Wednesday, September 14, 2011

Millions of People or Trillions of Dollars?

Here is the opening tease:

"His basic premise, set forth in his FAQ and Mission statement is that the foreclosure mess was not a situation where millions of people suddenly appeared needing housing, but where Trillions of dollars were in search of people who could be convinced to sign their names." 

Hint: I posted this author's link to my FaceBook account so people could inform themselves if they care to! 

Given the above approach to the foreclosure/investment disaster, can't you just hear the heavy breathing of those brand new mortgage shops?  Those brand new loan brokerage firms? and all the scammers, from MERS, who cleverly engineered the same kind of strip-code marketing that your grocer has used for decades and brought the world to it's financial knees, to the creator of “ELRS”.  Electronic Loan Reviews were run by computers overnight looking for fraud – hahahaha!  Thousands of ELRs were run while I slept, giving automatic AAA grades on most of them.  Just like Wall Street today, with their computer’s buying and selling, manipulating The Market. 

Wheeee! it’s up! Let’s have a $32,000.00 bottle of wine with lunch, boys!!   Aah, nooonono!  It’s down! OMG! OMYGAWD!  All that ranting makes me want to market a little Wall Street ED medicine to the suits.

You may have guessed that I'm now a follower of Neil Garfield.  I stumbled upon his blog whilst searching MERS, looking a former SVP of mine.  And yes, I see he followed our old CEO to a high position within the biggest credit company in the country.  He’s tucked in and running the risk department, LOL!  

 Please keep in mind that this was my original intention today.  I’ve been keeping a file (a red file) of former employees of the company I last worked for.  I have a record of position(s) they held at Brand X Mortgage and records of the current position at places like MGIC, Radian.  

If you are unaware of my background it is over 40 years in the industry of Real Estate: Title Insurance, Escrow, Commercial and Real Estate Loans, Mortgage Banking, and ultimately Mortgage Fraud Investigator.  It was in that last position that I realized something was very wrong:  we were lending to pretend people with pretend jobs who earned pretend salaries!  

Do you remember searching for all twelve little bunnies in the picture of the forest in grade school?  Well - I loved it then and I love it still. So I was offered a chance to transfer to the "Prefunding Analysis Department", to audit loans for fraud because I have a knack for sniffing out hidden bunnies.  I swear to whoever is On High: one of my first reviews was the loan of .... Mr. Bob Bogus.   I could not find any evidence anywhere of a Bob or Robert Bogus so I wrote it up in my report.

Anyway, I was told not to be so picky about a person's name - it was too obvious to really be fraud.  Well, Ms. AVP, either you really were stupider than me, or you were on the Bob Bonus Dole.  I've decided you are a hybrid of both.  And so, the first loan I red-flagged, was gobbled up by some sorry investor a week later and was on its way, like a heat-seeking missile aimed at the heart of America, or Norway or some other equally unimportant country. 

I've heard in very recent history that this was an inside joke, industry shorthand that the pranksters who were "in on the fraud" just couldn't resist. 

This reminds me of rearing my kids.   Teenagers and their pals will joke in code as they stand right in front of you.  Your job is to listen carefully, because they laugh believing they are smarter than you!  Smile inanely, and know you'll soon find out what they are really doing. 
Parenthood One Oh One, chapter 15, pg.20. 

I don't know exactly what I'm going to do with my Red File. Whistleblower, maybe.  But what’s the use in a world where America is but a rotting corpse that political vultures are fighting over?  Each day brings new disasters that are intentionally kept out of local news, soothing most pilgrims in their ignorance and keeping well fed on trivial poop like the  Kardashians, Nancy Grace and Desperate Housewives.

Well, I for one believe this economy should not be turned around.  It’s been debased and resembles nothing I am familiar with.

We better darned well build us a new economy we can use as a tool, not as a privy hole.

Answer:  Neil Garfield

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