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Elizabeth Warren and Others Warn That Pandemic is Exposing Underbelly of Corrupt Financial System

livinglies.me | March 31, 2020

Only people who have studied securitization understand the fact that securitization as practiced creates an existential threat to our society, our laws and the individual hopes and dreams of anyone who is not in on the game.

But more and more people are coming off the fence about speaking out. The fear has always been that if you blow the whistle too loud the whole system might collapse. That fear is based upon the hope or assumption that not speaking out will somehow allow the system to correct itself. This is "free market" theory at is worst because in finance there is no free market, and there are no opposing free market forces; therefore correction is impossible.

So now Senator Warren, now that she is off the campaign trail, is sounding an alarm and is being joined by many experts in challenging the notion that financial oversight is even happening. She understands, like some of us, that pretending to lend money is far more dangerous than actually lending money. She understands that if you are only pretending, then all you want is a signature and that performance of the loan becomes a distant consideration.

“Similar to the subprime mortgage market prior to 2008, the securitization of these loans and the growth of CLOs has allowed the exposure and risks associated with this lending to spread throughout the economy to multiple investors and industries,” Warren wrote. “Now, as we are on the verge of another, potentially deeper, economic crisis, regulators still have not taken meaningful action to mitigate these risks.”

Behind the letter are fears that the coronavirus pandemic could unearth record levels of risky debt, industry experts have argued, rarely held by banks because of post-2008 financial crisis regulations and often offloaded into complicated securities. Because the risk isn’t held by banks, these leveraged loans fall into a regulatory silo, allowing risk in the financial system that has gone unchecked for years. 

 
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"CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea–it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-CFLA (2352) for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online)".

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