Randy Wray — Trustee Banks Sued For $250 Billion

Here’s another story in the continuing saga of Bankster fraud.

As I’ve argued since 2008, it is likely that all—or nearly all–of the residential mortgage backed securities (RMBSs) are fraudulent. The Banksters engaged in fraud at every link in the RMBS food chain.

They defrauded the borrowers. They forced the appraisers to commit fraud (pressured them to overvalue property). They conspired with ratings agencies to overvalue the RMBSs. They created MERS to destroy property records and to cheat local governments out of recording fees. They separated the promissory notes from the deed of trust, invalidating the lien. They hired BurgerKing Robo-signers to create forged documents. They lie in court, committing perjury. They steal homes from owners who don’t even have mortgages. And on, and on, and on. Their depravity knows no bounds.

But here’s an entertaining story. Bear with me, it is a bit complicated.

New Economic Perspectives

Trustee Banks Sued For $250 Billion

L. Randall Wray | Professor of Economics, University of Missouri at Kansas City
(Cross-posted at Economonitor — Great Leap Forward here)

Bill Black has been on a tear recently at NEP if you haven't been following it.