Mortgage Backed (in)Securities. 19y old sells nearly a billion$ of MBS

bubblesmoney

security for the fraudsters but insecurity for the tax payers when they face the bill for the bail outs.

guess most on here would have read about the madoff ponzi scheme. for those who have not read the nitty gritty on how the SEC allowed the fraud to happen, you can see the last link on this post.

but for now, just so that you get a first hand experience on how the mortgage fraud gets sold on a securities you can see this link. FOR THOSE WHO DONT LIKE READING STUFF WITH SPELLING MISTAKES OR POOR GRAMMAR, PLEASE STAY AWAY FROM THIS LINK, how ever if you still read it then dont hassle me about that later, if you still are bored enough to do that then you can see me doing this (thats my middle finger by the way). just making that clear so that such spelling warriors dont waste my breath later.

see how this 19y old ([FONT=TimesNewRoman,Bold]CHRISTOPHER JARED WARREN) [/FONT]without a degree was trained to be a fraudster and then how to sell on the fraudulent mortgages as securities. he sold 800million$ worth of them !!!!!!!!!!!!!!!! and became a millionaire by age 24 !!!!
see the link for details (intro page) and the actual reality television script (if this confession on the company website doesnt shock you as to the scale of the fraud then nothing will shock you)

for those who want to know the details of the madoff ponzi scheme, see this copy of the markopolos testimony

wonder how many of these mortgage backed securities are fraudulent and when any of the govts doing the bailouts get the balls to actually throw some of the bigtime fraudsters in jail where they belong for a life time rather than house arrest in pent houses or sunbathing in corfu or where ever the play ground of the rich and infamous is.

StevieJ

It must be a big relief that house prices are on the up again at least in the UK :beer:

bubblesmoney

StevieJ wrote: »

It must be a big relief that house prices are on the up again at least in the UK :beer:

i dont know about that. but bet when more such MBinSecurities are uncovered and the losses booked the prices will need more than a cough to prop up the prices

chucky

this was in the US - should be on a different board.

bubblesmoney

chucky wrote: »

this was in the US - should be on a different board.

want to bet how many of the UK banks bought the same mortgage backed securities??? and want to bet whether UK MBS were of similar quality as well, after all didnt we ape the usa economy.

wonder why the usa problem is affecting the uk economy now. probably like brown always says it was an external problem (and brown buries his head in sand or was it his backside).:beer:

chucky

bubblesmoney wrote: »

want to bet how many of the UK banks bought the same mortgage backed securities??? amd want to bet whether UK MBS were of similar quality as well, after all didnt we ape the usa economy.

wonder why the usa problem is affecting the uk economy now. probably like brown always says it was an external problem (and he buries his head in sand or was it his backside).:beer:

behave yourself bubbles - i was being sarcastic.
i bet you're American and you didn't get it?

bubblesmoney

chucky wrote: »

behave yourself bubbles - i was being sarcastic.
i bet you're American and you didn't get it?

hey i know u were sarcastic, i wasnt refering to you hence while you were busy replying to my post, i was busy editing my post so that you dont misunderstand it. sometimes the written word doesnt convey the actual meaning and gets misinterpreted. no offence meant to you in my earlier post, apologies if any offense was caused inadvertantly by me.

ps: i am not american, just like those chaps in america werent indian when columbus landed there thinking it was india. but i do watch a lot of american TV and movies as got sick and tired of the sh1te that gets on UK TV (like crap property programs, big brother and garbage sold as art auctions etc)

chucky

bubblesmoney wrote: »

hey i know u were sarcastic, i wasnt refering to you hence while you were busy replying to my post, i was busy editing my post so that you dont misunderstand it. sometimes the written word doesnt convey the actual meaning and gets misinterpreted. no offence meant to you in my earlier post, apologies is any offense was caused inadvertantly by me

no offence taken old chap

purch

without a degree

:eek:

That is ridiculous !!!!

The Education system is going to pot !!!!

Obama needs to get his finger out and start chucking $Billions at this problem immediately.

Thankyou for alerting us to this huge scandal, that is letting down the kids in America :T

bubblesmoney

purch wrote: »

:eek:

That is ridiculous !!!!

The Education system is going to pot !!!!

Obama needs to get his finger out and start chucking $Billions at this problem immediately.

Thankyou for alerting us to this huge scandal, that is letting down the kids in America :T

the ones who sold such stuff with many degrees behind their names werent any less fraudulent though

purch

No.

This stuff, and other pieces I've read about firms such as Countrywide and Metropolitan , it beggars belief that these frauds were allowed to happen in such huge $$ amounts.