AG Holder: “Thank you, Richard Bowen”

[Sam1]

Found this over at "New Economic Perspectives" The Blogger William Black is the author of "The best way to rob a bank is to own it" and a well recognized expert in white collar crime and Bankster frauds.

Those should have been the first four words of Attorney General Eric Holder at the press conference announcing the settlement with Citicorp.

This article is the first in a series of pieces discussing the critical omissions in Holder’s statement at that press conference. These omissions explain why elite banksters now routinely control our largest banks and use their power to become wealthy through leading fraud epidemics, with impunity from the law, that cause the our financial crises.



Richard M. Bowen, III

Richard M. Bowen, III was Citi’s top underwriter for purchased mortgage product. Tellingly, Citi did not use its own experts to underwrite loans prior to purchasing the loans. Bowen’s staff was only allowed to underwrite a sample of the loans after they were purchased. He found that Citi was purchasing loans – for the purpose of selling them overwhelmingly to Fannie and Freddie – that were poor credit quality and lacked essential documentation. He also discovered that Citi was making false “reps and warranties” about these vital loan characteristics in order to deceive Fannie and Freddie.

http://neweconomicperspectives.org/2014/07/ag-holder-thank-richard-bowen.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+neweconomicperspectives%2FyMfv+%28New+Economic+Perspectives%29