The consistent argument from the right since Foreclosuregate began is that “this is just procedural” along with the usual whine “those evil lefties are just trying to get a free house.”
(Notice how they spin it?)
“At the core of this problem was a widespread, massive interconnected fraud” says Janet Tavakoli of Tavakoli Structured Finance. “The fraud didn’t begin at foreclosure, the fraud began when these loans were first made.”
Well well well. Fox News finally quotes someone who knows what they’re talking about, and instead of running the BS line about “it’s just paperwork” prints the truth: the fraud goes back to when the loans were first made.
And who made the loans? THE BANKS.
Who securitized the loans? THE BANKS.
“Just paperwork” eh? Uh, no, the paperwork problem is a cover-up.
Thus, my name “Foreclosuregate“, which is the proper name for it, since this entire edifice certainly appears to be nothing more than an attempt to cover up the fraud in origination and securitization – fraud that, were it be uncovered and the responsible parties held to account, would sink all the major banks.
Welcome to the real world Fox News.
Many years late (more than three behind me and a few others, even more behind Janet) but better late than never.
To the right-wing base: Wake the fuck up – you’re being asset-stripped to the bone, and the political party that gets in front of this and hammers the responsible parties owns both Houses of Congress for the next 20 years.
No, you can’t keep fellating the banks and still come out ok.
This is going to blow up and if you’re on your knees in front of Jamie Dimon and Blankfein servicing them when it happens you will go up in smoke with them.