Why all the robosigning? Securitization, MERS and the shadow banking system

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Why all the robosigning? Securitization, MERS and the shadow banking system

Why all the robosigning? Securitization, MERS and the shadow banking system

SF Bay News-

The Wall Street Journal reportsthat the Obama administration is now engaged in heavy arm-twisting to get the 50 state attorneys general to agree to a settlement with five major banks in the “robo-signing” scandal. The scandal involves employees signing names not their own, under titles they did not really have, attesting to the veracity of documents they had not really reviewed. Investigation is revealing that it did not just happen occasionally but was an industry-wide practice, dating back to the late 1990s, and that it may have invalidated the titles to tens of thousands of homes.

The settlement would let Wall Street bankers off the hook for crimes that would land the rest of us in jail – fraud, forgery, securities violations and tax evasion – raising some interesting legal issues. But the question explored here is something else: Why were the banks doing it? The alleged justification – that they were so busy they cut corners – hardly seems credible given the extent of the practice.

[SAN FRANCISCO BAY NEWS]

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CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

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One Response to “Why all the robosigning? Securitization, MERS and the shadow banking system”

  1. John Anderson says:

    The government does not own/control the banks. In fact the reverse is true, the TBTF banks and the FED control both political parties and state and federal governments.
    What to do?

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