I've come to believe that who ever starts digging around HUD will not like what they find.

I'm beginning to wonder how Timeshare holiday properties fit in with all this?

I bet they do, and I bet that's really ugly as well.

American ideal: The ends do not justify the means.

American reality: We do what's 'best' for the sheeple.

Unfortunately too many people too high up in positions of political power would be going to jail if the investigators actually did their job.

No one will go to jail and only a token few will be prosecuted if at all.

History repeats itself. Like England during the Crusades, the country is so pervasively full of corruption rot that nothing can be done.

It's not obvious unless you go to http://market-ticker.org/

But the font is smaller on "Corruption: Big Banks Using "Silent Subs"?" than it is on the one above and the one below.

Insurance and interest, in all its forms, nuances and types and psuedo names should work like crap.

Drive like crap, pay more. Eat crap and/or treat your body like crap, pay more. Can't pay for crap, 30% interest and 30% down. Worthless crap... well if you were smart....

When the government pays or takes risk to "balance" things out, we become Santa Claus to the rescue of all world crap... enough crap already.

Amazing, absolutely amazing

I don't understand why there is no investigation into the corruption, malfeasance etc

Oops, dumb ass me, I do know why

Thanks Gen. I want to applaud Pam Martens and CounterPunch for doing a little investigative reporting. Remember, the Watergate scandal was page 2 news until two intrepid reporters started looking. This is a start and I believe that the scale of this fraud is so large that at least one state's AG will investigate and prosecute. At the very least it is beyond the pale for the U.S. Gov't to reward the issuers of bad paper by hiring them to service the delinquent loans they themselves produced. This goes way beyond moral hazard.

Actually, the first state that starts investigating will be rewarded handsomely for stopping or obfuscating the investigation. Then the next few will be rewarded with revenue from the inevitable huge fines.

Maybe that's how some smart governors could get their states to get their deficits in order!

THE ELDEST PROFESSION IS NOT PROSTITUTION; -IT IS THIEVERY. - Throxx Of Vron

Quote:

I've come to believe that who ever starts digging around HUD will not like what they find.

Catherine Austin Fitts,Summer interview on C2CAM,which someone here on TF posted a link to a trans scribed version,had some of the most shocking,and damning things you'd ever care to know about HUD.She lays out that the fraud that KD have spotlighted in housing,cre,IB'ing,FR QE games,etc,in the last few years,is really just the tip of an extremely large iceberg.

http://tickerforum.org/cgi-ticker/akcs-w....

I highly recommend all read the interview.Full audio can be easily found online
with a bit of digging.

On topic : Fantastic ticker,and yeah.... where are the damn cops !!!??

You can totally polish a turd:

Anecdotal Story ( Kinda OT)

I went to the Annual Timeshare Investors Conference sponsored by Interval International last year, Oct 1 and this year, approxmately 2 weeks ago at the Peabody Orlando.

We were laughing at the name Timeshare Investors because it was an oxymoron.

Anyway, the Developers securitized the end mortgages just like the whole ownership RE industry did with CDO's and MBS's. This is how the Developers cash flowed said companies liquidity. I heard that Baker and Hostetler, Chicago first securitized the developers mortgages in 1997 (www.bakerlaw.com).

The TS industry HIT THE WALL at the same time as Lehman Brothers went under, (The First Week of Oct last year, during the Conference) and today the TS business model is over according to a Think Tank Economist that I spent two hours with at the conference.

Tens of thousands of TS workers were laid off, just here in Florida.

The corporate TS companies cut their middle management and top tier Executive staff by HALF and the Executives that made the cut had their job responsibilities and/or territory double for the same pay.

Currently, with no cash flow, the majority of these developers are cash strapped and the industry is in very big trouble. There is no velocity of money, or very little and there are not enough mortgage dollars to fund "New Week" sales to the vacationing consumers. The banks are playing hard ball with the developers. One TS CEO has had his private jet grounded by the bank, I heard.

A couple of the Big Private TS Developers kept the finance process in house and they are fine, btw.

Just my take from the front lines.

VS

You know the never-ending 'networking' fad?

Well, these people networked circles of corruption with the government.

This is Tony Soprano kind of stuff.