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As analyst Bob Chapman explains:
"The fraud committed by the foreclosure mills, at the behest of the banks, puts all foreclosures into question and even the status of those homeowners who are currently paying their mortgages. That means if (they) all stop paying their mortgages, they could end up owning their homes. This is a mega crisis far bigger that Bear Stearns and Lehman," but even bigger ones are coming after years of systemic fraud, the extent of which is staggering.
As for housing says Chapman:
"Foreclosures are now one in 12. Four years ago it was 1 in 100. For sure home prices have not bottomed. It could be the mortgage market is dead and all the bondholders are sunk." If true, the nation's "financial structure is close to collapse."
Countrywide did its share to cause it. According to Black and Wray, its top executives were "infamous," yet B of A made them senior leaders, and administration officials "trivialize (their) criminality," refusing to hold them and others accountable for obvious reasons. Because they, and earlier administrations, helped engineer the housing bubble since the mid-1990s. Though now deflating, victims continue being scammed.
So instead of fixing the problem and aiding homeowners, it festers, grows, and lets "too big to fail" systemically dangerous institutions (SDIs) get bigger, creating greater than ever risks. As a result, we're literally "rolling the dice with disaster every day," world economies held hostage by powerful banks.
The obvious solution is avoided, placing B of A and other insolvent banks in receivership, breaking them up, replacing and prosecuting their culpable officials, and restructuring a dysfunctional system into a workable one, excluding predatory banks.
In her extraordinary book, "Web of Debt," and regular writing, Ellen Brown explains how, again in her October 21 article titled, "Repairing a Dysfunctional Banking System," saying:
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