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Banks Committed Fraud on Investors of Mortgage Backed Securities
I am re-blogging a post I read today from Tim Maitski of Atlanta Georgia.Tim's post today is something every homeowner in America needs to read.
I've been following Neil Garfield, he writes Living Lie's Weblog and his post Inside Scoop on the Financial Crisis Inquiry Commission  is another good read.

Forget about troubled homeowners trying to stop the foreclosure with a "show me the note" defense.  It's kind of a David vs. Goliath battle.  That's kind of small potatoes compared to what's shaping up to be massive lawsuits between  two Goliaths: banks vs.  large investment houses.
It looks like it is likely that we'll be seeing investors of MBS(mortgage backed securities) ie. pension funds and insurance companies,  go after the banks who put together the securities. 
It's looking a lot like securities fraud.  Banks knew the mortgages in these securities were flawed but they got the rating agencies to give them high ratings so they could sell them as if they were a lot less risky than they really were.  When you sell securities, you have to disclose things that you know are material. It's kind of like seller's property disclosures.
The banks actually hired a company to evaluate the ... more

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