But the Congressional Inquiry declined to release the letter, saying that it was a year old. Despite this announcement by the New York Attorney General, followed within a few days by the Department of Justice and 49 Attorneys General’s announcement of a national settlement on the foreclosure issue.
HOST
Let me ask you this Dr. Pham because you mentioned the Wall Street Journal article. I want to show our audience some of the things that have been written about your stories. So we had Huffington Post saying your story was the most important of the day. It was from Janet Tabaculi after she wrote it in Zero Hedge on the blog which is the only place that story appeared in its entirely. You mentioned the Wall Street Journal did a story and ABC did a story, but you have some concerns about the way those stories were done. How was the mainstream media’s coverage of the story? Why do you think they didn’t address the issues that you talking about, with MERS, with what you are calling foreclosure fraud and some of these other issues?
DR. PHAM
I sense is that I think there is a fear of the systemic ramifications of MERS and there are over 7 billion mortgages that are in some process of delinquency or foreclosure and there are cases before the state Supreme Court that will decided whether or not MERS will have the legal standing to foreclose. These issues have not been resolved because just a month ago, there was an amicus brief filed with the Florida State Supreme Court, expressing concerns about the finality of foreclosure sales because a buyer of a foreclosed property may not be the legal owner of that property as was decided in the case with the Massachusetts Supreme Court and so these issues still exists. They are still problematic, but that the media has had great difficulty in speaking about MERS, even calling a foreclosure fraud. There is such a difficulty in calling, presenting to the courts forged documents or defective documents. I find that curious and also ABC News had great difficulty or actually, I should say that they excel in distortion, as much as, what we have talked about was unrecognizable by the time ABC News put up their story and depending on the day that you read the story, the version changes.
HOST
Dr. Pham, let me get in here because we are up against and close to the end of the show and I really want to get to this point, you posted in your story that you wrote, who is the CBO serving? Who is Congress serving? Who gets its analysis from the CBO? What do you thing is the answer to that and why do you think that is an important question to be asking?
DR. PHAM
I have a sense of what that answer is, but those are questions that I put to the public. It is for the public to hear my story and to ask questions about the Congressional Budget Office because the Congressional Budget Office is a very powerful agency that can determine the course of the nation’s policy with the way that it does analysis and its scoring of the bills and it stands on robo-signing, suggesting that CBO take the lead in diminishing the issue of robo-signing to not add to the media hype. This is the question that I put to the public, for them to ask that the Congress and CBO, who is it that they serve?
HOST
Dr. Pham, we appreciate you being on the show and talking to us. We are out of time but I do want to tell our viewers, I asked you earlier, why now? It has been two years since you worked for the CBO? You said, “because these issues are still so important and there is so much that needs to be looked at.“ So I really appreciate you being on this show to do just that. Dr. Pham, former principal analyst and financial economist at the CBO.
DR. PHAM
Thank you.
HOST
Now, that’s our show for today. Thank you so much for watching. Make sure to come back tomorrow. In the meantime, you can follow me on Twitter at Lauren Lyster and give us feedback on the show. Catch any that you missed at YouTube.com/capital account. Also check out Hulu. Thanks so much for watching, have a great night.
Capital Account TV Exclusive Interview of CBO Mortgage Whistleblower Pt. 5
mortgage expert witness