We might as well ask the financial industry to shoot us again, because the last shot in 2008 has worn off. The industry has convinced mainstream media that foreclosures are over. They are not. In fact they are rising all over the country except specific pockets where the banks have manipulated their efforts to create the illusion of a foreclosure crisis that had ended.
Jamie Dimon continues to rise in influence not only in the financial sector but politically. This is unconscionable. Dimon, as head of Chase, has sat on the Federal Reserve Board New York throughout the financial crisis that he and his cohorts created and have steadfastly maintained causing the economy to lack the resources to create robust growth.
The Fed actually purchased trillions of dollars in “mortgage bonds” that were neither back by mortgages nor bonds issued by any credible entity. The banks sold the bonds as if they were the owners and then continued to screw the investors who put up the money and to eviscerate American homeowners for non payment of a liability owed to third parties, even while Chase continued to collect 100 cents on the dollar for the worthless bonds that were supposedly indirect ownership of the the alleged loans. Dimon should be given a room with a view of iron bars and not some opulent corner office. The American people are still looking for justice.
In one of the biggest swindles of the crisis (hard to pick which one) Chase has successfully hoodwinked the courts into allowing foreclosures by Chase — and others under Chase sponsorship — to foreclose on hundreds of thousands of homeowners — on mortgages that were (a) void and (b) where even the paper was not owned by Chase, especially where it came from Washington Mutual.
The Chase-WAMU deal involved a net cost to Chase of zero. Yet according to them Chase was the owner of hundreds of billions of dollars worth of loans that were either unfunded by WAMU or already sold by the time the deal happened. If WAMU actually had those kinds of assets it would never have gone bankrupt. And if the WAMU estate had those assets, then the price for ownership of the loans would have been over $100 Billion.
The net result of such actions is that household wealth was siphoned out to the direct benefit of Chase and other TBTF banks that engaged in the same behavior. Dimon is emboldened by the Trump victory. Now, because of laziness in mainstream media, the tragic fraud on America continues and Dimon’s political star is rising. Maybe he will run for president just to seal the deal.
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