David Saks: Wall Street & The Financial Crisis - A Copy of the Report For You

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Wall Street & The Financial Crisis - A Copy of the Report For You

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Wall Street




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • February 13 2013 05:31AM

Comments

David -- thanks for making this available.  It is interesting that Congress gets let off lightly for their part in creating the large banks (p.22), and setting the rules for making more people homeowners.  Then are set as the folks who came in to save the day (@p44).

Posted by Steven Cook (No Longer Processing Mortgages.) about 7 years ago

I'll always believe in my own heart, till the day that I die, that this nation's property assessors started it around 1999, Steven, by fraudulently misrepresenting the fair market value of this nations property in order to tap the assessed values for more tax revenue.

It was a ripple effect that destroyed our banks when homeowners started cashing in on the delusive new found equity. Everything else was the collateral damage inflicted at the municipal level.

I predicted the real estate crisis sitting in a restaurant in 1999 chatting with friends, reading the daily business journal, when I saw the first wave of monstrous property value increases carried out by the property assessor in my county, nearly 8% in a city where 25% of the FMV is assessed for residential. 40% commercial.

Congress didn't see the loopholes, and I ran out of breath trying to prove, and convince anyone who would listen to me, that it was the tax assessor, years ago, long before WaMU, Bear Stearns, Lehmann, AIG and everyone else was shut down.

Here's an old blog entry I wrote, in simple algebraic terms, demonstrating how it was done:

Fleecing Homeowners

Nobody cared.

Posted by David Saks ((retired)) about 7 years ago

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