Karl Denninger: Foreclosure Fraud Update

10-03-2010 • Market-ticker.denninger.org/

We will continue to hear that "this is all no big deal" for a while. Does anyone remember subprime? "It's contained" "We will not have a recession" "The banks are fine" And on and on and on. Of course what we know is that in 2007 that was a lie. It's a lie this time too. Even the politicians are lying, of course. Alan Grayson made a nice video I Tickered the other day. Ok Alan, I understand you're losing (badly) in your district, so now you have to grandstand. WHERE WERE YOU IN FEBRUARY? More to the point, WHERE HAVE YOU BEEN FOR THE LAST TWO YEARS? You know, and I know you know, that I have been in near-constant correspondence with your office and staff, and you've had the PROOF that this crap-pile was a load of fraudulent garbage for the last two years. Now, and only now, when it's looking like you're going to LOSE, do you come out with a nice near-10-minute attack Youtube video on this massive and outrageous fraud. I like your staff, and I realize that calling you on the carpet like this means that if you win I probably won't get a Christmas card from you. That's ok. I don't want one. You had two years of opportunity and people, including but not limited to myself, giving you everything you needed to get the ball rolling on putting a stop to this crap. You did nothing, and in my opinion, you would have continued to do nothing if you weren't down by 7% in the polls. That is, you deserve to lose because you squandered both the good will and the wealth of the people in your district. People who sent you to Washington to represent them. You were fed plenty of information on this crap-pile of fraud in the housing and banking "industry", and yet it is only now, when you're going to be headed home and perhaps receive a few rotten tomatoes when you poke your head out of what I'm sure is a very nice house, that you wish to actually do your job. How many tens of thousands of Floridians lost their homes due to bogus documents? We're not talking about recreating honestly-lost paperwork here. We're talking about the intentional destruction of documentary trails which "conveniently" make it impossible for a borrower to show he or she was bamboozled or someone committed fraud against them. These documents are then "conveniently" re-created - or is that fabricated outright?