HuffPo-
No Hollywood scriptwriter could plot a more implausible story. Here is the plotline sequencing:
- Bankers make NINJA loans, securitize them, and sell on to government GSEs
- Bankers destroy all the loan documents and begin random and fraudulent foreclosures, throwing millions of innocent victims out on the street
- GSEs sue bankers and force them to take back bad mortgages
- Bankers sell servicing rights for the same bad mortgages back to GSEs, who overpay
- GSEs resell servicing rights to companies run by former GSE officials
- Bankers slapped on wrist with puny foreclosure settlement in return for government promise it will never sue them for past foreclosure fraud
- Government stress test claims banks are healthy
- Bankers get sweet deal, counting mortgage mods for best borrowers toward the settlement
- HUD report released demonstrating massive foreclosure fraud that reached to highest levels of banks
- Vampire Squid Executive Director fires off resignation letter decrying bankster culture
- Banksters walk away scott-free as statute of limitations runs out for criminal behavior
This would have to be a fantasy because no one would ever believe it could have been true...
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