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Monday
Feb142011

Dylan Ratigan: Mortgage & Banking Fraud - Where Are The Handcuffs! (VIDEO)

Great discussion.  Ratigan, well, he's on fire.

Video - Ratigan with Nevada attorney General - Feb. 4, 2011

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Dylan takes up the issue of mortgage fraud, predatory lending and liars loans.  We know there were crimes committed.  In many cases, we know who the criminals are.  But the "regulators and the Dept. of Justice have done NOTHING."

Angelo Mozilo, for example, just settled with the California AG for $6.5M, admitting no wrong doing, and Mozilo will not pay a dime out of his own pocket.

Yesterday, thousands called their state AG's as part of a national day of action to demand that AG's do something about rampant fraud in the mortgage system, including fraud involved with the Obama administration's HAMP program.  (Some critics contend that HAMP was a failure, by design, meant only to prop up real estate prices and provide another subsidy to the banks.)

Dylan cuts to the core issue of the fraud:  the securitization of mortgages, known to be fraudulent, which were then sold on to pension funds and retail investors.  This practice was highlighted in the FCIC report.  Why has nothing been done, when everyone, including (usually the last to know) congressional commissions like the FCIC, knows about it?

Dylan asks the Nevada AG, who was a guest on the show, whether this practice occurred in her state and what she can do about it.  She says that she is limited in what she can do, in terms of jurisdiction (fair enough), but then she spits out a barrage of verbiage (5:14 - 6:30) about "process" and "looking at every aspect" of the problem, and...   Something tells me she doesn't plan to do much of anything about the big players in the mortgage securitization scandal.  Otherwise, she simply would have said she would find out and go after anyone involved, but she spent 1 minute and 15 seconds basically making excuses for why she hadn't done so already.  Credit Dylan, though, for asking the right questions.

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Listen to more here...

 

 

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Reader Comments (10)

The last sentence was key. The people involved in the fraud are bankrolling our politicians so how can you expect any justice? Goldman Sachs got the biggest bailouts and the most help and Paulson was the Treasury Secretary, ex-Goldman Sachs, Geithner is ex-Goldman Sachs. That is total fraud right there, so Paulson & Geithner should be in jail too.
Feb 14, 2011 at 6:24 PM | Unregistered CommenterEnzo
Shahien Nasiripour

"Financial Crisis Prosecutions On Wall Street Slow To Develop Despite Cries For Justice"
http://www.huffingtonpost.com/2011/02/04/financial-crisis-prosecutions-wall-street-slow_n_818851.html
Feb 14, 2011 at 7:29 PM | Registered CommenterDr. Pitchfork
"the securitization of mortgages, known to be fraudulent, which were then sold on to pension funds and retail investors. This practice was highlighted in the FCIC report. Why has nothing been done, when everyone, including (usually the last to know) congressional commissions like the FCIC, knows about it?"

The goal is to completely destroy the senior class, if you are going to invest in something, make it cat food and crackers. The new soylent green. And above all, blame everyone other than the real culprits, and elect the real criminals.
Feb 15, 2011 at 1:31 AM | Unregistered CommenterS. Gompers
Did you watch this video, Gomp? When Dylan asked the AG if she knew about things like Goldman Sachs, Magnetar and whatnot, she just sort of flipped. It's like that zombie movie you've referenced before "We've got one that can see! Ahhhh!" Maybe Dylan needs to start toting a shotgun... LOL
Feb 15, 2011 at 1:56 AM | Registered CommenterDr. Pitchfork
I like zombies, and bubblegum...
Feb 15, 2011 at 2:01 AM | Unregistered CommenterS. Gompers
Yes! I had forgotten that line about the bubblegum. I just found it:
http://dailybail.com/home/tglp-the-zombie-bank-subsidy-clip-from-they-live.html
Feb 15, 2011 at 2:04 AM | Registered CommenterDr. Pitchfork
Yes, Obama is still the President...

Mr Obama proposed a budget that will push the this year's deficit to a fresh record of $1.65 trillion or 11pc of GDP, partly due to payroll tax cuts agreed with Congress last Autumn. It is unprecedented to run deficits on this scale two years into recovery.

While he called it a budget of "hard choices and sacrifices" needed to return the US to a sustainable debt trajectory, the deficit is significantly above the $1.5 trillion recommended by the Congressional Budget Office (CBO).
Feb 15, 2011 at 10:44 PM | Unregistered CommenterThe Beeber
The main problem as I see it is that these mortgage backed securities were developed to steal the trillions of CAFR dollars that local communities have stolen from the local taxpayers. Local municipalities all keep two sets of books, one for the local citizens, when they want to raise property taxes 1/4 mill to keep the local library open. The other set (CAFR) is hidden because they hold hundreds of millions of dollars that the locals must never find out about. Its a slush fund that they rationalize as being necessary as an emergency contingency fund. The problem is that these local bureaucrats are unsophisticated investors who are always seeking the maximum return on these investments. They often visit Wall St at the invitation of hedge funds, traveling by private jet and chauffeured limousines, staying in five star hotels, with prime Broadway seats, the best restaurants, and spas. Yes, for a local 50K per year bureaucrat, it certainly turns your head when somebody picks up your $8,000 bar tab. These lambs were ripe for slaughter.

Since the CAFR funds are kept hidden from the taxpayers, the massive losses must be marked to market and kept hidden as well. The whole RMBS scam was devised by the brightest minds on Wall St and ultimately by their bosses at The City in London. OFF WITH THEIR HEADS!!
Feb 17, 2011 at 8:54 AM | Unregistered CommenterMiguel Grande
Another worthless putz of a state worker. Shes going after the small cons while saying it's all to much for her,blah,blah blah.
Feb 23, 2011 at 1:10 AM | Unregistered Commentertarandfeathers
I called the state banking regulators office in Carson City, I live in Nevada, the woman that answered the phone sounded like she just arrived from pakistan. Or are they outsourcing now?
Feb 23, 2011 at 1:23 AM | Unregistered Commentertarandfeathers

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