Catherine Austin Fitts

They put an insurance policy on the mortgage so they take the credit risk. It defaults. They pay off the mortgage holder and then take back the properties. The property is sitting there in inventory, okay? So let's say the property is worth $100,000.

Yes, probably. Probably. OK, so so let's say the house is worth one hundred thousand dollars. OK, you sell the house to someone or or or you who's going to do sort of a quickie fix up. OK, so. And you let them turn around and sell it at – you put a mortgage – let's say it's worth $150 now. They've fixed it up. You put a mortgage on it for $250, a lot more than it's worth.

Yes, probably. Probably. OK, so so let's say the house is worth one hundred thousand dollars. OK, you sell the house to someone or or or you who's going to do sort of a quickie fix up. OK, so. And you let them turn around and sell it at – you put a mortgage – let's say it's worth $150 now. They've fixed it up. You put a mortgage on it for $250, a lot more than it's worth.

Yes, probably. Probably. OK, so so let's say the house is worth one hundred thousand dollars. OK, you sell the house to someone or or or you who's going to do sort of a quickie fix up. OK, so. And you let them turn around and sell it at – you put a mortgage – let's say it's worth $150 now. They've fixed it up. You put a mortgage on it for $250, a lot more than it's worth.

They sell it to a not-for-profit who immediately defaults. Right. You pay off the 250 mortgage and take the property back and you keep doing it again and again and again and generating lots of money out the back door. So when I became FHA commissioner, we would find private one property in Chicago, which had financed and defaulted five times in one year. I know. Imagine that.

They sell it to a not-for-profit who immediately defaults. Right. You pay off the 250 mortgage and take the property back and you keep doing it again and again and again and generating lots of money out the back door. So when I became FHA commissioner, we would find private one property in Chicago, which had financed and defaulted five times in one year. I know. Imagine that.

They sell it to a not-for-profit who immediately defaults. Right. You pay off the 250 mortgage and take the property back and you keep doing it again and again and again and generating lots of money out the back door. So when I became FHA commissioner, we would find private one property in Chicago, which had financed and defaulted five times in one year. I know. Imagine that.

Anyway, so but here's here's how I can make even more money.

Anyway, so but here's here's how I can make even more money.

Anyway, so but here's here's how I can make even more money.

Right. That's a variation. Now, here's how you really make a lot of money. When you issue the mortgage, you don't issue one mortgage. You issue 10 mortgages on that house, and you put them in a mortgage pool that's wrapped by Ginnie Mae so you can sell them in Dubai, and nobody knows the difference. Right. And as long as there's money, you can skim out the back door of the FHA fund. No problem.

Right. That's a variation. Now, here's how you really make a lot of money. When you issue the mortgage, you don't issue one mortgage. You issue 10 mortgages on that house, and you put them in a mortgage pool that's wrapped by Ginnie Mae so you can sell them in Dubai, and nobody knows the difference. Right. And as long as there's money, you can skim out the back door of the FHA fund. No problem.

Right. That's a variation. Now, here's how you really make a lot of money. When you issue the mortgage, you don't issue one mortgage. You issue 10 mortgages on that house, and you put them in a mortgage pool that's wrapped by Ginnie Mae so you can sell them in Dubai, and nobody knows the difference. Right. And as long as there's money, you can skim out the back door of the FHA fund. No problem.

Wow. Right. And it's it's really funny. So so I had warned people about this kind of fraud, both when I was assistant secretary and then when I was the lead financial advisor. But, you know, you're you know what it's like when you fight these winds and and. So I'm driving down the highway in Georgia and my old roommate from college calls me and she says, Fitz, have you seen the Soprano TV shows?

Wow. Right. And it's it's really funny. So so I had warned people about this kind of fraud, both when I was assistant secretary and then when I was the lead financial advisor. But, you know, you're you know what it's like when you fight these winds and and. So I'm driving down the highway in Georgia and my old roommate from college calls me and she says, Fitz, have you seen the Soprano TV shows?

Wow. Right. And it's it's really funny. So so I had warned people about this kind of fraud, both when I was assistant secretary and then when I was the lead financial advisor. But, you know, you're you know what it's like when you fight these winds and and. So I'm driving down the highway in Georgia and my old roommate from college calls me and she says, Fitz, have you seen the Soprano TV shows?

They have the HUD frauds on the Soprano TV shows. And she said, I guess you're telling the truth. And I said, wait a minute. So I was the former assistant secretary of housing and then I was the lead financial advisor for HUD. And I've told you about this for years. You don't believe me until it's on the Soprano TV show. And she said, that's right.

They have the HUD frauds on the Soprano TV shows. And she said, I guess you're telling the truth. And I said, wait a minute. So I was the former assistant secretary of housing and then I was the lead financial advisor for HUD. And I've told you about this for years. You don't believe me until it's on the Soprano TV show. And she said, that's right.

They have the HUD frauds on the Soprano TV shows. And she said, I guess you're telling the truth. And I said, wait a minute. So I was the former assistant secretary of housing and then I was the lead financial advisor for HUD. And I've told you about this for years. You don't believe me until it's on the Soprano TV show. And she said, that's right.

So I said, that's why I say in America, fact is fiction and fiction is fact. If it's on the news, it's likely fiction. You know, if it's on the Soprano TV show, there's a... Oh, yeah. You know, you're getting your training filmed.