Why is the left leading the charge on this as far as the MSM is concerned? Why am I having to post a TV interview featuring Matt Taibbi in an interview on MSNBC?
AFAIK, everything Taibbi is saying in this vid is correct. The banks are positively stuffed full of assets that are in fact nearly worthless (underwater home mortgages, HELOCs and seconds). If the true condition of the banks were to be revealed, they would close immediately. The only class whose financial condition is being revealed is the middle class. Everyone else hires lawyers and CONgress.
Mortgage “securitization” background from Denninger:
- Linda DeMartini, a supervisor and operational team leader in B of A’s litigation management department, testified that “the original note never left the possession of Countrywide”… DeMartini “testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents”…
- Most if not all of the MBS trusts are organized under NY Trust Law. NY Trust Law requires that delivery be made “in as perfect a form as possible.” Intentionally not delivering anything is so far removed from this requirement that it is a near-certainty that the Trusts are in fact legally void.
[NOTE: The Federal Reserve has $1.5 Trillion worth of Mortgage Backed Securities on its books; this is just one reason why we need to AUDIT THE FED]
- The Pooling and Servicing Agreements all contain certifications that the formalities of transfer were complied with, including all intervening assignments and delivery to the Trust. These are not certifications of something to be done prospectively, they are certifications of fact that have allegedly occurred. If in fact no transfers took place then the entire MBS chain is arguably void as there are no mortgages in the securities. This would constitute the largest fraud ever perpetrated upon investors in the history of the world.
Taibbi:
