Monday, December 05, 2011

Put the Fed in Fed Prison!

Not the building, silly.

The Federal Reserve owns $849 billion in mortgage-backed securities. Total reserves are $2,872 billion, so mortgage-backed securities comprise 30% of reserves. (No wonder the dollar can’t bounce, even with Europe falling apart.)

...These mortgage backed-securities, we now know, are thoroughly fraudulent. They don’t have legal recourse to the underlying mortgages, which were never properly transferred into the trusts. Second, even to the extent that the Federal Reserve owns any of the mortgages that it thinks it purchased, those mortgages were extended on the basis of fraudulent underwriting (including forged income verification and the like), predatory lending, and fraud in the securitizations regarding the underwriting characteristics of the pools. Finally, any equitable ownership interest that the Fed used to have in the mortgages has by this point been further obscured and sullied by widespread forgeries on the part of the servicers and lawyers for the trusts. Accordingly the Fed bought $849 billion in joke fraudulent private securities that were the subject of at least four different levels of criminal and fraudulent behavior.

Yah.  So?

...the Fed must pursue securities fraud claims on behalf of the American people for $849 billion. If Federal Reserve officials fail to do these things, they become accomplices-after-the-fact. As extreme as this sounds, the law is clear and Federal Reserve officials have no immunity protections. If the Fed does not pursue damages on behalf of the American people, they become part of a conspiracy and cover up where the Fed’s role was to buy up and hide the evidence...

It would produce faster results than Ron Paul's idea of just shutting it down.  


Anonymous said...

so who do we pester to get the prosecution started?

Anonymous said...

Well Dad, we are waiting, How can we get them to start prosecuting?
Buying Ammo is all fine and good, shouldn't we get some one to file some law suits first?