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Much has been written and spoken about the pattern of crises culminating in the catastrophe that has led, so far, to the displacement of 15,000,000 people from their homes, their jobs, and the lives they had built for themselves. We know that another 15,000,000 will most likely be ruined by a basic breach of trust combined with supreme arrogance.
While most people were playing by the rules, the financial institutions burst out of their roles as intermediaries facilitating payments and transfers of money and securities, and beheaded those people, the professionally managed funds that contained their only hope for pensions, and froze the government into gridlock.
Tonight we explore the description of what happened, how it happened, and why more crises of even greater consequences will occur as early as this year and continuing for generations.
To see how “securitization” was treated before the mortgage crisis hit, see the following link from Illinois Bankruptcy Court. The Judge arrives at exactly the same conclusion as I did when I first analyzed this in 2007-2008.
Filed under: foreclosure |