Geithner’s Plan: $1 Trillion for Shredding?

[Rajiv]

Geithner’s Plan: $1 Trillion for Shredding?



From Catherine Austin Fitts

Jim Sinclair of MineSet.com reports that James Galbraith, author of The Geithner Plan Won’t Work, was on Bloomberg TV this morning and noted the mortgage collateral fraud that I have been warning about for many years.

“Galbraith alluded to a fractional reserve approach towards mortgage securitization by intent of error whereby the same mortgages were securitized more than one time.”

What this means is that the bank portfolios are full of mortgages for which there is no real house. So toxic assets is a misnomer. Yes, there is toxicity. However, there are no real assets. There are, however, civil and criminal liabilities. Which means that if these toxic assets were auctioned off in an open process, the price would be set by how much the people with civil and criminal liability would pay to buy back the files to protect themselves.

But, wait, is this why the Federal Reserve, Congress and the Treasury are funding bailouts? Are the liable parties simply using borrowed money to have all the documents destroyed?

[rjwjr]

Re: Geithner’s Plan: $1 Trillion for Shredding?

Andrew Cuomo, are you hearing this?

[Glenn Black]

Re: Geithner’s Plan: $1 Trillion for Shredding?

To stop people from covering their tracks, each file sold would have to be examined by a 3rd party auditor.

Think of the overhead. That in itself could solve all the layoff and unemployment problems for the next 10 years.

Sarbanes-Oxley (SOX) implementation was just a pre-game stretch, preparing them for this World Series.

Well, there is in the criminal code certain crimes where an innocent party who stumbles upon evidence of a felony or other major crime (or reasonable grounds to suspect) where they must report that felony to the authorities.

That can be re-inforced, re-communicated, and all the clerks and underlings would be required to fill in the paperwork and send it in to the government for every CDO/CDS/derivative bought & sold that they had done due diligence and determined there was no fraud on that file.

Will a minimum wage clerk, and everyone else who worked on the file expose themselves to misprison of a felony (eg. 20 years sentence), or will they dial 1-800-SNITCH and turn them in to the authorities?

[don]

Re: Geithner’s Plan: $1 Trillion for Shredding?

Not To Worry

Bankers Pledge Cooperation With Obama

By ERIC DASH 2 minutes ago

Kenneth D. Lewis, the chief executive of Bank of America, with other bank executives outside the White House after a meeting with President Obama on Friday.



Whew, they gave in :rolleyes:

[petertribo]

Re: Geithner’s Plan: $1 Trillion for Shredding?

A number of years ago, thousands of Mortgage Appraisers went to the Government and said they were being pressured to falsify appraisals, a key component on how this Financial Disaster has developed. Here is part of what they said:

This pressure comes in many forms and includes the following:

* the withholding of business if we refuse to inflate values,
* the withholding of business if we refuse to guarantee a predetermined value,
* the withholding of business if we refuse to ignore deficiencies in the property,
* refusing to pay for an appraisal that does not give them what they want,
* black listing honest appraisers in order to use "rubber stamp" appraisers, etc.

http://appraiserspetition.com/
http://www.mortgagenewsdaily.com/425...isal_Fraud.asp

That petition has 9901 signatures which would be about 10% of appraisers.

And what did the Government do? Nothing.

So, that fairly raises the question of why the authorities did nothing. (And whether any of the mortgage appraisers suffered because they tried to report Crime.)

When I see thousands of citizens risking their careers and livelihoods to report Crime to the Government and they are ignored, I draw my own conclusions. Keep in mind these were just the Crimes occurring at the appraisal level before we even get to the securitization!

This is a Crime Wave. Intimidation and Omerta rule the day. The Criminals are on a roll.

[ricket]

Re: Geithner’s Plan: $1 Trillion for Shredding?

Whew, they gave in :rolleyes:

Who, The Obama Administration or the Banksters??!

[GRG55]

Re: Geithner’s Plan: $1 Trillion for Shredding?

Not To Worry

Bankers Pledge Cooperation With Obama

By ERIC DASH 2 minutes ago

Kenneth D. Lewis, the chief executive of Bank of America, with other bank executives outside the White House after a meeting with President Obama on Friday.

Whew, they gave in :rolleyes:

LOL

...“We’re really wanted the president to understand” that our interests are aligned, said Lloyd C. Blankfein of the Goldman Sachs Group...

Translation: You take care of us, we'll take care of you...:rolleyes:

[zoog]

Re: Geithner’s Plan: $1 Trillion for Shredding?

A number of years ago, thousands of Mortgage Appraisers went to the Government and said they were being pressured to falsify appraisals, a key component on how this Financial Disaster has developed. Here is part of what they said:

http://appraiserspetition.com/
http://www.mortgagenewsdaily.com/425...isal_Fraud.asp

That petition has 9901 signatures which would be about 10% of appraisers.

And what did the Government do? Nothing.

So, that fairly raises the question of why the authorities did nothing. (And whether any of the mortgage appraisers suffered because they tried to report Crime.)

When I see thousands of citizens risking their careers and livelihoods to report Crime to the Government and they are ignored, I draw my own conclusions. Keep in mind these were just the Crimes occurring at the appraisal level before we even get to the securitization!

This is a Crime Wave. Intimidation and Omerta rule the day. The Criminals are on a roll.

Itulip, 07-23-06:

....We've pointed to appraiserspetition.com since 2002 to identify the main fraud element of the housing bubble, as all bubbles have fraud in the formula. The site has been around since 1999, begging the Federal Financial Institutions Examination Council to enforce existing laws related to appraiser independence....

...displaying once again the predictable behavior of government officials during asset bubbles: turn the other cheek while the money is flowing -- where was the SEC during the dot com bubble? -- and turn up only after the event to round up the usual suspects after the money's stopped flowing. They naturally prefer the political benefits of capital gains taxes on inflated asset prices over any moral points they might win by enforcing of the law. ...

[cjppjc]

Re: Geithner’s Plan: $1 Trillion for Shredding?

I had heard before about the same loan being in more than one pool. Does anyone have proof of this. The idea that these people were fraudsters is not enough. The fraud would have been found out anyway, as the cah flow is spoken for.

[Glenn Black]

Re: Geithner’s Plan: $1 Trillion for Shredding?

http://appraiserspetition.com/

Take a look at the notes in small font at the bottom of each "signature". It appears that some signed to dispute the petition.

[pwcmba]

Re: Geithner’s Plan: $1 Trillion for Shredding?

http://www.youtube.com/watch?v=e3LY5...eature=related

When you're good to momma, momma's good to you!

[Rajiv]

Re: Geithner’s Plan: $1 Trillion for Shredding?

See also How the Scam Works- Hudson

Given the high proportion of fraud (and a recent Fitch study found that every package it examined was rife with financial fraud)

[metalman]

Re: Geithner’s Plan: $1 Trillion for Shredding?

http://appraiserspetition.com/

Take a look at the notes in small font at the bottom of each "signature". It appears that some signed to dispute the petition.

site:itulip.com appraiserspetition.com

1. Market Bubble Detritus [Archive] - iTulip.com
   
   The petition is appraiserspetition.com (http://www.appraiserspetition.com) and the petitioners are U.S. home appraisers. Above is our analysis from Price ...
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   AntiSpin: We've pointed to appraiserspetition.com (http://appraiserspetition.com/) since 2002 to identify the main fraud element of the housing bubble, ...
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   9 posts - 6 authors - Last post: May 7, 2008
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   For years we've been keeping an eye on the online petition (http://www.appraiserspetition.com/) by "concerned real estate appraisers seeking fair and ...
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   ... including the real estate bubble (http://www.appraiserspetition.com) -- started to chip away at investor confidence and undermine bubble mass psychology ...
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   http://www.itulip.com/forums/archive...php/t-261.html - 10k - Cached - Similar pages
   
9. Ron Paul calls Paulson and Bernanke FASCISTS - LOVE IT, LOVEIT ...
   
   (http://www.appraiserspetition.com/) Some day we may all be called upon to sacrifice something for our country versus for those who run our country. ...
   http://www.itulip.com/forums/archive...hp/t-3754.html - 20k - Cached - Similar pages
   
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    ... Ruth Simon, Michael Corkery, Gregory Zuckerman, and Gretchen Morgenson: Contact the owners of this site (http://appraiserspetition.com) where over 9500 ...
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[Glenn Black]

Re: Geithner’s Plan: $1 Trillion for Shredding?

One Congresswoman said, "When they try to foreclosure, homeowners should yell 'Show me the note'", referring to the bungled paperwork that the holder in due course cannot prove ownership.

If they screw up that bad, they probably did the other way as well many time more frequently. The above error makes them no money but adds considerable risk.

Double dipping, putting the same mortgage in 2 packages and selling it twice gives added revenue when sold. It is the customer who gets the haircut, not the originating bankster, not the securitizing party.