Crimes over Mortgages

Three more civil suits to recover billions of


losses in mortgage securities fraud by international banks in the

United States, have been announced, adding to multiple state and

local suits against Deutschebank, multi-billion dollar

settlements forced on Bank of America, and NY Attorney-General

Eric Schneiderman's potential criminal investegations.  Again, LaRouche Pac has been right on the money.

In the 1980s savings-and-loan scandal and collapse, hundreds

of S&L bankers were sent to prison for looting investors and

borrowers alike. Where, in this far more vast collapse, with

global bank criminality exposed for all to see, is the Obama

Justice Department, which has prosecuted no one?

The latest suits disclose the same pattern of blatant

mortgage fraud and securities fraud on a grand scale:

* The Federal Housing Finance Agency (regulator of the

nationalized entities Fannie and Freddie) sued UBS in New York

District Court for at least $900 million in losses resulting from

securitization fraud. In fact, the losses of Fannie and Freddie

from just 16 UBS-peddled securities trusts itemized in the suit,

total at least $1.8 billion, even without interest and penalties,

legal fees, etc.

* The National Credit Union Administration (NCUA) filed suit

against the Royal Bank of Scotland (RBS) in Alexandria Federal

Court, for violations of Federal and state securities laws and

thus driving the Western Corporate Federal Credit Union into

bankruptcy.

* The NCUA has also filed suit in the same court against JP

Morgan Securities LLC, and RBS Securities, for damages of more

than $800 million in the failures of other Federal credit unions.

A total of five credit unions were driven into bankruptcy by

mortgage-backed securities (MBS) frauds by these banks. The NCUA

is the liquidator for the five credit unions.