well max we've covered this with terry buell a number of times so we've covered the since november two thousand and ten and in fact the investigation however from eric schneiderman did not even start until april two thousand and eleven so we're way ahead of this story on this thanks to terry buell and nick for bits who are also going to have on the show next week eric schneiderman did this suit on behalf of the residential mortgage backed securities working group which is allegedly a task force that obama has tasked with actually investigating on the federal and state level these alleged mortgage fraud. and this task force max so in case you really think that jamie dimon something might happen to him or bear stearns to exparel stearns guys well lanny breuer is also on this alleged task force and lanny breuer if you'll recall we just covered him recently where he was the one who spoke before the new york city bar association saying that deferred prosecution arrangements are perfect i love them that the best way to deter banking crime. is it is to. blow straight rat all right we've talke

loving knowingly brutally so why did you do it you know good rat well max we've covered this with terry buell a number of times so we've covered the since november two thousand and ten and in fact the investigation however from eric schneiderman did not even start until april two thousand and eleven so we're way ahead of this story on this thanks to terry buell and nick for bits who are also going to have on the show next week eric schneiderman did this suit on behalf of a.

according to m f i hyphen miami dot com so in episode three twenty one of his' report we enter view terry buell and about mortgage resolution partners their plan was to convince san bernadino to use their eminent domain authority to not see these properties that were in foreclosure or abandoned but to seize contracts i.e. the actual mortgages in this case the packages of collateralized debt obligations that have been sold on to pension funds and use those to transfer seize those contracts and give them to this guy's partners now lo and behold the first day of profit to post t.v. they were pushing this they have this guy on the show and john q sec saying this is a great fantastic program to save blighted cities but he and area ana were speaking as if. eminent domain was going to be used to seize the properties they clearly were not told or informed by this private equity firm or what was the true story right i think we're going to actually go to a clip from the turbulance show yes well you were asking her you were saying it's quite prescient actually what you said to her you start this clip off

insidious things that have gone on as well which one of them is the mortgage double dipping scheme that terry buell broke in the atlantic and of course it's been widely reported in the mainstream press now where bear was basically they were putting bad loans back on these little hole in the wall mortgage originators that they were sourcing them from and having having the originators buying back for maybe sixty seventy cents on the dollar and then pocketing the money money that was right that rightfully belong to the securities pool holders so you might say that bear had made a basically a business line out of fraud and that's not an agony cases that's making its way through you know nobody doubts that bear stearns if you forget the whole wall street business model is basically fried so what kind of tricks did j.p. morgan used to scare off the whistleblowers exactly. yeah well one of one of the things that's come out is one of the gentleman who appeared in on camera in my film . was was ready to be deposed by some counsel for in a large securities case against bear stearns once you agreed to be depo

knowingly brutally honest so why did you do it you know good rat well max we've covered this with terry buell a number of times so we've covered the sense.

ago two years ago well before this eric schneiderman even thought of this and we covered it with terry buell so let's go to that episode and then you've got j.p. morgan bear stearns suing and back of suing these folks for accounting fraud for acting in bad faith tells a little bit about this yes ambac didn't didn't do their homework ok when they were insuring some of these products they relied on their sterns and e.m.c. now baiji. the morgan to sell the product that the raiders said was aaa rated and to say that the loans that they're putting in there they know are going to work out and that they're going to perform ok well am back it has now learned that bear stearns actually according to the lawsuit. knew they were putting in bad. you know for doing investigative journalism on this page two years ago expose it now finally it's coming to light but during those two years time stacy what happened is that a bank when j.p. morgan they figured out a way to securitize their potential liability and to sell it on to some teenagers market make money on their guilt they're never going to pay any siza