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The model is global, profiting hugely from illicit drugs, money laundering, and economic destruction of poor communities. Business and government officials at the highest levels are involved because of the enormous stakes - an estimated $500 billion - $1 trillion laundered annually through major financial firms, mostly in America.
On May 6, 2009, the Center for Public Integrity headlined, "Who's Behind the Financial Meltdown: The Top 25 Subprime Lenders and Their Wall Street Backers," saying:
The companies most responsible "for triggering the global economic meltdown were owned or backed by giant banks now collecting billions of dollars in bailout money."
They include Goldman Sachs, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and other familiar names, profiting hugely through criminally engineered fraud, facilitated by government complicity - initially during the Clinton administration, or perhaps earlier.
Banks getting bailout money own, financed, or were financially connected to at least 21 of the top subprime lenders. Twenty have now closed, stopped lending, or were sold to avoid bankruptcy. Nine were California based, including: Countrywide Financial, Ameriquest Mortgage, New Century Financial, First Franklin, and Long Beach Mortgage, scamming homebuyers through criminal fraud.
State Foreclosure Fraud Investigations
As explained above, seven or more state attorneys general began investigations, and reports suggest up to 40 or more may work cooperatively on it. According to Bloomberg.com on October 8:
"State attorneys general led by Iowa's Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as October 12....Lawyers representing the banks are expecting a more widespread investigation, according to Patrick McManemin (of Patton Boggs), a Washington-based law firm that represents banks, loan servicers and financial institutions." Lawsuits will likely follow, at least one now initiated by Ohio Attorney General Richard Cordray against Ally Financial, formerly GMAC Mortgage.
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