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Banks Look To Craig's List To Exploit The Desperate
Sunday, August 14, 2011, by Stathis
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First, they made huge commissions loaning you money to buy overpriced real estate. They convinced you that real estate “is a great investment,” and “property values never go down.” Of course, both statements are completely inaccurate, as I first detailed in the 2006 release of America’s Financial Apocalypse
Janitors were claiming $200,000 annual incomes in order to get approved for mortgages. And most banks didn’t bother to verify these claims. Illegal aliens were buying homes using false documentation. Mortgage reps encouraged prospective home buyers to lie on their applications, insisting that “everyone does it.”
The delusions of easy money to be made from real estate encouraged many Americans to purchase homes they really couldn’t afford because they wanted to maximize their real estate profits.
Others had not recovered from the dotcom collapse that resulted in the permanent exportation of millions of jobs overseas by corporate America. As they searched desperately for a new career, many found themselves embroiled in multilevel marketing, the sleazy business of Internet marketing, and other get-rich-quick scams. After seeing the rise of the real estate boom, many began flipping homes for fast profits. Soon, the infomercial con artists got in on the action, offering viewers easy riches.
 
 
The combined effects of these activities caused real estate prices to soar, making homes unaffordable for most. In response, banks and mortgage providers began offering NINA (no income no assets) loans, ARMs, 0% mortgages, all while expanding the sub-prime underwriting business; anything to get the next mortgage approved.
Greedy bankers, partnering with what were essentially mortgage boiler rooms were not concerned about the ability of homeowners to repay these loans because they were immediately flipped to other financial institutions over and over. With each transaction, the criminals were getting a piece of the action with no risk.
Fannie Mae and Freddie Mac were in on the game as well, serving as the key source of liquidity for the mortgage cash pool. Working alongside of their private market counterparts, Bear Stearns and Lehman Brothers, Fannie and Freddie helped Countrywide Financial, Fremont General, and countless other mortgage firms package these loans into tradable securities.
 
 
The securitization process was aided by the assistance of the credit rating agencies (Standard & Poor’s, Moody’s, and others) which rubberstamped these toxic securities with a AAA rating, so they could be sold off to state, local and federal pension plans, school districts, insurance companies and foreign investors.
I detailed the extent of these activities in America’s Financial Apocalypse, but the media was determined to ban me and my book because they did not want people to know the economic and political reality of the U.S. 
Millions of criminals working in the financial and real estate industries received huge bonuses for this fraud. Many of these criminals made millions of dollars. Some even made hundreds of millions of dollars.
When the music stopped, the house of cards came tumbling down, causing the global economy to collapse. Virtually overnight, trillions of dollars in wealth had seemingly vaporized.
The ripple effects of the U.S. real estate burst caused tens of millions of jobs to disappear, leading to millions of additional foreclosures around the world. And when the global capital markets bottomed, more than $32 trillion had been lost, causing retirement plans to plummet, just as I had warned about in 2006.
However, much of this wealth was not a complete loss, as it was transferred into the very hands that had orchestrated this historic collapse. By that time, mortgage and banking executives had already dumped shares of their company stock, locking in hundreds of millions of dollars.
With the assistance of the criminals in Washington, the U.S. banking system extorted trillions of dollars from taxpayers in order to put out the inferno they had caused. As I predicted in America’s Financial Apocalypse nearly two years in advance, Fannie Mae and Freddie Mac would be bailed out by taxpayers, real estate prices would plunge by 35%, the Dow Jones Industrial Average would collapse to 6000, and the global markets would follow suit.
A good deal of the total bailout funds even went to bail out the European banking system. Only the large banks, the banks that were shareholders of the Federal Reserve would receive taxpayer-funded bailout monies. The others would receive token money to create the impression that all banks were being aided by taxpayers.
The FDIC moved in to seize the smaller banks; banks that were not members of the cartel. In many cases, these bank seizures were inappropriate, but were designed in order for the banking cartel to suck in smaller competitors at pennies on the dollar. In all cases, the FDIC has not once shown evidence of bank insolvency despite the fact that shareholders were wiped out overnight.
 
 
The largest single case of fraud to this day remains that of the seizure of Washington Mutual by the FDIC, in coordination with the Federal Reserve and JP Morgan, despite the fact that the OTC claims to have been the decision-maker. I documented this fraud within days, and sent a formal complaint into the SEC. In response, I was interrogated by the FDA Terrorist Division.  See here.
The criminals at these financial institutions kept their bonuses; blood money from the crimes they committed. Today, as interest rates remain at near zero as a way to help the banks restore their imploded balance sheets, pension plans continue to face massive deficits due in part to these low rates.  Yet, the financial media (another accomplice in the crimes committed by Wall Street) has not once mentioned this additional banking bailout.
Banks have jacked up credit card interest rates even for those who have the highest credit rating.  Rather than loan money to consumers, banks are using this interest-free cash to speculate overseas. And once the Fed begins what is likely to be a prolonged trend of rate hikes in a few years, you can bet that many emerging economies will implode, as foreign capital is abruptly withdrawn.
With no surprise, these criminal activities have not faded one bit, due in large part to the lack of meaningful outrage by the American public. It’s business as usual on Wall Street.  Bank of America and the rest of the cartel continue to sell their most toxic mortgages off to Fannie Mae, representing a continuation of an unwanted and unconstitutional taxpayer bailout for the banks. Yet, the criminal media makes no mention of this.
Today, banking representatives are even recruiting desperate Americans from Craig’s List, offering to pay off your mortgage and auto debt so they can take control of these assets at undervalued prices. 
Have a look at this ad from Craig’s List.
My name Is Eric Parker, I Am An Accountant Manager At Chase Bank & Corp… If You Need Your Mortgage Payed In Full. Please Contact Me By Email With Your Name And Phone Number And i Will Give You A call And Explain exactly How it Works. Thank You And Have a Nice Day…( Also Rent & Car Notes)
The vultures have never left the crime scene. And they will never be sent to jail. At best, we will see a few scapegoats here and there. But the real criminals will never see a day in prison. And they have ensured the continuation of these criminal activities.
 
 
All of this begs the question…When are Americans going to stand up and take action against the criminals on Wall Street, the banks, Washington and the Federal Reserve?
 

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