Paddy Deighan is a real estate investor, attorney and advocate. This blog is dedicated to providing useful information, tips and guidelines for all of your real estate needs.
Wednesday, December 12, 2012
Wall Street Doin' It All Over Again
I have mentioned this to more than a few people and they are all in disbelief. Wall Street has not learned a lesson. Why should they?? They got away with one of the biggest scams that will ever grace this great nation.
We have all heard ad nauseum about the morgtgage fraud/crisis. The bankers are only hald to blame as the Wall Street pirates orchestrated the entire mortgage debacle. I can tell you that everythig that uyou have heard is true, The fraud, Securities fraud, insurance fraud - all of it. Bankers and Wall Street thieves conspired to benefit tremendouslyt from the plight of home owners. What is worse is that they did not share in the pain. Home owners default on the securitized mortgages?? No problem. Wall Street pirates are pretty smart. They had indsirance that covered more than 100% of their losses. Wall Street actually benefited from the defaults.
Well, I am here to tell you that no lesson has been learned. Wall Street is at it again. NOW, they are bundling LEASES and securitizing them and selling them as securities. This is even a better scam as the tenants are never going to fight back when they lose out because the money is not enough for them to fight Wall Street.
Wall Street will make billions out of securitizing leases and undoubtedly, landlords and tenants will be hurt in the process. The government sits idly by as the bankers and Wall Street cash in on the misfortune of others. Sure, the Feds are suing Bank of America for its CountryWide lending process. Where are the convictions of Wall Street pirates that knowingly hurt millions of people (including real estate agents)??
I certainly hope that the securitization of leases doeds not end in the same manner as securitization of mortgages and deeds of trusts. Time will tell...
Paddy Deighan J.D. Ph.D