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How Michael T. Pines Defies the Law
The mortgage crisis did not affect a small group of people. It was the basis of the meltdown of the American economy and the primary cause of the Great Recession. Wall Street investment banks demanded more and more mortgages so that they could be "securitized" and turned into bonds, which were toxic investments. The big banks, like Bank of America, where I once worked, were in such a hurry to turn bad mortgages into securities that they stopped recording mortgage transactions at the Country Recorders' offices. The big banks and the investment banks began to manufacture fraudulent title documents. These were the documents they brought into court in order to evict people from their homes. The courts became involved in the fraud when they accepted bank documents which were fraudulent. The process was repeated all over the United States. The title to much of the real estate was in limbo as a result of the banks' failure to perfect title. The American people bailed out the banks, the perpetrators of the fraud. Mr. Pines was one of a few lawyers who represented the little people.— February 27, 2013 2:07 p.m.