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If the bank didn't dot every i and cross every T I want my house for free!!!
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The banks being hoist by their own petard, it seems. But it was OK when it worked the other way round, right?
An indeterminate number of various parties got securitization and underwriting fees, advisory fees, fund custodial fees, consultation fees, credit default insurance premiums, securities rating fees etc., with sales commissions most every step of the way, earned capital gains from one sale to the next, while slicing up
your mortgage into various bits and pieces, stripping off the interest into a separate security which itself got further sliced and diced, all these bits and pieces then pooled with other snippets into one security, this itself further sliced/diced and re-pooled again ... while transferring the lien and "assigning" the the title to third parties who do not in fact have any legal possession of it and therefore have no standing in any litigation whatsoever (ut oh!) ... all without any permission or knowledge or consent of the original counter party to the original contract.
This aside from the outright fraud involved in the majority of the sub-prime loan originations themselves regarding actual fees and misrepresenting or completely hiding future rate increases and payment increases and broker/originators foisting these onto people who in fact qualified for conventional lower rate mortgages. And don't give me this crap about somebody being "ignorant" and thereby "responsible" for his or her own misfortune for not successfully matching wits with an experienced lawyer who was paid $5,000-$10,000 to write the contract with every purpose of fraudulent intent while hanging by the the thinnest of legal threads.
Thousands of people who should be serving time in prison are walking free after all that. But the media have it so thoroughly ingrained in the masses that the rich deserve to be rich no matter what thievery was involved in it and deserve to pay less taxes, assiduously avoiding mention of the hundreds with incomes of over $1 million who pay
zero taxes and billionaires and corporations who successfully convert US derived income into off-shore assets with no tax liability whatsoever, while -headlining- the working poor who pay no net taxes as a scandal, etc., that they've got the masses spontaneously jumping up to attack the less fortunate, such as victims of mortgage fraud, etc. as "irresponsible" while saying next to nothing about the irresponsibility of an 'industry' that wrecked economies worldwide and caused the loss of 8.5 million jobs domestically.
To the media: Job well done!