#TGBMS: How institutionalised mortgage fraud is the hot issue of our times.
- A comparison of a grass roots independent British film production and a Hollywood-backed portrayal of the mortgage swindle.
- The Big Short – Hollywood funded movie provides explanation of financial fraud.
- #TGBMS provides analysis and reveals the genocide of eviction.
- Mortgage related movies currently in vogue.
The Big Short is a huge serious joke made at the expense of its audience for it reveals to them the financial ‘woo woo’ behind the fake accounting, criminal stock market manipulation and how the fraud of the mortgage swindle extends all the way to the higher echelons of the ‘Securities Exchange’ and its associated ‘ratings’ entities. It achieves this via ‘celebrities’ , with asides to the viewer and other lesser ‘celebs’ rolled in to explain some of the ‘more complex’ terms that are used in the fantasy world of bankers, accountants and associated product trading.
However, it does not reveal to its audience what can be done to stop it.
Which of the two films deals with the reality of how ordinary men, women and children are thrown out of their homes as a direct consequence of the reckless greed and crass stupidity of those banksters and their acolytes, backed up by a corrupt court system that simply rubber stamps any possession claim made by a ‘bank’?
#TGBMS is the answer.
The Big Short is concerned with the machinations of the money lenders and associated parasites who suck at its teat.
I know that most men, including those at ease with problems of the greatest complexity, can seldom accept even the simplest and most obvious truth if it be such as would oblige them to admit the falsity of conclusions which they have delighted in explaining to colleagues, which they have proudly taught to others, and which they have woven, thread by thread, into the fabric of their
Who the hell doesn’t pay their mortgage?”
is a question asked by one of its protagonists who is shocked by the suggestion that the entire system of mortgage backed securities is about to fall and crash in or around 2008.
How about this for an answer: someone who wakes up to the fact he has been swindled and refuses to take it any more? Which in effect, applies to each of the brave protagonists in #TGBMS.
The Big Short lays bare the greed, arrogant complicity and, ultimately, the stupidity of the mortgage racket as it unfolds in the corporate state known as the USA.
Produced by Brad Pitt’s ‘Plan B Entertainment’ film production company, the film rattles along and by way of direct-to-the-viewer commentaries and explanations of the phraseology behind the repackaged and renamed mortgage related products like bonds, securities, tranches, OCB.
Mortgage Fraud has rarely been so popular with Hollywood.
Like 99 Homes, The Big Short shows us that mortgage-related movies are currently in vogue.
What Pitt, who features in the film, in the role of a studiously discreet speculative trader who plays the game of ‘shorting’ the securities market by taking out an insurance policy against all the sub prime mortgages that have been bundled up to partly fill the pot of the bogusly labelled ‘AAA’ rated MBS would make of the humble zero-budget TGBMS made by the AFP [Anarcho Film Productions] is anyone’s guess. However, one will not be holding one’s breath…
In any event, TGBMS is about the fall-out of the same kind of insane mortgage security dealings in the UK PLC which lead to the epic collapse of HBOS, Northern Rock, Bradford and Bingley, and all associated licenced banksters in 2008.
A collapse which resonates across these lands to this day.
The Big Short does contain some useful terminology for the viewer, for instance –
Credit default swap= insurance on the bond.
Short = to bet against
And CBO – Collateralised Debt Obligation – is explained by a helpful fish pie analogy whereby unused pieces of fish are made into a pie before they go off. That pie is the securitisation of mortgages which are sold in tranches to various investors.
As stated in the movie, the whole pie contains
Bonds guaranteed to fail if millions of Americans don’t pay their mortgages”
Now, bearing in mind that virtually ALL mortgages across these lands have been securitised – most often without the mortgagors’ knowledge, what would be the effect on the MBS (mortgage backed securities) market in the event a series of Mortgage Strikes were coordinated, targeted at the various banksters who have sold on the mortgages via their ‘Special Purpose Vehicles’ (SPVs)?
The Big Short demonstrates just how vulnerable the fake ‘triple A-rated’ bonds and securities are to non-payment. It was this which lead to the collapse of the Bradford and Bingley and Northern Rock in 2008 and their bail outs to the tune of billions, funded by the people.
To this day, the racket continues – the brand image may have changed but the faces behind the scenes remain the same
Government agency UK Asset Resolution has struck a deal to outsource the servicing of its £30bn of loans, largely made up of 228,000 former Bradford and Bingley, Mortgage Express and Northern Rock Asset Management customers.
UKAR had run the loans itself and built up a staff of 1,700 but believes that as UKAR shrinks, the system can work more efficiently if the staff move to a separate firm in the outsourcing deal.
The deal is expected to save tens of millions of pounds for the so-called bad bank, but stops short of the fundraising sell-off that had been considered.” Daily Telegraph
Once tens or hundreds of thousands of VOID mortgages stop being paid, then how soon before the entire rotten edifice collapses?
After all, do the banksters have resources to instruct their lying lawyers to begin false possession claims against ALL those who are in default?
It’s not a case of “Can’t pay, won’t pay.” How about, “
Can pay, won’t pay”?
In any event, if no one complies with the initiation of the fraudulent possession claims against them, then the whole system grinds to a halt as all documentation gets returned to the sender (the county court) on the simple basis it is a fraudulent claim.
Would that not hasten the demise of the corrupt Court system that serves to rubber stamp any and all possession claims?
With each mortgagor being supported by others in their neighbourhood and around the country, RM would posit that this is more than achievable. Indeed, a more direct and effective form of people power against the coterie of banksters, lawyers and judiciary who manipulate the racket would be hard to imagine. And for any one who may be thinking that the 08 crash will not be repeated:
The reality is that it is not immigrants who are creating the ‘strain’ in British public services; it is the slow breakdown of the global capitalist economy combined with the government’s commitment to financing the debt incurred by the 2008 bankers’ bailout – the biggest transfer of wealth from public to private hands since the enclosures – at the expense of investment in public goods.
“Given that none of the contradictions that led to the 2007-8 crash have been resolved, such a crash is inevitable, and it is not only Marxists who recognise it. Last month, Royal Bank of Scotland economists warned of a “cataclysmic year” urging its clients in the bank to “Sell everything except high quality bonds.”
“This is about return of capital, not return on capital,” they noted, adding, “in a crowded hall, exit doors are small…China has set off a major correction and it is going to snowball. Equities and credit have become very dangerous.” London, in particular, it argued, “is vulnerable to a negative shock. All these people who are long [buyers of] oil and mining companies thinking that the dividends are safe are going to discover that they’re not at all safe… Risks are high.”
“the Telegraph noted recently, paraphrasing a report by HSBC’s Stephen King, “we have used up almost all our fiscal and monetary ammunition, and may face the next global economic downturn with no lifeboats whenever it comes.” SOURCE
Even when the banksters get caught out, there is no punishment other than a monetary one [which they can cover easily]:
HSBC fined $470 million for 2008 financial crisis, no one jailed” SOURCE
When the discreditable RBS, the 12th largest bank in the world, warns investors to take action, one can be sure something is brewing.
As the Telegraph reports –
RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel. The bank’s credit team said markets are flashing stress alerts akin to the turbulent months before the Lehman crisis in 2008. “Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small,” it said in a client note“. To be fair, RBS should know, they have a lot of experience of completely screwing up investments having lost £46billion in a tax payer bail-out and £45billion of their own since then.” SOURCE
Yet, as The Big Short reveals, many of those ‘high quality bonds’ have been deliberately mis-rated by agencies like ‘Standard and Poor’ – the mortgage backed bonds, so-called ‘Triple A’ rated contain innumerate ‘sub prime’ mortgages wherein defaults are guaranteed. In this sense, to return to the fish pie analogy – its filling is not what it purports to be. It is akin to ordering a salmon and getting a kipper. It’s not a case of ‘if’ but ‘when’ they go into default.
The entire racket is built on fraud. From the misrepresentation of the fake ‘loan’ to the void mortgage deed, the involvement of the conveyancing industry, to the land registry, to possession claims, to the procuration of the Court system, the criminal use of the bailiff, each and every aspect is fraudulent.
Tick, tock, tick tock…
It’s Not Completely True Until It Is Officially Denied: Deutsche Bank Is The New Lehman, More Than $75 Trillion In Derivatives Derivatives Time Bomb Setting To Explode!” SOURCE
It is a fact that no government – the Icelandic one apart – will take on the banksters. #TGBMS demonstrates the bravery of those individuals who take on the might of the fraud and make a stand.
The people will have to sort it out themselves: #GRANDJURIES and #MORTGAGESTRIKES – by the people, for the people remain strong solutions. In the meantime, stop paying and stop feeding the beast – STRIKE the banksters where it really hurts them: in their pockets and their coke-fuelled egos.
In the meantime, anyone who has a mortgage would do well to write to the bank and ask them to provide the following items:
- The legal agreement that satisfies S2 of the Law of Property (Miscellaneous Provisions) Act 1989.
- The ORIGINAL and validly executed deed that complies with the legal requirements of said Act.
- A valid Power of Attorney that authorises them to use your name to create any and all financial instruments, securities, bonds and insurance policies on your behalf.
- A guarantee that they will return any and all financial instruments, securities, bonds and insurance policies created in your name.
- Evidence that the mortgage has not been securitised.
- The name of the insurer(s) that covers the mortgage in the event there is a DEFAULT on the alleged mortgage.
- If you want to make a stand vs them for the fraud, then serve urgent notice of these matters on the bank’s CEO and inform them that you will not be accepting any possession claim until or unless these matters are first resolved on the basis that the claim will be fraudulent on its face.
One could also begin to hasten these events by way of watching #TGBMS and encouraging anyone with a mortgage to view the film too and, of course, support the advent of truly independent British film making, film production that goes into the dark and fraudulent places the establishment controlled media dare not.