Category: Foreclosures, Legal, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

5 Responses to “Fraud Factories, MERS, LPS, Forgeries: Rep. Alan Grayson Explains the Foreclosure Fraud Crisis”

  1. Johnny99 says:

    This guy has a well-deserved reputation as a partisan flame-thrower. But he’s a very smart guy and usually knows what he’s talking about.

  2. The Window Washer says:

    Now if the other side could get a partisan flame-thrower of equal skill we might get something done.

  3. FrancoisT says:

    Is Grayson the only one who cares for ordinary people around here?

  4. ronin says:

    @The Window Washer

    We have one: http://www.ritholtz.com/blog/2010/10/ron-pauls-what-if-remixed/

    The average people of the US have exactly 3 people fighting for them, Ron Paul, Alan Grayson and Dennis Kucinich. Whereas the corporations and special intrest groups have thousands of highly paid lobbyists and lawyers.

    And they call this freedom to boot! LOL!

  5. KLeBrun says:

    45 years in the real estate and mortgage business, including a stretch as a VP and mgr with Merrill, and I would say that he laid it on the line fairly well.

    Wall Street, the banking industry, the mortgage industry and the real estate brokerage business booked SEVERAL HUNDRED BILLION in fees between 2002 and 2007 and when the roof fell in, Fox News jumped out in front with a statement that it was all about blacks and gays with CRA loans- something the right wing loved to hear, but total BS.

    For 60 years from the time of the Great Depression, various government agaency reviewed millions of loans and established underwriting criteria that limited foreclosures to a reasonable default level.

    We abandoned all underwriting with the subprime fiasco that followed – the biggest financial scam in history. The massive profits drove a runaway gravy train and no bureaucrat in the SEC or any other agency was willing to throw his/her career on the tracks to slow down the financial scam despite numerous high level warnings.

    The problem with the SEC, for example, is that it reported to the White House and the White House was bragging that tax cuts were driving the real estate boom when, in fact, the out of control real estate boom/bubble was being driven by massive borrowing and spending. Too much money chasing too little real estate drove prices through the roof which created a cycle of borrowing and spending. Economics 101.

    It will take us decades to dig out from under this mess.

    Not surprisingly, the fraud that Congressman Grayson describes at the back end of this financial scam matches the fraud at the front end. Massive profits and no regulations. When you realize that many in this country would kill for a million dollars, then think what some will do for a billion dollars with no consequences.

    And we are only a few weeks away from starting the fraud all over again.