It's the principal. You abandon when the war is not over? Worse, your people kick out a leader that called for standing tall with America? Can't trust the Brits. That's why we did what we did in Suez...
And you can trust Americans?
http://whatreallyhappened.com/WRHARTICLES/wildbankers.php
The corporate media is still trying to say this is all a bunch of simple errors for which nobody should be held accountable, but already testimony is surfacing that major banks like Citicorp knew exactly what they were doing and that very well the investments they were selling at huge profit were really junk!
MERS itself has come under scrutiny, both because it is clearly a device to evade government fees and regulation, and secondly because no legislative body approved its creation and implementation into the home mortgage system. There has been no review of the system by any outside party.
That massive fraud did take place is beyond doubt, and the US Government in connivance with the bankers, conspired both to conceal the true nature of the cause of the economic crash and to dump trillions in dollars in losses on the American taxpayer. And behind it all remains the core problem that lenders and home-owners often do not know where the notes and titles are to be found!
But with individual mortgages being sold out as many as 20 different times, the mortgage bundlers faced a huge problem. Every home payment made has to be repaid to the investor in the MBS for every time that mortgage was resold, that is to say for every dollar paid by the home-owner, the mortgage bundler is on the hook for up to $20 owed to the holders of the mortgage backed securities. In that context, the banks have a huge motive to foreclose on homes to limit the losses on those oversubscribed mortgage backed securities! Once the home is foreclosed, payments on those over-subscribed mortgage backed securities stop and the criminals who over-sold those mortgages are off the hook. It is not unlike the Mel Brooks movie "The Producers" in which the producers intentionally choose what they think is a terrible script, "Springtime for Hitler", which they hope will close the first night. The producers then over-subscribe the investment in the play by 1000%. 100% is spent producing the show, with the other 900% to be pocketed after the show fails and the investors, unaware of the extra shares in the show, accept their losses and leave.
In the film, the play is a surprise hit and the producers go to jail. Hopefully, the same thing will happen to the financial companies who played the same game. If the over-selling of mortgages into mortgage backed securities was intentional, and given how many different financial companies did it, this seems certain, then the same financial institutions that profited from the selling of mortgage backed securities intended to crash the housing market to cover their escape. They took mortgages and sold them as mortgage-backed securities over and over again, then foreclosed the properties to end their obligations to the over-subscribed mortgage backed securities. This is why nobody cared whether home buyers were actually qualified for the mortgages, as the mortgages were never intended to be repaid, only foreclosed on!
However, the investors and especially the foreign banks that bought those over-subscribed mortgage-backed-securities are not quietly accepting their losses! Bank of America is being sued by PIMCO, the New York Fed, and several European banks. Two class-action suits have been filed against the owners of MERS. Sooner or later the fraudulent over-selling of those bundled mortgages must come out. And the bankers will stand exposed as the criminals they really are.
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