Reply #1: I am Not Doubting the Destruction Caused by

[On the Road]

leveraged mortgage-backed securities. However, I don't understand the author's position. The passage seems to be based on a belief that:

--That selling blocks of mortgages is illegitimate
--That foreclosures of resold properties are illegitimate
--That securities based on resold mortgages are illegimate by nature
--That banks are illegally avoiding taxes (evasion is illegal by definition)

All of those are open to debate. If the author is talking about some kind complex round-tripping scheme, he is making it anything but simple to understand.