That’s why the government knew these were NTMs (nontraditional mortgages) but the homeowners didn’t. “Hybrid ARMs were not being offered to expand credit through lower introductory payments; they were purposely designed to be unaffordable, to force borrowers into a series of refinancings and the fat fees that went along with them.” Sheila Bair, Bull By The Horns, pg.46.
Writing with the flu. Despite symptoms and medication that makes me dizzy, I feel compelled to write about something that is getting traction out there. The more you look at the false claims of securitization the more it stinks. We are dealing with a system that is based on really big lies. I’m sure our leaders of government have a very appealing rationalization why we must pretend the mortgage bonds are real, why we must pretend the mortgages are real, why we must pretend the notes are real, and why we must pretend the debts and defaults are real. But those are lies based on sham transactions. And those lies are based in public policy. And public policy is contrary to law.
My focus is on cases pending in the judicial branch of government. Our system of government was designed to insert the judicial branch into disputes so that fractures…
View original post 1,255 more words
Deadly Clear 