs förklarar varför:
It is apparently above the head of most of the sheeple, but today the majority of OTC derivatives known as securitized mortgage debt ended.
The presence of the NY Fed in this potential litigation says that the Fed is holding paper which does not qualify for holding according to its own indenture.
This is the end of the majority of a pile of garbage two trillion dollars high. This is one of the best reasons to own gold, regardless of the mindless actions of algorithms impacting price today.
The New York Fed, Pimco and others threaten litigation via demand letters to force the Bank of America to buy back $47 billion in OTC derivatives known as securitized mortgage debt.
Because the OTC derivative cannot stand the light of day in court, a demand letter is a powerful first tool.
Följande artikel är både underhållande och skrämmande på samma gång. Den visar att de amerikanska bankerna letade specifikt efter människor som skulle utföra utmätningar utan att ifrågasätta någonting. Ju mindre de visste desto bättre. Var hittade bankerna dessa människor? Jo bland hårstylister, Walmart-personal och arbetare på ‘bandet’ som knappt kunde stava till ordet bolån. Foreclosure Gate blir minst sagt mer skrämmande för var dag som går.
Ett utdrag från artikeln:
In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers’ accusations about document fraud.
“The mortgage servicers hired people who would never question authority,” said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases.
Det så kallade ‘Foreclusure Gate’ har som väntat vuxit sig större för varje dag och kan mycket väl komma att bli det största bedrägeriet i finansmarknadens historia, som vi skrev om nyligen.
På onsdagen framkom det dessutom att alla 50 delstater inleder en koordinerad utredning av anklagelserna om att banker har brutit mot lagar i samband med att de utmätt hundratusenlals amerikanska hem.
Här är ett urklipp från en Reuters artikel:
All 50 U.S. states launched a joint investigation of the mortgage industry Wednesday, a move some experts fear will cause uncertainty and threaten the recovery of the fragile housing market.
The state attorneys general are looking at allegations some banks used shoddy or fraudulent paperwork to remove struggling borrowers from their homes during a foreclosure crisis that is one of the most visible wounds of the 2007-2009 recession.
Håll i hatten. Det här kommer att få hela finanssystemet i gungning. Köpt guld?
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