Catherine Austin Fitts

Anyway, but I got a real crash course. I'll never forget. First time I saw Enemy of the State, I'm like up in the front row and I'm like, oh, it's my training movie. Right.

Anyway, but I got a real crash course. I'll never forget. First time I saw Enemy of the State, I'm like up in the front row and I'm like, oh, it's my training movie. Right.

So financial fraud and mortgage fraud is like the joy of cooking. There are thousands of recipes, right? But if you want to know the most prominent, likely famous recipe for mortgage fraud in HUD housing, all you have to do is look up the Tony Soprano TV show did a series of four parts on HUD fraud by Tony Soprano.

So financial fraud and mortgage fraud is like the joy of cooking. There are thousands of recipes, right? But if you want to know the most prominent, likely famous recipe for mortgage fraud in HUD housing, all you have to do is look up the Tony Soprano TV show did a series of four parts on HUD fraud by Tony Soprano.

So financial fraud and mortgage fraud is like the joy of cooking. There are thousands of recipes, right? But if you want to know the most prominent, likely famous recipe for mortgage fraud in HUD housing, all you have to do is look up the Tony Soprano TV show did a series of four parts on HUD fraud by Tony Soprano.

Yes. And the basic – and it's interesting because one of the things that got me interested in money is it was this fraud that destroyed the value of homes in my neighborhood when I was a little girl. We had four boarded up, four closed properties catty-cornered to our block in West Philadelphia.

Yes. And the basic – and it's interesting because one of the things that got me interested in money is it was this fraud that destroyed the value of homes in my neighborhood when I was a little girl. We had four boarded up, four closed properties catty-cornered to our block in West Philadelphia.

Yes. And the basic – and it's interesting because one of the things that got me interested in money is it was this fraud that destroyed the value of homes in my neighborhood when I was a little girl. We had four boarded up, four closed properties catty-cornered to our block in West Philadelphia.

And it had a huge sign and it said, by order of the Assistant Secretary of Housing, Federal Housing Commissioner. And I used to think, who is that asshole? And so when I literally, when I was sworn in, they said, by order of the president, you are now the assistant secretary of housing. I said, uh-oh, I'm the, you know. And I went downstairs and I said, how many boarded up homes?

And it had a huge sign and it said, by order of the Assistant Secretary of Housing, Federal Housing Commissioner. And I used to think, who is that asshole? And so when I literally, when I was sworn in, they said, by order of the president, you are now the assistant secretary of housing. I said, uh-oh, I'm the, you know. And I went downstairs and I said, how many boarded up homes?

And it had a huge sign and it said, by order of the Assistant Secretary of Housing, Federal Housing Commissioner. And I used to think, who is that asshole? And so when I literally, when I was sworn in, they said, by order of the president, you are now the assistant secretary of housing. I said, uh-oh, I'm the, you know. And I went downstairs and I said, how many boarded up homes?

How many foreclosed properties do we have in the foreclosed industry? My deputy said 50,000. I said, well, that's going to change. And that was part of the problem. But okay, so let's look at the basic fraud. So there's a home in the foreclosed property inventory of the Federal Housing Administration. They had financed a mortgage.

How many foreclosed properties do we have in the foreclosed industry? My deputy said 50,000. I said, well, that's going to change. And that was part of the problem. But okay, so let's look at the basic fraud. So there's a home in the foreclosed property inventory of the Federal Housing Administration. They had financed a mortgage.

How many foreclosed properties do we have in the foreclosed industry? My deputy said 50,000. I said, well, that's going to change. And that was part of the problem. But okay, so let's look at the basic fraud. So there's a home in the foreclosed property inventory of the Federal Housing Administration. They had financed a mortgage.

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.

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.

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.