By: Yves Baggi

Yves Baggi — Wed, 30 Dec 2009 18:10:58 +0000

>When the home sells for 10% or 20% less the next time around and
>the bank takes a $20,000 – $100,000 loss on the house, how is that
>any different than taking that money directly from the bank’s vault

This article shows the writer’s total ignorance of how the banking system
works.

Remember: at the time of loan signing, THE BANK DOES NOT ACTUALLY
HAVE THE MONEY IN ITS VAULTS or anywhere else.

They use the signed loan docs to go ‘borrow’ money from the fed which
in turn just ‘prints’ it out of thin air.

So to answer the question: the theft happens at the time of the loan signing
and is perpetrated by the bank.

Read “Modern Money Mechanics” no longer published by the fed…(wonder why) but you can find it online and sometime an original at flea markets and antiques.

By: Brent

Brent — Fri, 15 Feb 2008 15:04:25 +0000

Great article. Thanks for sharing.

This is indeed a mess. I remember thinking back in 2004 that this whole thing was going to blow up around now. I had no idea how much play money was changing hands and how much our last economic up-tick was based on irrational exuberance and criminal activity.

I am curious who will emerge victorious in this. Somebody always wins in a scam.

Comments on: Short Sales & Foreclosures – Home Owner White Collar Crime?

By: Yves Baggi

By: Brent