What is it they say about those that did not learn from history; they are ‘doomed to repeat it’. The Money Monsters got away clean last time they engineered the Mortgage Securitization meltdown. Some estimate the aggregate total of ‘ponzi’ type Certificates sold against the promissory notes pooled into the Trusts totaled more than a Trillion Dollar$. Some describe the 2008 Mortgage Meltdown as the ‘biggest bank heist in the history of the world’. As the Sponsors of the Trusts (Banks) pocketed the Certificate sales proceeds and just let the whole scheme implode onto itself (which it did).
So since it was such a ‘clean’ getaway, with NO indictments to those who engineered the whole affair, they’re thinking Hey, why not set up for the next round. Only this time it won’t be private investors that take the hit, it’s going to be the taxpayers that will be on the hook for the losses when the bubble pops. Which it will, which it is engineered to happen by design, it’s going to imploade. What some writers/analyst deem ‘textbook insanity’, those who are laying the tracks for this system see it in a whole different light, they’re setting up a repeat of their previous ‘heist’.
As underscored in a recent article titled ‘Subprime Mortgages Among Fastest Growing Investments for US Banks’ by SchiffGold.com. Here are some quotes from the article;
“It appears there is some repeat folly brewing. Remember subprime mortgages? Well, they’re back. According to an article published by SovereignMan, subprreime volume at US banks doubled over the last 12 months and it is on pace to double again this year. Subprime loans rank among the fastest growing investments for banks in the US”
“SovereignMan has dubbed these foolish bankers “financius dumbassus” to emphasize the folly of repeating a practice that nearly brought down the entire global economy. Bottom line– financius dumbassus is once again back to its old ways… making risky loans to borrowers with pitiful credit. What could possibly go wrong? Leave it to financius dumbassus to try the same thing again and expect a different result. It’s textbook insanity”
“But this isn’t an identical repeat performance. The banking industry has changed the name. We no longer call these risky loans “subprime.” Now we call them “non-QM,” meaning “non-qualified mortgage.” But we are talking about essentially the same thing. Banks extend loans to borrowers who don’t qualify for conventional mortgages because they have bad credit ratings or don’t have enough money to make a down payment”
To Read The Entire Article (CLICK HERE)
Heaven Help Us All!