http://www.signonsandiego.com/news/nation/20050621-9999-1n21economy.html http://www.smh.com.au/news/business/brace-yourselves-warns-costello/2006/08/15/1155407809092.html Brace yourselves, warns Costello John Garnaut August 16, 2006 http://www.resourceinvestor.com/pebble.asp?relid=24053 Economy In Denial - Fallout From Burst Housing Bubble http://www.lifeafterpeakoil.com/Archives2006/BonnerHousePriceBubble.html The History of the Great US House Price Bubble by Bill Bonner http://www.fxstreet.com/fundamental/analysis-reports/the-coming-collapse-in-housing/2006-11-23.html The Coming Collapse in Housing http://www.doctorhousingbubble.com http://www.doctorhousingbubble.com/the-housing-wave-of-the-future-two-main-mortgage-tsunamis/ The Housing Wave of the Future: Two Main Mortgage Tsunamis. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/02/24/cnusecon24.xml US mortgage crisis goes into meltdown By Ambrose Evans-Pritchard Last Updated: 1:15am GMT 24/02/2007 http://www.atimes.com/atimes/Global_Economy/IC17Dj01.html Why the subprime bust will spread Years ago when the US debt bubble spread over to the housing sector, warnings from many quarters about the systemic danger of subprime mortgages were categorically dismissed by Wall Street cheerleaders as Chicken Little "sky is falling" hysteria. Even weeks before bad news on the housing finance sector was shaping up as a clear and present danger, adamant denial was still loud enough to drown out reason. Posted Mar 17, 2007 07:59 AM PST http://www.safehaven.com/article-7237.htm Asset Deflation 6: The Death of Real Estate by Steve Moyer http://www.marketoracle.co.uk/Article882.html US Housing Bubble Meltdown: "Is it too late to get out"? When was the last time the feds ordered the privately-owned banks to rewrite loans? Never—that's when. http://www.lifeaftertheoilcrash.net/Archives2007/SocialControl.html May 9th, 2007: The Housing Bubble Explained http://mortgage.freedomblogging.com/2007/10/10/few-buyers-for-foreclosures-in-oc/ Few buyers for foreclosures in O.C. October 10th, 2007 · 20 Comments · posted by Matt http://www.foreclosureradar.com/ http://www.doctorhousingbubble.com/stage-two-of-the-mortgage-collapse-500-billion-in-pay-option-arms-meet-the-piper-in-2008-with-60-percent-being-in-california/ http://www.boston.com/business/articles/2009/10/09/title_troubles_leave_some_foreclosure_sales_in_limbo/ Foreclosure sales in limbo over title issue Expected ruling may complicate transactions By Jenifer B. McKim October 9, 2009 http://www.worldreports.org/news/274_securitisation_is_100_illegal_under_u.s._legislation 10 Mar 2010 SECURITISATION IS 100% ILLEGAL UNDER U.S. LEGISLATION http://www.worldreports.org/news/284_definitive_illegality_of_securitisation_is_reconfirmed 18 Apr 2010 DEFINITIVE ILLEGALITY OF SECURITISATION IS RECONFIRMED 20100920 http://4closurefraud.org/2010/09/13/breaking-video-fox-news-discusses-mers-could-62-million-homes-be-foreclosure-proof/ Could 62 Million US Homes Be Foreclosure Proof? MERS (See note for my comment in reader comments 20100922 http://theintelhub.com/2010/09/21/grayson-sends-letter-demanding-halt-of-illegal-foreclosures/ Grayson Sends Letter Demanding Halt Of Illegal Foreclosures The key story from this morning was the Bloomberg report that GMAC Bank had halted foreclosures in 23 states, following disturbing news from last week that rekindled the latent debate over whether servicer banks do in fact own deeds to mortgages on which they foreclose on, and whether the entire foreclosure process is in fact fraudulent (one judge found it to be so, creating a massive headache precedent for the banker community). Yet the company which initially agreed with Bloomberg’s version of events, is now retracing and claiming that foreclosures are in fact continuing… with a footnote. Reuters reports: “GMAC Mortgage, a unit of Ally Financial Inc, is continuing with all new residential foreclosures despite a report it had stopped them, a spokeswoman said on Monday. 20101003 http://engforum.pravda.ru/showthread.php?297455-MERS-Mortgage-Fraud-Update-Foreclosure-Proof-MERS-Loans! http://www.youtube.com/watch?v=85lGg3glTb0&feature=player_embedded http://sherriequestioningall.blogspot.com/2010/10/documents-show-citibank-and-wells-fargo.html It is just breaking Citibank and Well Fargo has also committed fraud in their paperwork to foreclose. They are mers companies too. Of course they have - ANY MERS Bank HAS TO COMMIT FRAUD TO FORECLOSE! Otherwise they could NOT foreclose on any house. THEY ARE NOT THE OWNERS, ONLY THE SERVICERS! http://engforum.pravda.ru/showthread.php?287282-The-Story-of-Your-Enslavement 20101005 http://www.globalresearch.ca/index.php?context=va&aid=21285 Economic Shock Therapy for Wall Street: Mortgage Lenders Could Soon be Falling like Dominos JP Morgan suspends 56,000 foreclosures, GMAC and BOA by Ellen Brown 20101010 http://www.washingtonpost.com/wp-dyn/content/article/2010/10/06/AR2010100607227_pf.html In foreclosure controversy, problems run deeper than flawed paperwork By Brady Dennis and Ariana Eunjung Cha Washington Post Staff Writers Thursday, October 7, 2010; 12:01 AM 20101011 http://globalresearch.ca/index.php?context=va&aid=21345 US Banks Fake Documents to Rush Foreclosures Major US banks systematically faked documents in order to speed up foreclosures for hundreds of thousands of homeowners, a mounting body of evidence shows. It appears likely that federal and state laws were broken in the process. The scandal speaks both to the dimensions of the social crisis and the criminality of the big banks. The immediate cause of the mortgage lenders’ rampant cheating on foreclosure paperwork is the tidal wave of families ruined by the economic crisis—a crisis itself set into motion by the banks’ predatory lending practices. The goal was to get people out of their homes as efficiently and ruthlessly as possible, skating over legal requirements relating to documentation. 20101013 http://www.washingtonsblog.com/2010/10/at-root-of-crisis-we-find-largest.html "At the Root of the Crisis We Find the Largest Financial Swindle in World History", Where "Counterfeit" Mortgages Were "Laundered" by the Banks The tidal wave of evidence showing that the giant banks have engaged in fraudulent foreclosure practices is so large that the attorneys general of up to 40 states are launching investigations. http://theeconomiccollapseblog.com/archives/foreclosuregate Foreclosure-Gate If you work in the mortgage industry or for a title insurer, you might not want to make any plans for the next six months. Foreclosure-Gate is about to explode. It is being alleged that many prominent mortgage lenders have been using materially flawed paperwork to evict homeowners. Apparently officials at quite a few of these firms have been signing thousands upon thousands of foreclosure documents without even looking at them. In addition, it is being alleged that much of the documentation for these mortgages that are being foreclosed upon is either "improper" or is actually "missing". WRH: ... or worse, outright fraudulent? http://news.yahoo.com/s/ap/20101013/ap_on_bi_ge/us_jpmorgan_mortgages JPMorgan Chase expands review of foreclosures JP Morgan - one of the founders and largest owners of MERS - is bailing out. 20101014 http://www.mcclatchydc.com/2010/10/13/101997/civilian-cops-take-on-beleaguered.html How 2 civilian sleuths brought foreclosure problems to light More than a year before lenders, law firms and document companies began owning up to widespread paperwork problems with their foreclosure filings, Lisa Epstein and Michael Redman already knew that something was wrong — very wrong. Redman, a former online automobile consultant, got his first taste of the problem in early 2008, when he tried to help a relative who was facing foreclosure. http://www.washingtonsblog.com/2010/10/what-is-mers-and-what-role-does-it-have.html What Is MERS and What Role Does It Have in the Foreclosure Mess? In the mid-1990s mortgage bankers decided they did not want to pay recording fees for assigning mortgages anymore. This decision was driven by securitization—a process of pooling many mortgages into a trust and selling income from the trust to investors on Wall Street. Securitization, also sometimes called structured finance, usually required several successive mortgage assignments to different companies. To avoid paying county recording fees, mortgage bankers formed a plan to create one shell company that would pretend to own all the mortgages in the country—that way, the mortgage bankers would never have to record assignments since the same company would always “own” all the mortgages. http://www.businessinsider.com/mortgage-fraud-scandal-2010-10#ixzz12XWmKD59 The Mortgage Fraud Scandal Is The Biggest In Human History L. Randall Wray, Benzinga 20101016 http://investmentwatchblog.com/this-is-the-biggest-scandal-in-human-history-indeed-all-previous-scandals-from-around-the-globe-combined-cannot-even-touch-this-one-in-terms-of-scale-and-scope-and-stench/ We have long known that lender fraud was rampant during the real estate boom. The FBI began warning of an “epidemic” of mortgage fraud as early as 2004. We know that mortgage originators invented “low doc” and “no doc” loans, encouraged borrowers to take out “liar loans”, and promoted “NINJA loans” (no income, no job, no assets, no problem!). All of these schemes were fraudulent from the get-go. Property appraisers were involved, paid to overvalue real estate. That is fraud. The securitizers packaged trash into bundles that ratings agencies blessed with the triple A seal of approval. By their own admission, raters worked with securitizers to provide the rating desired, never looking at the loan tapes to see what they were rating. Fraud. Venerable investment banks like Goldman Sachs packaged the trashiest securities into collateralized debt obligations at the behest of hedge fund managers–who were allowed to choose the most toxic of the toxic waste—then sold the CDOs on to their own customers and allowed the hedge funds to bet against them. More fraud. 20101017 http://www.businessinsider.com/bank-of-america-mortgage-report-2010-10 Here's That Devastating Report On Bank Of America That Everyone Is Talking About Today Earlier, we wrote about Felix Salmon's contention that there's a new mortgage fraud scandal that has the potential to dwarf Goldman's ABACUS dealings. In this fraud scenario, banks took advantage of their information advantage and sold CDOs with mortgages they knew to be bad without clear representation to investors. http://www.prisonplanet.com/krugman-the-question-is-whether-our-economy-is-governed-by-any-kind-of-rule-of-law.html 20101019 http://dailybail.com/home/bombshell-check-out-this-industry-catalog-and-price-sheet-fo.html BOMBSHELL: Check Out This Industry Catalog And Price Sheet For FABRICATED Foreclosure Documents ABSOLUTE MUST SEE!!! You wanted concrete proof of widespread lost mortgage documentation? Feast your eyes upon this. A foreclosure lawyer sent sent this little beauty by email last night. I had no idea the market was so robust for missing mortgage documents. And apparently there is inflation within the foreclosure fabrication circles. Prices to replace missing documents keep going up...;-) 20101021 http://www.cnbc.com/id/39745128 investors of mortgage securities now DEMANDING their investments BACK from the banks http://sherriequestioningall.blogspot.com/2010/10/pimco-new-york-fed-part-of-consortium.html Pimco, New York Fed, part of a consortium of eight Suing Bank of America, Demanding they buy BACK their Mortgage Securities! BUT I have Figured Out - FORECLOSURE is the ONLY Way the Banks Can Cover their Tracks, of their Underwriting FRAUD! So, it seems to me with the New York Fed joining in on the suit, they may not be able to Stop it after all! Especially with the whistleblowers coming out, saying each mortgage security was sold about 20 times - not just once! The banks have Trillions from one property being sold multiple times, thus they Need to Foreclose for the Write Offs and then they don't have to Pay the investors on their investment - because they would have to Pay 20 funds off! WRH: With individual mortgages, either through intentional fraud or error, being sold out as many as 20 different times, the mortgage bundlers face a huge problem. Every home payment made has to be repaid to the investor in the MBS for every time that mortgage was resold, that is to say for every dollar paid by the home-owner, the mortgage bundler is on the hook for up to $20 owed to the holders of the mortgage backed securities. In that context, the banks have a huge motive to foreclose on homes to limit the losses on those oversubscribed mortage backed securities! Once the home is foreclosed, payments on those over-subscribed mortgage backed securities stop and the criminals who over-sold those mortgages are off the hook. It is not unlike the Mel Brooks movie "The Producers" in which the producers intentionally choose what they think is a terrible script, "Springtime for Hitler", which they hope will close the first night. The producers then over-subscribe the investment in the play by 500%. 100% is spent producing the show, with the other 400% to be pocketed after the show fails and the investors, unaware of the extra shares in the show, accept their losses and leave. In the film, the play is a surprise hit and the producers go to jail. Hopefully, the same thing will happen to the financial companies who played the same game. They took mortgages and sold them as mortgage-back securities over and over again, then foreclosed the properties to end their obligations to the over-subscribed mortage backed securities. http://cgi.ebay.com/Official-Notary-Seal-Embosser-State-Ohio-pouch-/150509472044?pt=LH_DefaultDomain_0&hash=item230b10492c HR 3808 - YOU CAN BUY NOTARY SEALS ON EBAY! WRH: HR 3808 appears to be an end-run legislation designed to evade the fact that the MERS system, set up to conceal the criminality of those banks that re0sold the same mortgages multiple times into different mortgage-backed securities, has become the petard the banks hoisted themselves with, in that the errors showing up in MERS has doubt on the ownership of all real-estate registered with the system, as well as the fact that MERS itself might not be legal in the first place. So, HR 3808 sailed through Congress with no debate, and Obama, looking at the upcoming election, has put it in his pocket. But that doesn't mean that the bill will not reappear as soon as the election is over. HR 3808, among other things, requires foreclosure courts to accept notarized documents from anywhere in the country as "proof" of ownership of a property under foreclosure. But as you can see with this eBay ad, faking a notary stamp is going to be easy, and under the press of the workload, courts will not be checking every single notary stamp that comes through! Count on the Congress, which serves the bankers, to bring this horror back as soon as the election is over! And this time, Obama will sign it! 20101025 http://www.washingtonsblog.com/2010/10/real-danger-in-foreclosure-crisis.html http://sherriequestioningall.blogspot.com/2010/10/georgia-class-action-suit-for-all.html Georgia Class Action Suit For ALL Homeowners Who Have Been Foreclosed ON by MERS! Another Class Action Suit has NOW been filed for All Homeowners who have been foreclosed on in the State of Georgia against MERS! How Awesome is this!! A class action for ALL homeowners who had been foreclosed on in the past by MERS banks! The paperwork filed is at the link! This should get the banks buzzing! Now there is two Class Actions happening in the states for previous foreclosures - New York and Georgia! http://www.moneynews.com/Headline/ForeclosureMessChillsInvestors-CloudsMarket/2010/10/22/id/374618 Foreclosure Mess Scares Away Investors as 'Fear Has Taken Hold' Investors who have been snapping up foreclosed homes are backing off in the wake of the U.S. foreclosure fiasco, driven off by sagging inventory and fears over legal title. Some economists say the trend could hurt the overall housing market. WRH: The financial media is staying away from the third rail on this story, which is that the main players in this fiasco over-subscribed those mortgage-backed securities. What that means is simple. The same mortgages were pledged as collateral on multiple investment bundles. So even if a home is paid off to one lender, there may be others out there who also think they have a clear title to the property! This is why investors are steering clear of foreclosed homes and why the executives at the main players like Countrywide/BofA, Bear Sterns, Goldman Sachs, etc. et. al. are looking at major jail time. http://dailybail.com/home/foreclosure-fight-heads-to-the-courts-where-judges-are-final.html http://www.nytimes.com/2010/10/21/business/21standoff.html?_r=1&ref=business&src=me&pagewanted=all Foreclosure Fight Heads To The Courts Where Judges Are Finally Respecting The Law Katherine M. Porter, a visiting law professor at Harvard University and an expert on consumer credit law, said that lenders were wrong to minimize problems with the legal documentation. "The misbehavior is clear: they lied to the courts," she said. "The fact that they are saying no one was harmed, they are missing the point. They did actual harm to the court system, to the rule of law. We don’t say, ‘You can perjure yourself on the stand because the jury will come to the right verdict anyway.’ That’s what they are saying."? 20101029 http://poorrichards-blog.blogspot.com/2010/10/fraud-perpetrated-upon-investors-and.html "The Fraud Perpetrated Upon Investors and Insurers Due to Multiple Pledges of Collateral Could Be Massive" Christopher Whalen previously explained how the banks got away with pledging mortgages to multiple buyers. Today, Whalen provides further details: The short answer is "innovation." In her column, "One Mess That Can't Be Papered Over," Gretchen Morgenson of the New York Times reveals the practice in FL and other jurisdictions of destroying the physical note. We really like the 4th from last paragraph, the one about the standard practice of Florida bankers to destroy the original note when an electronic form was created, to "avoid confusion." If you know anything about the checkered history of FL real estate over the past century, this one bites you in the leg. 20101118 http://www.zerohedge.com/article/just-when-you-thought-you-knew-something-about-mortgage-securitizations Just When You Thought You Knew Something About Mortgage Securitizations The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured. Take a look at this chart and then decide how long you think it will take for Barney Frank and Eric Holder to sort everything out.emonstrates what happens when there are too many lawyers being manufactured. Take a look at this chart and then decide how long you think it will take for Barney Frank and Eric Holder to sort everything out. 20110209 http://www.zerohedge.com/article/bankster-vs-deadbeat http://www.xtranormal.com/watch/8320643/ Bankster Vs Deadbeat Still confused about some of the key, shall we say, "dynamics" and "motives" prevalent during the build up phase to the housing bubble peak? The latest xtranormal cartoon explains it all. 20110218 http://www.zerohedge.com/article/mers-exits-stage-left-tells-members-not-foreclose-mers-name MERS Exits Stage Left, Tells Members Not To Foreclose In MERS' Name After the MERS Valentine's Day Massacre, previously reported on Zero Hedge, where Judge Robert Grossman found that MERS has no right to transfer mortgages, the company appears to have proceeded with the logical next step: professional Harakiri. In an announcement sent out to all MERS Members, the company stated that according to a proposed amendment to Membership Rule 8, it will require "members not to foreclose in MERS' name." MERS is seeking comments in a 90-day period, but since this is a directive driven from external judicial decision(s), it is unlikely that MERS members' opinions will matter at all. Basically MERS may have just exited the US mortgage scene, stage left, for good. 20110219 http://dailybail.com/home/mers-lacks-legal-right-to-transfer-mortgages-ny-judge-rules.html MERS Lacks Legal Right To Transfer Mortgages, NY Judge Rules "In Case Of Significant Impact" In case you missed this HUGE ruling handed down Monday - Quotes from the Judge “The judge basically deconstructed MERS and said there’s no possible way in any case you can come in and show you have this appropriate proper status to transfer the note.” “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.” 20110608 http://dailybail.com/slideshows/foreclousre-fraud-documents/8167411 SLIDESHOW - Florida Attorney General Releases Blistering Presentation On Foreclosure Fraud - How Many Different Signatures Can One Robo-Signer Have - Paging Linda Green! By: Pitchfork Quick slideshow put together by Florida Attorney General Pam Bondi. 20110810 http://www.bloomberg.com/news/2011-08-09/aig-bank-of-america-fifth-third-truck-emissions-compliance.html AIG-Bank of America, Fifth Third, Truck Emissions: Compliance AIG bought more than $28 billion in residential mortgage- backed securities from Bank of America and the businesses it took over -- Countrywide Financial Corp. and Merrill Lynch & Co. -- which were marred by a “massive fraud” according to the insurer’s complaint filed in New York state court yesterday. Bank of America and the other defendants created mortgage securities backed by shoddy loans and sold the investments based on inflated credit ratings that masked their true risk, AIG said in the complaint. Offering materials “grossly understated” the risks of loans tied to the securities the insurer purchased, the company said. WRH Webmaster's Commentary: The American media has been remiss (intentionally) in reporting on the mortgage-backed securities fraud, even though it is the initiating event in the economic disaster which continues to engulf the world. But while the government can pretend none of this ever happened, the civil suits will drag the scandal into the public eye, and well it should! For the newer readers, here is a summary of how DC and Wall Street got us all into this mess. After the last Depression, Congress enacted a law, Glass-Steagall, which forbid banks, insurance companies, and investment houses to be in the same institution, to deter reckless speculation with depositors’ money, which was seen as a major contributor to the stock market instability of the time. Then in 1999, at the height of the “Deregulation” craze, Citigroup and Travelers merged, a clear violation of Glass-Steagall. But rather than enforce the law, Congress repealed the prohibitions of Glass-Steagall with the passage of the 1999 Financial Services Act. That opened the floodgates for runaway financial speculation. Wall Street knew that if they made money they would be allowed to keep it, but if their investments lost money, the US Government would step in to transfer the losses to the American people, because that is what had been demonstrated during the S&L debacle of the 1980s. Starting about in 2005, Wall Street started bundling mortgages together into investment bundles. The initial offerings were greeted with great success, and soon everybody wanted to get in this new “product.” So great was the demand for Mortgage-backed Securities (MBS, also called Collateralized Debt Obligations) that Wall Street started running out of mortgages to front-load the system! This led to the creation of the “sub-prime” mortgage; granting mortgages to people who normally would not qualify. Congress, themselves invested in the Wall Street firms that were profiting from selling MBS, passed an $8000 first-time homebuyer tax credit (actually a loan repaid in future taxes) to lure more buyers in which helped front-load the process even faster. This sudden surge in new homebuyers increased demand and home prices skyrocketed! This made investors and homebuyers even more confident, demand for homes and MBS soared even higher and a genuine bubble was being formed. Demand for MBS was so great that as the supply of available mortgages began to dwindle, brokers started taking 'shortcuts'. Bear Sterns was pledging the same mortgages into multiple investment bundles; a clear case of fraud. Other brokers were blending mortgages into the bundles that were already in foreclosure. As the returns from the MBS failed to materialize evidence surfaced that the earlier earnings had not been genuine, but were “ponzi” payoffs, using money collected from new investors to send dividends to older investors. The whole scan started to unravel in 2008 and here is where things took a dark turn. Because Congress had their own fortunes invested in the companies at the heart of the fraud, Congress decided to prop up the scam with taxpayer money and block any efforts to investigate or prosecute. That is why TARP was passed by the Congress despite 90% popular opposition. Congress were saving themselves at the expense of the taxpayers. The phrase “toxic asset” was DC-speak for the fraudulent mortgages backed securities, which were being repurchased in order to avoid investors seeking to jail the Wall Street criminals, which would have brought all of Wall Street down. Despite claims that the US taxpayer would be refunded when the “Toxic Assets” were resold at some point in the future, the reality is that none of those assets will ever see a penny of repayment, because they are all the product of the biggest financial swindle in history. Bigger than Tulip mania. Bigger than the Great South Seas Company disaster. Together with having to cover the credit default swaps sold with those mortgage backed securities, it is estimated that the swindle has cost the nation $27 trillion, at least $16 trillion admitted to by the Federal Reserve in “loans” and “bailouts” (actually buy-backs) from foreign investors such as Credit Suisse, Deutchebank, the Bank of Libya (boy, did THEY get hosed; 98% of their sovereign wealth fund destroyed by Goldman Sachs aka Gold In My Sacks!), etc. Globalism took a major crims n the US financial system and turned it into a global cataclysm from which we are all still reeling. But while the “Too Big To Fail” banks were being bailed out by the US Government, smaller banks caught in the mess were struggling to stay solvent as cash poured out of their coffers to buy back all that bad paper they had sold to investors. Those monthly payments made by home-owners were not sufficient to cover the losses; the whole value of those homes needed to be returned to the banks’ balance sheets to keep the banks technically solvent. So again, starting in 2008, Washington DC sent out a private message to banks and mortgage companies that DC would look the other way if foreclosures to home loans were “short-cutted.” This kicked off the “Foreclosuregate” scandal in which phony foreclosure paper mills, bogus notaries, MERS were all used to facilitate a massive land grab from the American people. As Damon Slivers put it during Congress’ hearings into the foreclosure mess, “We can have a realistic discussion of the foreclosure mess, or we can preserve the capital structure of the banks. We cannot do both. Which shall we do?” In hindsight, it is obvious which choice the government made. We are seeing wealth confiscation, no different than when FDR confiscated the gold from the American people to save the banks, only this time, done in a covert way to trick Americans into thinking it was their own fault they lost their homes. But again, this was the result of official US policy which gave tax credits to corporations that actually encouraged offshoring of American jobs. In short, the US Government took their jobs to make it easer for the banks to take their homes, to save themselves from going to prison over the mortgage-backed securities fraud. Icel;and had the right solution. They tossed the crooked bankers in jail and fired the government that tried to loot the people to save those bankers and Iceland’s economy is already on the rise. (Which is why you don’t see much mention of them any more in the American media) That is it in a nutshell! -------------