| User Info
| White Paper: Securitization Is Illegal in forum [Market-Ticker]
|
Debtpie
Posts: 534
Incept: 2009-12-17
|
Talk about an exercise in futility... Laws are living documents, meant to bend and shape to the times (and people) they apply to...if we view this subject from 40,000' in 2012, securitization is not illegal; it's merely a necessary vehicle for the theft of as much wealth as possible from the Sheeple. So are the times we and our laws live in... ~~~~~~~~~~~~~ You know I say that Obama is a much better liar than Mittens...more proof of Mittens inability to lie effectively... Romney promises to "consistently add 250,000 jobs every 30 days for 48 straight months." during his first term. Talk about a whopper...Even Clinton would struggle with making people believe that one... http://finance.yahoo.com/news/romney-pro....
----------
A Leader, or an Opportunist? "A leader has the capacity of vision, the ability to see where things are headed before people in general see those things." Mitt Romney --- DebtPie's definition: a leader decides where "things" should head and "leads" us there.
|
Irishblues
Posts: 290
Incept: 2010-12-18
Wisconsin
|
While I can't read the paper in full [yet], it appears the complaints raised aren't so much about the process of securitization as much as they are about how securitization has been implemented by various entities. The implementation part [disclosures, fees, assignment of documents, conflict of interest, etc.] has been a huge problem and has been well documented - but that alone doesn't mean securitization is illegal. It means players who've been doing it have engaged in activities associated with securitization that are illegal [and have yet to be meaningfully prosecuted for it].
It also doesn't help that investors either were never communicated the risks of holding lower tranches [that goes back to the "people did stuff that was illegal" problem], or knew the risk and plowed in anyway thinking that they had some God-given right to make money whether the investment performed as advertised or blew up in their face [which just points out how some people are stupid and think everything is supposed to make money no matter what]. Either way, that doesn't back up the "securitization is illegal" argument.
Maybe I change that position later tonight when I can finally pull down the document and read it more closely.
|
Ladyliberty
Posts: 100
Incept: 2012-05-08
Wisconsin
|
|
Andysvw
Posts: 1749
Incept: 2010-06-26
Tujunga Ca
Online
|
Ha! That mail fraud thing. Many counts for each and every mortgage. By the time it reached the investors,,, 6 counts min. Dont ask how I know.
The % that were sold multiple times is way to high to be just sloppy.
There are banking laws about document control that need to be addressed too. Not changed but enforced. To my knowledge no court has even asked to see them.
All parties involved knew dam well just what was going on. Including the fund managers that bought them for other people.
AAA huh?
I STILL DONT KNOW WHAT IM TALKING ABOUT! But Im hoping to find out!
|
Bertdilbert
Posts: 2662
Incept: 2008-12-22
CA
|
Banks are normally exempt from usury laws. Usury is capped in most states at 10% for private citizens. (this gives banks and finance companies a monopoly on high risk loans.)
I do not see the usury claim holding, unless the case is made that the loan was intended to be sold to a private citizen, and the bank is thus being used to allow the citizen to obtain interest at a rate higher than the existing usury law, thus it becomes a vehicle for the evasion of the law.
----------
Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
|
Winstonsmith2009
Posts: 1060
Incept: 2009-08-05
|
Good interview on Capital Account with a laugh for me at the end when she thanked the ex-con and then called him "former white collar criminal and criminal CFO" after which there was a pregnant pause on his part that I don't think was due to comm delays before he replied weakly, "Thank you." Retired Fraudster on the ABC's of Financial Fraud and why it's Easier than Ever! http://www.youtube.com/watch?v=Egfiqr8Tc.... |
Bertdilbert
Posts: 2662
Incept: 2008-12-22
CA
|
Winstonsmith2009,
Sam used to introduce himself as a convicted felon, he does not hide anything about his past. He was not offended by that.
----------
Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
|
