Admittedly this is not for the feint of heart or those with limited literacy in economics, accounting and finance; but if you find yourself in the position of not understanding, then go to any economist or banker or finance specialist or accountant and they will explain it to you.
They did receive the money from investors like pension funds, and other managed funds for retirement or contingencies. But they diverted the money and the documents to make it appear that the bank owned the assets that were intended to be purchased for the REMIC trusts. The Banks then purchased and claimed to be an insured or a party who had sustained a loss when in fact the loss was incurred by the investors and the mortgage bonds and loans were owned collectively by the investors.
http://livinglies.wordpress.com/
http://livinglies.files.wordpress.com/2013/01/2012-16759.pdf
Deny and Discover — Where the Rubber Meets the Road
Posted on January 23, 2013 by Neil Garfield
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