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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: patron_anejo_por_favor who wrote (164756)11/16/2008 3:44:05 AM
From: RiskmgmtRead Replies (4) of 306849
 
Patron:
Did you read the post by rubberband #9164722?

It is a long post of comments and analysis by Catherine Austin Fitts a former Sec of Housing from her website.
solari.com

I can not believe in the 34 subsequent posts no one mentions it. It is jaw dropping even to readers of this thread, e.g.

After I began researching HUD fraud in the late 1990s, I would be contacted by people with experience with HUD fraud. They insisted that the same home was being used to create ten or more mortgages that were placed into different pools. They alleged that Chase as the lead HUD servicer and the other big banks were implementing such systems. This was why we would see the same house default two, three, or four times in a year, they claimed. FHA mortgages had to be churned through multiple defaults to generate the cash to keep all these fraudulent pools afloat. This, they insisted, was all going to finance various secret government operations and private agendas.

I have come to believe that the allegations of mortgage collateral fraud are true—not just for FHA and Ginnie Mae at HUD but across the board throughout the mortgage markets as well.

It is hard for me to comprehend the magnitude of corruption she claims exists. Has her work been commented on here before?
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