By: David Dayen Friday March 16, 2012
Dr. Lan Pham, a former senior staffer financial economist for the Congressional Budget Office, was fired from the organization for her attempts to quantify the economic implications of foreclosures and foreclosure fraud. The CBO rejected her analysis and even dismissed the notion that foreclosures cause a negative hit to the economy. The letter, from February 2011, was just released publicly today.
Pham made the allegations in a letter to Charles Grassley, the ranking member of the Senate Judiciary Committee. She said that her time at CBO, which barely lasted 3 months, made her doubt the accepted view that the body gives non-partisan, dispassionate analysis of economic and budgetary issues. Alternative viewpoints are “suppressed” and “questioned,” often by CBO Director Doug Elmendorf, according to Pham.
Specifically, Pham wrote repeatedly about banking and mortgage issues in October 2010, when issues of foreclosure fraud and robo-signing were first coming to light in the mainstream. “I was repeatedly pressured by the CBO Assistant Director, Deborah Lucas, in charge of the Financial Analysis Division not to write nor discuss issues in the banking sector and mortgage markets that might suggest weakness in these sectors and their consequences on the economy and households,” Pham alleges. Lucas sought to keep Pham’s writing out of the assessments of economic growth that CBO makes, and to suppress any public writing about the impact of mass foreclosures and the housing collapse.
Full article at this link.
Read Wall Street and the Financial Crisis and the Reports from HUD/OIG audits for Bank of America, Ally (whom took the fifth) and City and JPMorgan and Wells Fargo. Also the McDonnell Audit for Phil Ting county assessor for San Francisco deeds of trust. all available on the web. The Audits reports 84% of the "undermined" assignments on the mortgage contracts are invalid and 100% of the PSA's are invalid, due to the fraud lenders attempting to collect a debt that is not owed to them. And the USA Complaint by 50 AG's on all 17 lenders. The Settlement is "Outrageous" and a crime against our Constitutional rights in it self. And will be challenged.
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ok then dont approve loans to peeple using fraud. wells fargo investigated fraud i questioned and found out the mortgage broker put us in a stated income loan. so no verification of income was done which aloud her to lie about my income. so please tell this guy to shut up. this is not about being able to afford a home its about fraud. i just found 100's of homes for sale in 2006 cheaper then this home. if income verification was done and they used formulas from 1991 this would not be happening. in 1991 my mortgage was no more then 25% of my NET INCOME. looking at my closing docs for this home the mortgage is 50% of NET Income how do they do that and not get burnt. i applied fpr the mortgage didnt know they skewed the figures put the blame where it belongs
As Ron Paul said, The banks created a false market upped the prices of homes by false pretense, a bubble by the banks and corrupt government officials, for the banks and their accomplises, not the people, the banks caused the bubble,and the crisis! The economic crisis is bank made, not by nature (See the Compliant by all AG's in the United States against all banks involved in the same systematic corruption, causing the economic crisis and void nullified contracts, by their own hands. due to their criminal activity, undermining contracts. Look up "Wall Street and the Financial Crisis; anatomy of a Financial Crisis"; The banks have no principle contracts. The banks have no ethical contracts. It is not ethical to pay a fraud lender. It is not ethical to allow a criminal to go without paying for their crimes against Americans. Crimes that are defined by the FBI and the patriot act to be treason. It is the duty of a borrower to make absolute sure they are paying the right person. The borrowers owe the right person if they pay off the fraud lender. I have tried for over two years to find out whom owns my debt. Cause of the slowed economy causing my business to make a tenth of what it made before the economic treason of the banks, I applied for a modification loan. The banks told me three times to fall behind on my payment. I did not feel good doing that it did not seem right at all. After the third time I decided, it is the bank telling me to do this so it must be ok. I did what the bank told me to do three times before I did it. Then I was approved and promised to recieve the final paper work coming in the mail. The servicer told me to begin making the mod payments immediatly not to wait for the paperwork, which I find now is part of the sceme to get you started on partial payments. After five payments they sent a letter telling my I was now unapproved, therefore my mod payments were now partial payments and I was in foreclosure, and I began a law suit to save my house and am in the appeal court, due to judicial corruption in the district court. The district courts do not go by the rule of law in any state I have witnessed, especially in Washington State, Florida and California. A customer of mine was given a six dollar reduction on her payments, she refused the ridiculous six dollar reduction and was told they would only accept a six dollar reduced payment, not the full payment. After she made nine of these payments she recieved the same letter I recieved. How eithical is that? All the people I know loosing their homes have been economically harmed by the irrisponsible deregulation of the banks and the economic crimes of the banks and their political accomplises. So whom is being ethical here? Yes if someone can not afford a house they should not have it. Fifteen million Americans were harmed by the banks, and the bank caused economy. The reason they can not afford a house is not natural causes. These Americans by law own their houses out right and have restitution coming from the banks. The banks have been let off the hook and the tax payers once again have been burdened with the sanctions of the banks. The TARP bail out was a crime, the HAMP violations are a crime. The banks used the money from HAMP to mislead people like me into foreclosure and string along the economically harmed homeowners into foreclosure while the banks made servicing fees of the investors the banks have stolen their wealth from. The servicers have destroyed the notes to steal from all of us. The banksters and their accomplises have undermined the mortgage
contracts and stolen the houses for free. Stealing the wealth from the investors whom we can never find that loaned the money. By the rule of law the homeowner does not owe a dime on the house, not due to our fault, but due to the bank criminals. The servicers, the banks have never lent a dime.. And have stolen every dime on the house they have maid, and made money ten times and more on the house by their theft. Litterally pushed the economy into a deep black hole, murdered America, and has caused Americans in the millions to be homeless by unlawfully seizing homes they own outright due to the banksters criminal activity. People have committed suicide, children are living in cars and cleaning up in gas station bathrooms to go to school. YOU ARE DEAD WRONG IN WHAT YOU ARE SAYING. AMERICANS DESERVE BETTER THAN THIS FROM YOU. Valid contracts should be upheld. There is nothing valid about these contracts and what the banksters have done. The government needs to seize all the criminal banks and put the banksters in jail and let the free martket of the small banks in place of them and return to the rule of law, and the U.S. Constitution and put the regulations back on the banks, that were deregualted by our government politicians in the pockets of the crooed banks. Only then will the ecnomoy begi to heal.
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hey. my name is Nicklas and i follow all this from denmark. i think that you Ron Paul is the true answer or at least the beginning to the revolution. i only wish that you wil win without getting assasinatet like we have seen so many times before.. i hate the american influence on the world. and i dont think im alone, i can only say that we are a lot of zeitgeist and ron paul followers in Denmark. Change the world by changing USA!
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