Rocks and Hard Places

The Taxpaying Majority (TTM) has not forgotten about those toxic assets the “To Big To Fail” exchanged for treasury instruments. Those toxic assets such as MBS, CDO, CDS and other forms of derivative were said to be worth pennies on the dollar and backed by the housing market.

Remember pennies are those ancient, barbaric relics that cost more to produce then what they are able to purchase. What can TTM buy with a penny, nothing? Toxic Assets (underwater homes mortgages) were swapped for the full faith and credit of the US Government instruments.

It was the sub-prime implosion that initiated the current financial crisis. Now that banks are assuming title to their toxic assets, will they be able to meet requirements set by Basel 3? Can municipalities expect property tax payments from TBTF?

If a private banking institution forecloses on a property will congress stop looking further into the racketeering, scams and fraud? It was not only banks that are party to a flawed document process. How can banks proceed with foreclosures when others involved in the document process may have committed fraud?

Flawed documents were submitted by rating agencies, realtors, mortgage brokers, lawyers, appraisers and other involved in the process. TTM has not forgotten about the traunches. Where a mortgage was chopped into piece, each piece was repackaged into a separate pool and sold as AAA paper.

Which part of the mortgage that was sold to the Fannie and Freddie does the bank own? Does the central bank FRS also need to get these toxic assets of it books in order to comply with Basel 3? Then there is Ninja with no income, no job, no assets or address. Check with FBI field agents who raised a red flag back in 2005.

It is only through a conquered, captured and controlled government such a massive treasury heist continues to take place. TTM realizes that all three branches of government have abandon their fiduciary duty and capitulated, compromised and cede to an International Financial Cartel (IFC).