Wall Street Whistleblower Mortgage Funds, Mortgage Funds Collapse, Economic Collapse, Inflated Value Mortgages,
Excerpt from www.dailykos.com
Manipulation of commercial mortgage funds could lead to another collapse
Heather Vogell at ProPublica writes—Whistleblower: Wall Street Has Engaged in Widespread Manipulation of Mortgage Funds:
Among the toxic contributors to the financial crisis of 2008, few caused as much havoc as mortgages with dodgy numbers and inflated values. Huge quantities of them were assembled into securities that crashed and burned, damaging homeowners and investors alike. Afterward, reforms were promised. Never again, regulators vowed, would real estate financiers be able to fudge numbers and threaten the entire economy.
Twelve years later, there’s evidence something similar is happening again.
Some of the world’s biggest banks — including Wells Fargo and Deutsche Bank — as well as other lenders have engaged in a systematic fraud that allowed them to award borrowers bigger loans than were supported by their true financials, according to a previously unreported whistleblower complaint submitted to the Securities and Exchange Commission last year.
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