This Forum is Closed
January 24, 2022, 04:29:38 am
Welcome, Guest. Please login or register.

Login with username, password and session length
News: GGF now has a permanent home: http://forum.globalgulag.com
 
  Home Help Search Links Staff List Login Register  

Mortgage Backed Securities: the BIG Story the MSM is not shouting about!

Pages: [1]   Go Down
  Print  
Author Topic: Mortgage Backed Securities: the BIG Story the MSM is not shouting about!  (Read 1252 times)
citizenx
Jr. Member
**
Offline Offline

Posts: 59



View Profile
« on: October 25, 2010, 07:45:46 pm »

Professors Black and Wray Confirm that Bear Pledged the Same Mortgage to Multiple Buyers

I have repeatedly pointed out that mortgages were pledged to multiple buyers at the same time. See this and this.

Today, in another must-read piece, economics professors William Black and L. Randall Wray confirm:


Several banks would go after the same homeowner, each claiming to hold the same mortgage (Bear sold the same mortgage over and over).
As USA Today pointed out in 2008, Bear was one of the big players in this area:


Bear Stearns was one of the biggest underwriters of complex investments linked to mortgages. Two of its hedge funds, heavily invested in subprime mortgages, folded in July.

***

Bear Stearns was linked to many other financial institutions, through the mortgage-backed securities it sponsored as well as through complex financial agreements called derivatives.
The Fed wasn't so much concerned that 85-year-old Bear Stearns would go bankrupt, but rather that it would take other companies down with it, causing a financial meltdown.


Alot of toxic mortgages and mortgage related assets ended up on the taxpayer's tab directly or indirectly.

continued:

http://www.washingtonsblog.com/2010/10/professors-black-and-wray-confirm-that.html
 
Report Spam   Logged


Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by EzPortal
Bookmark this site! | Upgrade This Forum
Free SMF Hosting - Create your own Forum

Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy
Page created in 0.092 seconds with 16 queries.