FED GOV BOUGHT $849 BILLION IN FRAUDULENT SECURITIES : WHERE ARE THE SECURITIES FRAUD CLAIMS?

The United States Federal Reserve is now the proud owner of $849 billion in mortgage-backed securities which are totally fraudulent. There is no legal recourse to the underlying mortgages, which mortgages were extended on the basis of fraudulent underwiting including forged income verification. The mortgages were obtained through predatory lending and fraud in securitization concerning the underwriting characteristics of the pools. In addition, the mortgages are further questionablke based upon the widespread forgeries by the servicers and lawyers for the trusts. Given that Uncle Sam, for the taxpayer has been criminally defrauded on this massive amount of taxpayer money, the Fed should be pursuing damages for the American public for its $849 billion. The best avenue is securities fraud claims and we should be pressuring our Fed to recover these moneys. Those claims could be pursued throught he department of Justice and The Securities and Exchange Commission. For a most interesting table of information of factors affecting our Fed Reserve Balance see: http://www.federalreserve.gov/release/h41/Current