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Nowhere did they claim they wanted fraudulent contracts. Please post where they asked for that.
There were no fraudulent contracts, exactly as the federal court of appeals ruled 3-0.
F&F's problems stem from wanting to buy loans made to those with no/bad credit and other issues, and the use of their "automated underwriting" systems that eliminated the manual underwriting that would have approved 65% fewer loans due to too much risk.
I've posted the links proving that's EXACTLY what happened.
There were no fraudulent contracts, exactly as the federal court of appeals ruled 3-0.
F&F's problems stem from wanting to buy loans made to those with no/bad credit and other issues, and the use of their "automated underwriting" systems that eliminated the manual underwriting that would have approved 65% fewer loans due to too much risk.
I've posted the links proving that's EXACTLY what happened.
Mozilo didn't pay his slap on the wrist fine because he was on the up and up.
They pay interest on the ~$2 Trillion worth of US Treasuries that were traded for those GSE MBS the Federal Reserve now has.
The Federal Reserve did not pay for the GSE MBS that they now hold by selling Treasuries. In fact the Federal Reserve at the same time they were buying the GSE MBS were buying even larger amounts of Treasuries.
He also didn't go to jail, did he? Neither did any of the other loan originators.
NOBODY did....that was a major, major failing on the part of the Obama administration and everyone who for years claimed to support the same type of reforms he falsely claimed to be for.
Iceland isn't he only place that had a corrupt system.
The Federal Reserve did not pay for the GSE MBS that they now hold by selling Treasuries. In fact the Federal Reserve at the same time they were buying the GSE MBS were buying even larger amounts of Treasuries.
The Federal Reserve can't actually buy squat as they don't produce squat.
They can only offer IOU's that will never be paid back.
To carry out QE central banks create money by buying securities, such as government bonds, from banks, with electronic cash that did not exist before.
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