Video by: madashelldude
Video Description:
Catherine Austin Fitts talks about it in 2004.
Hamilton made the process of default resolution more transparent and less cosy and raised the cost of buying defaulted loans considerably. No wonder that Fitts angered certain people and institutions. If you stop and reflect on what Hamilton's actions meant from the standpoint of cash flow and profit, you will see what I mean. The impact was to raise the amount recovered by HUD (i.e. the taxpayer) by over $2 billion, which means in effect, to reduce the profit that would have gone to the likes of the Blackstone Group, Goldman Sachs, GE and Harvard by at least that much. Stick a multiple of say, eighteen on the stock price of the exchange traded firms and you begin to see what sort of impact that would have. And one can surmise from the reaction of Harvard's Eisenson quoted above what the impact on Harvard's investment in its HUD servicing companies NHP and WMF would be.
http://www.financialsense.com/Experts/2004/AustinFitts.html
http://www.scoop.co.nz/stories/HL0310/S00223.htm

URL
Embed Code
Link Code

Tags: barnenke bush fannie freddie hud mac mae paulson  financial fraud in the mortgage market 3. See more videos uploaded by madashelldude

Comments for this video on YouTube