Financial fraud in the mortgage market 3.

Catherine Austin Fitts talks about it in 2004.
Hamilton made the process of default resolution more transparent and less cosy and raised the cost of buying defaulted loans considerably. No wonder that Fitts angered certain people and institutions. If you stop and reflect on what Hamilton's actions meant from the standpoint of cash flow and profit, you will see what I mean. The impact was to raise the amount recovered by HUD (i.e. the taxpayer) by over $2 billion, which means in effect, to reduce the profit that would have gone to the likes of the Blackstone Group, Goldman Sachs, GE and Harvard by at least that much. Stick a multiple of say, eighteen on the stock price of the exchange traded firms and you begin to see what sort of impact that would have. And one can surmise from the reaction of Harvard's Eisenson quoted above what the impact on Harvard's investment in its HUD servicing companies NHP and WMF would be.

http://www.financialsense.com/Experts/2004/AustinFitts.html
http://www.scoop.co.nz/stories/HL0310/S00223.htm

Category:

News & Politics

Tags:

• Fannie
• Mae
• Freddie
• Mac
• HUD
• Barnenke
• Paulson
• Bush

[centurion180ad]

There is no MONEY in circulation.

Irredeemable debt currency sieved through a fractional reserve system is NOT money, and is the enabling trait of every Plundering or act of War of Aggression since its inception.

American recovery does not require a bunch of Fancy Pants finance gangsters.

American recovery requires the ELIMINATION of Federal Reserve System, and the reinstitutionalization of Money.

[cds162]

Ms Fitts kicks butt!

[Yotraj]

Well the video sure doesn't match the audio... but the audio message is sincere. A good listen.