Former RTC S&L Regulator William K. Black: "FIRE Holder, FIRE Geithner, FIRE Bernanke" - for COMPLICITY in "MASSIVE FRAUD" in US mortgages and foreclosure crisis cover-ups....

"FIRE HOLDER, FIRE GEITHNER, FIRE BERNANKE, GET PEOPLE IN who will SUPPORT THE RULE OF LAW" - Prof. William K. Black, former lead investigator of the Savings & Loan clean-up RTC crew,  on the Obama administration's CRIMINAL COMPLICITY with TITANIC FRAUD in U.S. financial markets & especially "mortgage backed securities. "

  Mr. Black's comments towards the very end (about 9:15 in video)  of this 3 person Dylan Ratigan show  discussion, in response to Dylan asking -

"[What about]  all the TAXPAYERS who are being asked to SUPPORT this CORRUPT and FRAUDULENT banking system through Fannie Mae, Freddie Mac, the Federal Reserve, and  DIRECT EXPENDITURES  authorized by our own Congress..."
 [see our  below graphic $1.6 trillion taxpayer extorted "bailo;uts" dollars in the MORTGAGE CRISIS, ALONE]
 "...what can we do to amplify demand to see what percentage of the papter that was given to the gut of American taxpayers by George Bush, Hank Paulson, and  then perpetuated by Barack Obama and Tim Geithner,  what percentage of [those loans were]  indeed FRAUDULENT, and why don't we know it  two years later?"  

  Prof. Black responds:

•   "That's exactly what we've been calling for... WHY DIDN'T WE KNOW [this] at least 5 years ago, when most of it was done?"  [because the Greenspan - Bernanke - Giethner Fed was IN BED with the big NY & Wall St. bankers]
•     "Bernanke has just announced 'They're going to do an intensive review of the assets they accepted as collateral.'   So you wait a year-and-a-half, and THEN you look at your collateral?   Now what would happen if you were the most Junior VP, at a small Savings & Loan, if that's what your approach to business would be?  This [Fed Reserve Chairman Ben Bernanke]  is supposed to be the most sophisticated guy in the world."
• "We have the ability, because of Fannie, and Freddie, the Federal home loan banks, and the Federal Reserve taking all this 'money' in collateral,  to do a superb sampling job, to tell us exactly what happened in mortgages....
•   ...it can NOT BE DONE BY THE FED,  because it's in a complete CONFLICT of INTEREST.
•  the Fed CAN NOT ADMIT that IT TOOK OVER A BILLION-and-a-half dollars in TOXIC GARBAGE, and did not recognize the losses on it...   [this was a de facto GIFT -extorted from taxpayers -  by Greenspan, Bernanke, and Geithner to their buddies at the Big Banks on Wall St.] 
•   ...so it [Bernanke & Giethner's Fed] has  LED THE COVER UP. 
•  "IT's THE FED, THROUGH BERNANKE,  DELIBERATELY, working with the Chamber of Commerce and the American Bankers Association, who got Congress to EXTORT the Financial Accounting Standards Board, to PERVERT the accounting  rules,   so they wouldn't have to recognize the losses.  Because they DON'T have to recognize the losses, they [the bankers]  REPORT FICTIONAL INCOME and MASSIVE BONUSES, and they gut the Prompt Corrective Action law."
•   WE call for bringing in the FDIC, which is the best of the worst, and the GAO, to  look...
•  "...WHERE EVER WE LOOK, we FIND MASSIVE FRAUD....  and [we need to] LOOK NOW - Fannie & Freddie have started to look... AMBAC said that...
•  .....97% of the loans that Countrywide  sold [TO  U.S. GOVERNMENT mortgage-buying agencies]  were sold under FALSE REPS & WARRANTIES."
•   "NO CONVICTIONS, Dylan, NO CONVICTIONS [of financial crimes by the Obama administration]  versus over 1,000 in the Savings & Loan debacle [in the early and mid-1990s].
•  FIRE Holder, FIRE Geithner, FIRE Bernanke, get people in who will enforce the rule of law."

 Mr. Black at the beginning of his comments (after "Foreclosure Nurse"  foreclosure relief activist Lisa Epstein, at about 5:11 in video) -

1. "Last week, for the very first time, a Nobel prize winner, Joe Stiglitz, said "THIS CRISIS IS ALL ABOUT FRAUD.  Now Krugman still can't quite bring himself to use the 'F' word very often...
2. "but emprically.... Lisa's analytics are  correct in most places.. ... while Geithner's analytics ARE DISASTROUSLY WRONG in most places
3. "Credit Suisse says that by  2006, 49% of ALL MORTGAGE ORIGINATIONS   IN  the United States were LIARS LOANS...
4.   "The lowest incidence of fraud when we study Liars Loans, is 50%,  and  that's when the fraudsters study themselves, when  independent folks study it, it's in the 80% to 90% range."
5.   "That means THERE WERE MILLIONS OF ACTS OF FRAUD" 
6.  "Those LOAN FRAUDS occur  NOT because there is some clever person making $20,000 a year,  who is able to deceive the banks, BUT BECAUSE THE BANKS  created INCENTIVE STRUCTURES for the loan brokers to BRING THEM the ABSOLUTE WORST OF THE WORST loans, and to LIE on the application forms  to hit the magic ratios on loan-to-value and things  like that  a homeowner wouldn't   have even   known  which number to put in."
7.   "These FRAUDS CAME FROM THE BANKS, and they propagated through the system through a series of what we call  'ECHO EPIDEMICS'... in which they GOT APPRAISERS first to GIVE THEM GROSSLY INFLATED VALUES, and there are excellent numbers on that,  to get outside auditors to give them CLEAN OPINIONS on LUDICROUS  financial statements, EVERY SINGLE  TIME they were able to get  a clean opinion,  and every single time, virtually, they were able to get a TRIPLE-A RATING out of the CREDIT RATING AGENCIES."
8.   "So this FRAUD did in fact SPREAD THROUGH THE SYSTEM."
9.  "And that's why we have a crisis in foreclosures now... this stems from the UNDERLYING FRAUD by the lenders in mortgage loans   to the tune of more than, well over  a million cases a year by 2005."
10.  "Virtually every time they were able to get a TRIPLE-A RATING [AAA]" - on SHEER GARBAGE, JUNK, FRAUDULENT, toxic, and criminal mortgage loan originations!   

bonus -  "Mortgage Backed Securities" should REALLY mean,  "MALICIOUS BANKERS WITH SYPHILLUS"  - "Mortgage Nurse" Lisa Epstein's comments are equally insightful, from the beginning of the above Dylan Ratigan show video.