[Occupymendocino] Lurid Subprime Loan Schemes Unveiled

[Richard Karch]

 Be sure to watch the short videos. rk
Lurid Subprime Scams Unveiled
By Matt Taibbi, Rolling Stone
14 December 13
 
ost amid the hoopla over JP Morgan Chase's record-setting $13 billion settlement this fall was news of another monster court resolution - a $2.46 billion judgment, the largest ever awarded after trial in a securities fraud class action case, handed down in October against a HSBC acquisition calledHousehold International.

It's an old case, with the trial completed way back in 2009 and the fraud in question having all taken place between 1997 and 2002. But it has crucial ramifications for the present, for one key reason:

The evidence uncovered in the Household suit should put to lie once and for all the oft-repeated myth - spread by many of America's most notable dumb people, from Rush Limbaugh to New York City Mayor-unelect Mike Bloomberg - that the financial crisis was caused by the government "forcing" banks to lend to poor people...

story continues:

http://readersupportednews.org/opinion2/304-justice/20953-lurid-subprime-scams-unveiled





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