Ninja and derivatives

Ninja was able to acquire mortgages in the billions of dollars. Yet Ninja was only the fuse, the wick, the accelerant that started the fire. By acting as the igniter, Ninja has become the Osama Bin Laden of a global MBS industry. In 2005 the FBI raised concern about a massive mortgage fraud rolling down the housing industry path.
Teaser loans, liar loans, interest only loans or no income loans became legitimate lending transaction. Trying to protect Banks form their lack of fiduciary duty and due diligence will not solve a global financial fraud. Does a house foreclosed because of a fraudulent default by Ninja qualify as a clear title instrument held as a bank asset?
Does a bank have a right to sell a sliced and diced mortgage plus assign the new mortgage to another MBS? The great depression generation would say “You can’t have your cake and eat it too”. Bottom line is municipalities, pension fund and global investor were sold bonds that were created, designed and expected to implode.
In fact the chumps, suckers and bamboozled are those that are being penalized for doing the right thing by paying their property taxes.
Why would a lobbied, purchased and paid for congress encourage the housing industry a make loan to someone with no income, no job and no assets? The taxpaying majority (TTM) now realize the serious money is made when the mortgage is in default.
This is why does TTM own AIG. The big money is being made by those who took out insurance on an inevitable housing crash. Tranches were designed and sold according the length of time it would take Ninja to stop paying the mortgage. Is this another form of fraud, racketeering and theft? It’s no different from a hot water heater that breaks down one month after it warranty expires.
An appliance malfunction is scientifically and mathematically calculated base on stress, metal fatigue or chip design. Banks are foreclosing on properties that are underwater in value, marking them above market price and exchanging these toxic assets for treasuries. Qualified borrower might end purchasing property at inflated prices with a defected title.
Investment banks, title companies, rating agencies and insurance companies may be liable for breach of warranty representation in an MBS pool but TTM will pay the bill. The MBS debt could be as high as $40 trillion. When it comes to congress doing the biding of it master both political parties have no hesitation.
Congress passed legislation which grandfathers, circumvents and repeals title procedures regarding property. If a notary can sign and stamp a document before a borrower’s signature is penned on the agreement, notary guidelines been repealed. Does the current owner of a repossessed property continue paying down a mortgage on house where an illegal eviction took place?
Will banks once again become insolvent because MERS owes municipalities hundreds o f billions in deflating dollars. TTM have a clearer picture of a planned multi-decade scams that has left it holding a bag full of caca. The Federal Reserve chairman has not denied systematic weakness lead to improper foreclosures.
In other words some repossessed homes are now occupied by borrowers who legally could be trespassing. When the chairman of the Federal Reserve takes violations of proper procedures seriously it is an admission to deficiencies within a global MBS market. What the chairman did not acknowledge was the currency plunge that took place on 10/22/2010, Friday evening after markets closed.