Professor Bill Black: There were millions of acts of fraud; Fire Eric Holder, Bernanke and Geithner

Dylan Ratigan and Professor Bill Black

Two of the most grandchildren friendly

humans on the planet

Professor Bill Black on Dylan Ratigan:

"Credit Suisse says that by 2006 49% of all mortgage originations were liars loans. When independent folks study fraud, it is in the 80-90% fraud range. That means there were millions of acts of fraud. Those loan frauds occurred because the banks created incentive structure for the loan brokers to bring them the absolute worst of the worst loans, and to lie on the application forms...

These frauds came from the banks, and they propagated through the system through a series of echo epidemics...This fraud spread through the system and that's why we have a crisis in foreclosures. This stems from the underlying fraud by the lenders in mortgage loans to the tune of well over a million cases a year by 2005."

The Fed should not be in charge of any investigation into mortgage fraud, due to its "massive" conflict of interest, to the tune of $1.5 trillion in MBS/agencies held on the Fed's books, which would be immediately null and voided if rampant MBS fraud is indeed uncovered.

Bill Black's conclusion: "fire Holder, fire Geithner, fire Bernanke, get people in who will enforce the rule of law." (Eric Holder, Attorney General)