Illegal transfer of money and the money was backed by air. Paper crap not worth the paper it is printed on.
Did you see the foreign banks even were allowed to offload mortgages onto us?
The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants NOW owned by taxpayers.
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
much more here http://www.insurancemaking.com/business-general/55112-fed-opens-books-revealing-european-megabanks-were-biggest-beneficiaries.html
WHALEN: “FED LET THE REAL ECONOMY GO TO HELL” 12-1-2010
http://www.youtube.com/watch?v=q8vFbZ4J8kQ