http://hubpages.com/hub/Proof-That-Basel-2-Caused-Ponzi-Housing-and-ForeclosuregateI believe that the banks had a plan to operate with less capital with Fannie and Freddie guaranteeing all manner of subprime loans. We know that they did not guarantee jumbos and many alt a loans, but subprime they did guarantee. So Fannie and Freddie were essential to kick starting the scam. We have seen how their monstrous child, MERS, has attempted to run around state governments in corrupting the recording of proper documents and notes. So who were the main players in the scam?
1. the central banks like the Fed and the European Central Bank,
2. the mother bank of those central banks which is the Bank of International Settlements,
3. investment banks like Goldman Sachs, Merrill Lynch, Bear Sterns, Lehman Brothers,
4. commercial big banks, primarily JP Morgan, Citibank, Bank of America and Wells Fargo,
5. the GSE's, Fannie Mae and Freddie Mac, however the private mortgage chart reveals their influence was not central to the private mortgage MBS debacle as they pulled back,
6. Highly leveraged European Banks.