5 votes

Video: RT Lauren Lyster's exclusive interview w/ Cong. Budget Office Mortgage Fraud Whistleblower!

Thanks Lauren!

By the way y'all, RT Capital Account's Executive Producer Demetri Kofinas is Austrian-leaning!

Check out Lew Rockwell interviewing Demetri to find out more:

277. Finally, Honest TV

On May 15, 2012

Executive Producer Demetri Kofinas talks to Lew Rockwell about why Russia Today’s "Capital Account", starring Lauren Lyster, is so good and so right.

Direct MP3 Download link: http://www.lewrockwell.com/lewrockwell-show/wp-content/uploa...

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Capital Account TV Exclusive Interview of CBO Mortgage Fraud Whistleblower!

Published on May 30, 2012 by CapitalAccount

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http://twitter.com/laurenlyster
http://twitter.com/coveringdelta

Welcome to Capital Account. On today's show, we have a story you may have not heard before, from a person that you have definitely not heard from before. It's a story about America's financial crisis, its mortgage crisis, and the foreclosure fraud that enveloped the United States during the past decade. That person is Lan T. Pham, the famous CBO whistleblower who was fired from her job for telling the truth about systemic fraud and corruption in America's mortgage market and financial system.

In the past century, real estate law and transactions related to real estate and mortgage financing in the US have been subject to state regulations, with mortgage documents recorded at the county level. This worked relatively well in the traditional mortgage market that we had for most of America's history; the bank that issues the mortgages keeps the loan on its books until maturity. However, this made difficult, if not impossible, the type of financial engineering of mortgages that we saw during the securitization and refinancing credit boom of the past decade. This refers, of course, to the slicing and dicing, the repackaging and selling of homes into mortgage backed securities (MBS) and collateralized debt obligations (CDO'S) that underpinned the credit bubble of the 2000's that end with the financial crisis of 2008. The reason why traditional mortgage practices made securitization difficult is, in part, because every time a financial product containing mortgages was sold, various state laws would require that the sale of the mortgage be recorded in the local county office. This practice results in additional costs, paperwork, and perhaps most importantly, a trail in the chain of title.

Eager to work around these barriers, the financial industry created an alternative registration system for recording the issuance, sale and re-distribution of mortgages. This system, known as MERS (Mortgage Electronic Registration Systems), was founded in the mid-nineties with the help of some of the nation's largest banks, including JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, as well as mortgage giants Fannie Mae and Freddie Mac.

MERS was created by the mortgage banking industry in order to streamline the mortgage process by using electronic commerce that eliminated paper. According to MERS, it was supposed to help reduce fraud and thus reduce costs for everyone, including borrowers. Ironically, or perhaps not so ironically, the system helped to do exactly the opposite. It effectively replaced the recording and tracking of mortgage ownership and paperwork at the county level with a privately controlled system for the tracking of tens of millions of mortgages.

Once MERS was instituted, lenders were still required to file initial paperwork at the county level, but with two key distinctions from how things were done in the past. First, the paperwork did not need to filed with the name of the lender. Instead, MERS could be substituted in place of mortgage issuers such as Bank of America or JP Morgan Chase. Second, and perhaps more importantly, any subsequent modification in terms or changes in ownership of the mortgage would only be recorded through MERS, making it a black-box for the securitization industry, and for the trillions of dollars in mortgages that would subsequently be rolled up, cut up, and sold off in complex financial products to pension funds and other unsuspecting investors. Trillions of dollars in credit protection written on these very mortgages added another layer of exposure to a financial system run amok.

By 2007, MERS registered some two-thirds of all the home loans in the US according to Harpers, and it was around this time that the financial system began to experience the credit convulsions that subsequently came to be known as "the financial crisis." This led to not only a a bailout of firms holding these toxic products, but it also lead to 180+ billion dollar bailout of AIG, the largest issuer of insurance protecting against the very products that were being pumped out like sausages on an assembly line. And, of course, let's not forget about the federal takeover of Fannie Mae and Freddie Mac, which the taxpayer is still footing the bill for 5 years later.

These are issues that Dr. Lan T. Pham, former Principal Analyst and Financial Economist at the Congressional Budget Office (CBO) was beginning to explore in her work there in 2010, before she was quickly fired. She joins us in a TV exclusive interview to tell her story, and to tell you why Americans should be asking some tough questions about who the CBO and Congress are REALLY serving...




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"ABC News excel in distortion." - Lan T. Pham

Russia Today bringing news to America? American media is such a disgrace.

Honorable mention:

"ABC News excel in distortion." - Dr. Lan T. Pham

http://youtu.be/CEA5yguqO7E#t=25m40s

yup, for all the pitfalls of liking the state-owned media RT,

and while being fully vigilant that they're only doing this as criticizing DC/NYC power 'elite' serves Kremlin's aims, it is nevertheless still good to have them. Regardless, I get news from all over and whatever each source omits or spins or skewers, read enough, a pattern emerges, and can fill in the blank and somewhere in the middle lies the Truth.

I believe the ongoing Cold War era joke was that Pravda actually did print the Truth, as long you read Page A14, B6, C11, and D8.

lol

Plus, Lauren Lyster, whom I used to not like that much before, as she displayed a bit of statist mindset when she was just an anchor, really won me over with her depth of knowledge; she did work as an analyst at Wall St. once upon a time, and as much as she may have disliked working for those bozos, her knowledge and experience garnered during that period of her life, gives meat and real-world gravitas to her coverage and analyses.

Other than Max Keiser, no one else even comes close to matching her at RT. Alyona, sweet girl, well meaning and 80% favorable coverage toward the Pauls (which is a gazillion times better than American MSM) but her overt liberal bias and her lack of non-media experience definitely shows through. Plus, she's a youngin' so I suppose it's understandable. My new fave anchor there is Abby Martin! She's really well informed on 'what's up.'

Frankly, I think Lauren's last two trips covering Davos, Switzerland Summit really opened her eyes as to the reality of these bankster scums. Rarely have I seen an evolution of one's view live on TV in less than 2years time. Kudos to her, and Demetri!

As far as CBO is concerned, I'm no econ guru but one doesn't have to be to know that EVERY CBO numbers are always skewered to support whichever administration is in charge at any given time, as if that's not to be expected.

The ONLY 'trustworthy'-ish govt agency (okay, so there's no such thing, but the closest one that comes close to such characterization, and that's not saying much) is GAO, Govt. Accounting (no, I will not use GWB-derived 'she doth protests too much' euphemism: 'Accountability' Doh! I just did. lol) Office.

This is the sucky part of it all: the likes of Sibel Edmond and Dr. Pham proves that only good people truly get 'fired'-fired from govt, and POS fail upwards, simply codifying what most here already know: while govt jobs may attract naive well-wishers and those with purported good intentions, but they only keep the most vicious sociopathic psychos!

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

American mainstream media is the most controlled in the world

It may not be the most blatantly deceptive, however, blatant deception in not as effective as subtle propaganda anyway. So, I would say without a doubt that the American mainstream media is the most effective propaganda on the planet.

The propaganda of other states is equally capable of swaying elections, and keeping the truth hidden, but I doubt the media of any other state could have been capable of so convincingly covering up an attack as open and large as the September 11, 2001 World Trade Center attack.

That is an example of nearly complete control.

simple

update

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

hope Dr. Pham will pursue more aggressive

whistleblower actions.

Though if she spoke to Edmonds, Sibel will set her straight on the utter futility of expecting ANY CONgressional scums from pursuing any further action.

What I find interesting is that at EVERY turn of recent, more infamous whistleblower cases, there is Sen. Chucky Grassley (IA-R) standing in the way, be it the Sibel Edmonds' case, ATF FalseFlag aka Fast & Furious/GunWalker/GunRunner criminality, or Dr. Pham' case.

That mofo seems like he's made a career out of feigning sympathies for whistleblowers, only to derail it.

Any liberty candidate in Iowa challenging that RINO corporatist schmuck in a primary, anytime soon?

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul