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For the past 15 years, I have been hearing complaints about law enforcement and regulators who got it all wrong about securitization. The sad fact is that they didn’t get it wrong. They knew what was happening, they initially sought enforcement and then backed off. But they did file actions in court at were the culmination of months, even years of investigation that no homeowner could have financed individually. That is why we do need regulation.
The retreat from full enforcement was the result of a faulty decision-making process that was corrupted by a threat that was so large that nobody could see past it. Nobody actually was willing to investigate the threat or test it. It is the threat of universal financial armageddon.
It resulted in tacit approval of an entirely fraudulent scheme not just in past conduct but also a green light for ongoing fraud through foreclosure, securitization claims, resecuritization claims, and the issuance of more “nominal” value in unregulated securities than all the money in the world 20 times over. Just as a point of reference the value of all such securities in 1983 was zero.
One such case involves the illegal use of the name “American Broker’s Conduit,” which I will also discuss tonight.
And it is instructive to review the complaints filed by regulators and law enforcement because they help the reader understand what I have been saying here since 2007, and because the allegations themselves can be copied and pasted into complaints against not only the investment banks and all their minions but potentially against the individual officers and directors of the companies that were the puppeteers behind the largest ongoing economic crime in human history.
Tonight we look at the case of the People of the State of Illinois v. Nationwide Title Clearing, described in the complaint as a “document production factory.” Plaintiff was represented by Lisa Madigan, Illlinois Attorney General. The facts alleged in the complaint are the product of investigation and findings by a state agency and therefore could be argued as presumptively true because of that. The case was settled for a small fine, which is part of what I will be talking about tonight.
see Illinois vs NTC
Filed under: foreclosure | Tagged: American Brokers Conduit |
Yeap, the threat of universal financial armageddon…….This is why they created a real universal Armageddon, not just financial; and keep building it until they collapse America as a country.
Attention to details, Neil: when this case was filed? On February 2, 2012, or just when National Mortgage Settlement was about to be signed. This is why this case was “settled” for a small fee- in exchange for a Big Bribe.
The reality is – in February 2012 Lisa, who is a daughter of the most corrupt politician in Illinois Michael Madigan, received $2 Billion which was a BRIBE (masqueraded as part of the “Settlement”)
According to her website, only $700 million were “accounted” as “consulting services” for homeowners. Which are of course impossible to calculate – how much consulting people received.
And nobody from AGs never mentioned that “Servicers” in this settlement were actually Principals who operated the scheme, not merely “made mistakes” thus the Settlement was void ab initio