Monday, January 31, 2011

Housing Market News

Housing Market News Make big money in penny stocks today

Analyst recaps bungled housing predictions of yesteryear - Las Vegas Sun

Analyst recaps bungled housing predictions of yesteryear - Las Vegas Sun Make big money in penny stocks today

Sisolak calls for investigation of firefighter sick leave - Friday, Jan. 21, 2011 | 2 a.m. - Las Vegas Sun

Sisolak calls for investigation of firefighter sick leave - Friday, Jan. 21, 2011 2 a.m. - Las Vegas Sun Make big money in penny stocks today

Mish's Global Economic Trend Analysis: Buried One Mile Deep In Economic News: Rand Paul Proposes Elimination of HUD; Churches "Walk Away"; China Hard Landing; Repeal of Davis-Bacon

Mish's Global Economic Trend Analysis: Buried One Mile Deep In Economic News: Rand Paul Proposes Elimination of HUD; Churches "Walk Away"; China Hard Landing; Repeal of Davis-Bacon Make big money in penny stocks today

Mish's Global Economic Trend Analysis: Buried One Mile Deep In Economic News: Rand Paul Proposes Elimination of HUD; Churches "Walk Away"; China Hard Landing; Repeal of Davis-Bacon

Mish's Global Economic Trend Analysis: Buried One Mile Deep In Economic News: Rand Paul Proposes Elimination of HUD; Churches "Walk Away"; China Hard Landing; Repeal of Davis-Bacon Make big money in penny stocks today

Second-guessing the WaMu seizure and sale: FCIC report « HousingWire

Second-guessing the WaMu seizure and sale: FCIC report « HousingWire Make big money in penny stocks today
The Banks still have judges in their pocket.  Recon Trust doesn't not have to prove anything as to whether they even have the right to foreclose or have followed the service agreement rules over the past several years.  A judge ruled today after just a few days that the challenge to Recon Trust was a weak argument.  So Banks still running the show. 

If  lawyer actually makes a case as to whether BofA even has the note they might have a winner but sounds like this case was just to get a refile because the homeowner was saying that Recon didn't own the mortgage at the time of foreclosure.  This seems like a legitimate claim to me but evidently this judge disagreed. 

The banks likely will just continue to roll over property rights just as they have in the past. 



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How Banks Influence People in High Places « naked capitalism

How Banks Influence People in High Places « naked capitalism Make big money in penny stocks today

More Judges Pushing Back on Dubious Foreclosure Documents « naked capitalism

More Judges Pushing Back on Dubious Foreclosure Documents « naked capitalism Make big money in penny stocks today

from Naked Capitalism on Demand for Sub Prime

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Let us step through some simple math. If a hedge fund invested $50 million in shorting MBS via an equity investment in a CDO, it would lead to the creation of a $1 billion mezzanine ABS CDO (note this 5% assumption is conservative). In 2006, 80% of that CDO would consist of BBB or BBB- tranches of subprime bonds; remarkably, as much as 10% of that CDO could (and often did) consist of the lower-rated tranches of OTHER unsold CDOs, which would make the picture even worse, so for simplicity’s sake, let’s stick with the 80% figure.




So of that $1 billion deal, $800 million is composed of BBB rated bonds. $800 million also happens to be a not-bad number for the size of a typical residential mortgage backed security, meaning from the AAA tranches down to the so called equity layer of that first generation securitization. The CDO, the second generation, would be composed of about 100 BBB MBS bonds created out of these securitizations, and the deals in aggregate would reference about $84 billion worth of mortgages (note that in this example, the $1 billion CDO would take down or if it was synthetic, “reference” $800 million of BBB bonds out of total RMBS issuance of $80 billion. The reason the total amount of bonds issued was $80 billion while the mortgage amount was $84 billion was that the bonds were “overcollateralized” as a form of protection to investors. But as we have seen, this “overcollateralization” fell vastly short of actual losses).
Now even though that ratio is eyepopping, a $50 million investment versus $84 billion of mortgage loans ultimately referenced, it is hard at this level to ascertain the impact in any tidy way. The BBB tranche was hardest to sell and only 3% of the total value of the RMBS. It had served to constrain demand. But the dynamic flipped. In tail wag the dog manner, the pipeline started demanding crappy loans to get that BBB slice. There was a chronic perceived shortage of AAA paper, so the bulk of the subprime could be sold, and the other less prized parts could be dumped into other CDOs, which were also big fee earners to the banks.






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Saturday, January 29, 2011

Bank of America Fighting to Reverse Foreclosure Freeze in Nevada « naked capitalism#comment-311098

Of course they are fighting to reverse the ruling!.......Why? Because they will be busted for years of fraud and illegal foreclosures if the ruling does not get reversed. The issues is not just about rule of law. It is about property rights in our country. The rights that have been trampled by the banks with the creation of MERS. The other issues is that the banks are the creators and cause of the finanical meltdown. They were not subject to rule of law when they were bailed out or when they were allowed to use phatom accounting to appear solvent. They have done everything including breaking the law to stick it to the home owner, who was not the root cause of the meltdown. However, the banks continue to push this theory because the politicans are afraid to stand up to the money. They are so scared to hold the banks accountable because they want money as bad as the banks. This is more than a trasfer of wealth to Wall Street it is also turning into the biggest Land Grab ever in the country. If the fraud by the banks is allowed to continue the banks could have claim to everyone's home whether the mortgage is paid off or not. People are sadly mistaken if they think these issues regarding chain of title, mortgage and note transfer etc have no adverse effects on the country and all of our property rights. They banks now are following up their law breaking by refusing to do the right thing now that they were bailed out. The right thing being loan restructuring to keep families in their homes and keep the housing market from going deeper the foreclosure vortex that could lead to a 10 or 15 year housing stagnation. I have seen statitics in parts of the country that had seen 11 years price stagnation even without this massive housing meltdown. So it certainly is possible for it to happen again. Bank of America Fighting to Reverse Foreclosure Freeze in Nevada « naked capitalism#comment-311098 Make big money in penny stocks today

Common Sense: Will Google Survive Facebook? - WSJ.com

Links Interesting speculation that Google is worried about Facebook competition. Common Sense: Will Google Survive Facebook? - WSJ.com Vupoint Magic Wand Scanner Flip Pal Portable Scanner NeatDesk and Neatworks Try Neat!

Friday, January 28, 2011

Housing bad, Consumer confidence good… What gives?

Housing bad, Consumer confidence good… What gives? Make big money in penny stocks today

Normal Recovery? No Way

Normal Recovery? No Way Make big money in penny stocks today

Quantitative Easing Is Causing Food Prices to Skyrocket → Washington's Blog

Quantitative Easing Is Causing Food Prices to Skyrocket → Washington's Blog Make big money in penny stocks today

THE HOUSE OF FRAUD STARTS TO FALL: MERS’ PRESIDENT QUITS, JUDGES ORDERING PRODUCTION OF MERS AND TRUST DISCOVERY IN SECURITIZATION CASES

THE HOUSE OF FRAUD STARTS TO FALL: MERS’ PRESIDENT QUITS, JUDGES ORDERING PRODUCTION OF MERS AND TRUST DISCOVERY IN SECURITIZATION CASES Make big money in penny stocks today

Daniel Pennell: Mortgage Shenanigans in Virginia (The Wall Street – Washington – Richmond Axes)

Great story about the major scam completed by the banks with the creation of MERS.  This was there play to skirt paying fees to municipalities when transferring title and it was their attempt to eliminate the actual
"chain of title" and eliminate having to physically record papers with counties with each title transfer.  This all was done to make it easier and less costly for the banks to sell off mortgages to Wall Street as MBS.  It was a move an anarchist would be proud of because the banks just wrote their own set of rules and laws.  They cared nothing that the foundation of the country was born on property rights and proof of recorded ownership. 


This week demonstrated how financial special interests have created an obscene and incestuous relationship with the leadership in the state legislature and the Governor’s office in Virginia. This cabal managed to kill off a bill (HB-1506) proposed by Delegate Bob Marshall, a bill designed to protect the integrity of the county property records and preserve the integrity of home owner’s title to their property. Simultaneously they attempted to alter the Uniform Commercial Code (UCC) with HB-1718, such that any “record” (the previous version said document) signed or unsigned by a person they claim owed a debt would be good enough for the banks to win a legal judgment against a person. In other words a spreadsheet from a bank would be good enough to take someone’s home or report someone to a credit bureau. This was in direct response to a Supreme Judicial Court decision in Massachusetts, Ibanez, where the court said that a bank had to have proof it owned a mortgage before it could foreclose."

The problem that HB-1506 addresses originated in 1995 when Wall Street banks took upon themselves the authority to replace the existing public land title recordation system with its 300+ years of successful history, with a member’s only private system. This system called the Mortgage Electronic Registration System (MERS) gutted the public property records and left millions of homes with questionable titles. This was done without any government approval and against the recommendations of the title industry and the county recorders. MERS has been found by 10 state supreme courts to be acting illegally and is currently being sued by CA, NV, TN and 14 other states. The Federal Reserve, Office of the Comptroller of the Currency (OCC), regulator of the national banks and the FDIC are investigating MERS for questionable business practices and for the systemic risk it poses to the nation’s financial system. The CEO resigned last week. Speculation in Washington has the OCC taking over MERS and nationalizing our land records, a clear violation of states’ rights.

READ THE FULL STORY BELOW
Daniel Pennell: Mortgage Shenanigans in Virginia (The Wall Street – Washington – Richmond Axes) Make big money in penny stocks today

Bank of American/Recon Trust

From Housing Wire

A Nevada county court placed an injunction against a foreclosure by Bank of America (BAC: 13.67 0.00%) and its default management subsidiary ReconTrust on Jan. 20.




Robert Lane, a judge in the Nye County District Court, delivered the ruling, citing the "substantial likelihood" that plaintiff and homeowner, Suzzane North, would establish at trial that ReconTrust could not prove it has a contractual relationship between the plaintiff and BofA regarding the promissory note and deed of trust.



Lane ruled "to prevent the irreparable injury to the Plaintiff that would result from the unlawful nonjudicial foreclosure being carried out by Defendant ReconTrust Company against the Plaintiff, and to allow the court to render effective relief if the Plaintiff prevails at trial."



A clerk at the court told HousingWire that the case has been taken to federal court, which BofA confirmed.



Similar lawsuits against BofA and ReconTrust sprang up in Utah in the summer of 2010, but U.S. District Court Judge Clark Waddoups dissolved an injunction against the bank on June 11.



"It is Bank of America and its related affiliates' policy to handle foreclosures in compliance with applicable laws, and we believe that the court will recognize that fact," a spokesperson for BofA told HousingWire. "Bank of America will work quickly to resolve the situation. Until then, ReconTrust intends to comply with the order."





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Foreclusure still growing problem

From Housing Wire Wedneday January 26, 2011

Metro areas with the 10 highest foreclosure rates saw filings decrease in 2010, but for nearly everywhere else activity was on the rise, according to RealtyTrac, which tracked activity in 206 cities across the country.



For the year, more than 2.8 million properties in the U.S. received at least one foreclosure filing from notice of default to repossession. While the hardest hit areas – 19 of the top 20 in California, Florida, Nevada and Arizona – saw filings drop, 149 of the metro areas studied saw activity actually increase from 2009.



RealtyTrac CEO James Saccacio said widespread unemployment has pushed foreclosures in areas previously insulated from the "initial foreclosure tsunami."



"Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets," Saccacio said. "Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep faultlines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond."



Las Vegas continues to hold the nation's highest foreclosure rate. In 2010, one in every nine housing units received a foreclosure filing, nearly five times the national average. More than 88,000 Las Vegas properties received a filing last year, down 7% from 2009 but up 31% from 2008.



The second highest rate was in Cape Coral-Fort Meyers, Fla. There one in every 12 homes received a filing. Modesto, Calif. was third, where one in every 14 homes received a filing.



The Washington, D.C. metro area registered the largest decrease in foreclosure activity from the year before. Filings there dropped 22%.



The most repossessions, or REO, occurred in Phoenix, Ariz. There were more than 55,000 REO there in 2010, up 17% from 2009.













Goldman president warns on bank rules












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Goldman president warns on bank rules

Goldman president warns on bank rules Make big money in penny stocks today

US Trustee Motion in CT for 2004 Examination

US Trustee Motion in CT for 2004 Examination

Wednesday, January 26, 2011

Stay on Foreclosures from BOA/Recon Trust until Feb 28 2011

UPDATE
Judge orders stay on foreclosures by BOA/Recon trust until February 28, 2011.  Evidently there is question as to whether or not Recon Trust has the right to foreclose and if they actually are the legal party of record.  It will be very interesting to see what happens in this case come February 28, 2011.  I am sure BOA is going to have every possible body on this until then trying to find out how they can spin this into their favor.  This will be an important ruling because of the large number of foreclosures in the state of Nevada.  This potentially could effect thousands of homeowners. 





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Nevada Judge official Court order on foreclosures by BOA/Recon trust

North w
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Case-Shiller numbers confirm housing double dip

Case-Shiller numbers confirm housing double dip Make big money in penny stocks today

States May Require Redocumenting Loans in Foreclosure - American Banker Article

States May Require Redocumenting Loans in Foreclosure - American Banker Article Make big money in penny stocks today

FCIC Insiders Say Report Gives Wall Street a Free Pass, Simply Sought to Validate Conventional Wisdom About Crisis

FCIC Insiders Say Report Gives Wall Street a Free Pass, Simply Sought to Validate Conventional Wisdom About Crisis

American Lose Faith in Pretty Much All Big Organizations, Especially Banks and Corporations « naked capitalism

From the Financial Times and Naked Capitalism Just 46 per cent of Americans last year said they trusted business, down eight points from 2009, according to research by Edelman, a communications consultancy, which will be presented on Wednesday. Global trust in business was up two points to 56 per cent, by contrast. The US decline has been driven by a backlash against bankers and their bonuses, with the number of Americans who trust US banks dropping to a low of 25 per cent, down from 33 per cent a year ago and 71 per cent before the financial crisis. To quote the famous prognosticator Bill Clinton, “It’s the economy, stupid.” But no one trust banks much, but we Americans have a better view of them than our peers in the UK and Ireland. So I guess all that Team Obama bank PR really has had an impact on poll readings. I’m sure their masters at Davos will be happy to see what a good return they have gotten on their investment. Take link below to read the full story. American Lose Faith in Pretty Much All Big Organizations, Especially Banks and Corporations American Lose Faith in Pretty Much All Big Organizations, Especially Banks and Corporations « naked capitalism

Tuesday, January 25, 2011

Judge tells Bank of America to stop all Nevada foreclosures - KTNV ABC,Channel 13,Las Vegas,Nevada,News,Weather,Sports,Entertainment,KTNV.com,Action News .:.

This is another development in the foreclosure crisis in Nevada. A judge in Nye county sited irreparable harm was being done to homeowners during foreclosure process. There is even question as to whether Recon Trust, BOA foreclosure division, is even licensed to do business in Nevada or has the right to foreclose on home owners. Judge tells Bank of America to stop all Nevada foreclosures - KTNV ABC,Channel 13,Las Vegas,Nevada,News,Weather,Sports,Entertainment,KTNV.com,Action News .:. Make big money in penny stocks today NeatDesk is Perfect for small Business

Bankers to Lobby Against New Rules - WSJ.com

Bankers to Lobby Against New Rules - WSJ.com Of course the banks are lobby against new rules. I am sure it another self serving ploy that will give bankers a way out when they come back for another bailout. They will use the new rules as the anchor for their downfall and congress will say ok you were burdened by "rules" so we can't expect you to survive. A blank check will then again be given to the biggest banks so they can get their bonuses and survive the recession with out paying a price for reckless behavior. Make big money in penny stocks today

Economist's View: "Zero-Interest Policies as Hidden Subsidies to Banks"

Economist's View: "Zero-Interest Policies as Hidden Subsidies to Banks"

 Make big money in penny stocks today
Shell game: Zero-interest policies as hidden subsidies to banks, by Axel Leijonhufvud, Vox EU: The two pioneers of modern monetary economics – Irving Fisher and Knut Wicksell – were passionately concerned to find monetary arrangements that would insure against arbitrary redistributions of income and wealth. They saw such distributive effects as offenses against social justice and consequently as a threat to social and political stability.
Fisher and Wicksell thought that price level stability was a sufficient condition for avoiding distributive effects. In this they were in error. A hundred years later, the motivating concern for their work has long since disappeared from monetary economics.
But the error survives. For example:
•The Fed is supplying the banks with reserves at a near-zero rate. Not much results in bank lending to business, but banks can buy Treasuries that pay 3% to 4%.

•This hefty subsidy to the banking system is ultimately borne by taxpayers. Neither the subsidy, nor the tax liability has been voted for by Congress.

The Fed policy drives down the interest rates paid to savers to some small fraction of 1%. At the same time, banks leverage their capital by a factor of 15 or so, thus earning a truly outstanding return from buying Treasuries with costless Fed money or very nearly costless deposits.
Wall Street bankers are then able once again to claim the bonuses they became used to in the good old days and to which they feel entitled because of the genius required to perform this operation. These bonuses are in effect transfers from tax-payers as well as from the mostly aged savers who cannot find alternative safe placements for their funds in retirement.




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Will WikiLeaks’ Early 2011 “Big American Bank” Leak Be BAC? Trading the Threat « Dealbreaker: A Wall Street Tabloid – Business News Headlines and Financial Gossip

Will WikiLeaks’ Early 2011 “Big American Bank” Leak Be BAC? Trading the Threat « Dealbreaker: A Wall Street Tabloid – Business News Headlines and Financial Gossip

Sunday, January 23, 2011

Myth of no inflation

Number of the Week: Americans Dipping Into Savings - Real Time Economics - WSJ: "The less money they have for a rainy day, the more vulnerable they will be to job losses and other income shocks. As we have learned in the most recent crisis, credit is far from a perfect substitute for a healthy bank account." What a brilliant deduction. The problem of saving for a rainy day is that wages are not growing to meet inflation regardless of what the "official" number on rising costs. Ex out food and energy is the most ridiculous thing ever done by the government. Food and Energy have been skyrocketing and on a steady trend upward for several years. The myth of no inflation just because housing has been devastated is a complete lie. However, it is a number that is pushed hard and it supposedly keeps people grateful for one thing positive, yet when they go to the store or to the gas pump, or pay their power bill they are getting hammered. No doubt about it. Make big money in penny stocks today

Myth of no inflation

Number of the Week: Americans Dipping Into Savings - Real Time Economics - WSJ: "The less money they have for a rainy day, the more vulnerable they will be to job losses and other income shocks. As we have learned in the most recent crisis, credit is far from a perfect substitute for a healthy bank account." What a brilliant deduction. The problem of saving for a rainy day is that wages are not growing to meet inflation regardless of what the "official" number on rising costs. Ex out food and energy is the most ridiculous thing ever done by the government. Food and Energy have been skyrocketing and on a steady trend upward for several years. The myth of no inflation just because housing has been devastated is a complete lie. However, it is a number that is pushed hard and it supposedly keeps people grateful for one thing positive, yet when they go to the store or to the gas pump, or pay their power bill they are getting hammered. No doubt about it. Make big money in penny stocks today

Number of the Week: Americans Dipping Into Savings - Real Time Economics - WSJ

Mixed messages from the government regarding the need for people to save. The question has arisen whether or not the Fed is making it impossible for people to save by keeping interest rates near zero. Sitting on your money right now in a savings account will probably prove to be a negative return once inflation is calculated properly. Banks have the ability to make money because they are getting money at near zero percent so anything they make above that is gravy. However, the individual trying to save part of their weekly paycheck would be as likely to get return on their funds if it was held under their mattress. Putting it under the mattress might even make more sense with the way the economy has been manipulated. Two parts of the American Dream have been completely wiped out recently. Of course these are the two driving forces that allowed people to get a return on capital at low risk and to actually compound interest on money over time. Now we have been pillaged by the banks and the government. The two ways to get ahead for the little guy: buy a home, let your saving compound over time. Both taken away but the powers that be while they keep saying people need to save more. For What? So the banks can lend out money at 4 or 5 % and make a killing with customer funds? This is a backhanded way to prop up the banks again. Save more money so the banks have more capital to use to improve their bottom line and appear solvent. Number of the Week: Americans Dipping Into Savings - Real Time Economics - WSJ: "To some extent, people are acting exactly as policy makers want, at least in the short term. By holding interest rates near zero, the Fed is creating an incentive to spend rather than save — or to “save” in a different way by paying down expensive debt. With three-month certificates of deposit offering annualized interest of less than 0.3%, using available cash to pay off a credit card that charges 30% or a mortgage that costs 5% makes a lot of sense. Over the two years ending September 2010, U.S. consumers — largely through defaults, but also through pay-downs — shaved nearly a billion dollars off their mortgage and other debts, a shift that could make them less sensitive to credit freezes like the one we just suffered." Neatdesk Deals Direct

Saturday, January 22, 2011

Gingrich Touting State Bankruptcy Bill to Gut Pensions

Gingrich Touting State Bankruptcy Bill to Gut Pensions Make big money in penny stocks today

Wells Fargo Sues EMC as Trustees Start Playing Ball with RMBS Investors; Servicers Still Holding Out

We might be seeing a break through in the Mortgage finance as a few of the big money banks start battling each other. The Parent company to EMC is JP Morgan. Even though they have connections in the White House now it might not be enough to stop the fall out from hundreds or even thousands of Loan put backs. Great article here at the Subprime Shakeout. Follow the link below. Wells Fargo Sues EMC as Trustees Start Playing Ball with RMBS Investors; Servicers Still Holding Out Make big money in penny stocks today

Over 170 Million Watch Video Online With Little Promise For Profit - 24/7 Wall St.

Over 170 Million Watch Video Online With Little Promise For Profit - 24/7 Wall St. Make big money in penny stocks today

Meta cell phone analysis: Text more, talk less

Meta cell phone analysis: Text more, talk less Make big money in penny stocks today

HP proposes new probe into Hurd's departure

HP proposes new probe into Hurd's departure

Facebook coughs up information on Goldman deal

Facebook coughs up information on Goldman deal Make big money in penny stocks today

Google ready for action against content farms | Relevant Results - CNET News

Google ready for action against content farms Relevant Results - CNET News

Thursday, January 20, 2011

Learning to trade stocks: The Importance of Open Interest When Trading Options | TradingMarkets.com

Learning to trade stocks: The Importance of Open Interest When Trading Options TradingMarkets.com

Larry Page taking over as Google CEO, Eric Schmidt will remain as Executive Chairman -- Engadget

Larry Page taking over as Google CEO, Eric Schmidt will remain as Executive Chairman -- Engadget Make big money in penny stocks today

Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

Interesting story found at the Huffington Post.

It is a small number to the big name banks but at least some people are letting them know how unhappy they are about the irresponsible banking behavior.  It looks as though the push back against the banks is being squashed by Washington and the bank lobby.  It is an all out push to speed up the process of foreclosure, illegal or legal, which is exactly the wrong thing to do for the economy.  We are not at a bottom if the banks continue to put a million empty and/or abandoned homes on the market. 
The Stock Market has little to do with the housing market.  The past year of stock market gains had an equal amount or worse wealth evaporation in real estate.
The bank strategy has been to hold on and wait because they knew their position was getting stronger the longer they sat tight.  They squeezed the citizens and the economy as Washington stood back and watched.  The troubling thing now is that if we see any sign of a recovery there will be absolutely no chance at reform or a push to slow down the number of foreclosures.  Mark Zandy this week called a bottom in the housing market.  I don't know where he is calling the bottom but some states have a long way to go as foreclosures continue to hit the market at record levels.  It is to the point that banks are even turning down some of the houses rather then take them back even after the borrower has been pushed out.  The house that could have served someone well becomes abandoned and left for the local municipalities to manage.  It is a another way for banks to get over on the local governments after getting bailed out by the tax payer.  The banks are not going to add to their costs in anyway if they can get around it.  It is the reason they created MERS. Banks did not want to pay the local registration and deed taxes that are required to transfer ownership.  MERS was their way around paying to transfer and register real estate. 
 Customers Close Accounts To Protest Wall Street, Abusive Lending Practices

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Wednesday, January 19, 2011

JPMorgan Chase Wrongly Forecloses On Military Families (VIDEO)

JPMorgan Chase Wrongly Forecloses On Military Families (VIDEO)

Mortgage Insurers Fall After MGIC Results

Mortgage Insurers Fall After MGIC Results Make big money in penny stocks today

Facebook Flop Riles Goldman Clients

Facebook Flop Riles Goldman Clients Make big money in penny stocks today

Wells Fargo Net Rises

Wells Fargo Net Rises Make big money in penny stocks today

American Express to Cut Jobs

American Express to Cut Jobs Make big money in penny stocks today

Goldman Profit Slides

Goldman Profit Slides Make big money in penny stocks today

Guest Post: Most Economists Fall Back Into Neoclassical Stupor … “If They Don’t Know Anything, Then Why Should We Listen To Them?”

Another great post on Washington's Blog, first view at Naked Capitalism.

Guest Post: Most Economists Fall Back Into Neoclassical Stupor … “If They Don’t Know Anything, Then Why Should We Listen To Them?”


 Is it possibly time to question the truth about economists and the pseudo science they have created? The government used this "science" to convince the country that their is no inflation when we all are buying higher, and higher prices for food and energy. IE gas over $3.00 a gallon again. Of course this is not due to any speculation but to "world demand" just like it was prior to the recession when oil prices went crazy. This is ridiculous palavering by the Neo's that are bent at all costs in an effort to keep economics mistakenly accepted as a tried and true science.

Monday, January 17, 2011

MERS Admits NO Interest in Mortgage and No Loss On Default « Livinglies's Weblog

MERS Admits NO Interest in Mortgage and No Loss On Default « Livinglies's Weblog Make big money in penny stocks today

By Mark Mausert, Nevada mark@markmausertlaw.com


2010/03/07 at 8:24pm

On September 25, 2009, R.K. Arnold, the President and CEO of MERSCORP, Inc. — the parent corporation of Mortgage Electronic Registration Systems, Inc. was deposed in Alabama. Arnold is also an Officer of MERS. Arnold admitted MERS does not have a beneficial interest in any mortgage; does not loan money; does not suffer a default if monies are not paid; etc. etc. On November 11, 2009, William C. Hultman was deposed in Alabama and made the same admissions. And, of course, the internal agreement used by MERS expressly disavows any beneficial interest.



One tactic, if confronted with a foreclosure in Nevada, is to elect mediation. At the mediation, demand the assignments, i.e., the assignments which would cure the problem (according to Judge Riegle’s March 31, 2009, opinion, as affirmed by Judge Dawson on December 4, 2009). MERS and/or the lender has been unable to produce any such assignments — because they almost certainly do not exist.



Request the Mediator to check the appropriate box, i.e., the box which memorializes a failure by the lender to produce all required documents (all assignments must be produced per AB 149 — incorporated into Chapter 107 of the Nevada Revised Statutes). The requisite Certificate will not issue as a result. The Notice of Default is effectively negated. The “lender” must thereupon issue a new Notice and the borrower is again at liberty to elect mediation within 30 days of receipt thereof. The borrower should pay his or her taxes, and insurance, but not the mortgage — especially if upside down. It is an effective stopgap measure.



If the courts continue to follow the reasoning of Judge Riegle and Dawson a borrowr may, if otherwise eligible, declare bankruptcy; bring an adversary proceeding within the bankruptcy; and discharge the “mortgage” debt (which re a MERS mortgage is not really a mortgage but rather an unsecured debt — per Judge Riegle).



Or the borrower may initiate litigation based on causes of action for breach of contract, fraud by omission and racketeering (Chapter 207 of the Nevada Revised Statutes). By conducting systemic predatory lending, and coupling predatory lending with credit default swaps, i.e., bets homes would be foreclosed upon, the lenders breached the implied duty of good faith and fair dealing — the duty to refrain from frustrating the purpose of the contract. Borrowers generally harbored two main purposes — to secure a place to live and to safeguard/create an investment. By engaging in systemic predatory lending the banks frustrated the second purpose. They devalued the collaterized asset and breached the lending contract. Because this information was not disclosed, fraud by omission occurred. A series of fraudulent act constitutes racketeering, which gives rise to a claim for treble damages, plus fees

The Dangers of Investment Bank Franchise Model, by Yves Smith posted on Naked Capitalism

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This is another fantastic Article by Yves Smith, the owner of Naked Capitalism Web Site and Author of the fantastic book Econned. Econned is a book that everyone should read. 

I added a few underlines to things I thought were interesting.

The Dangers of the Investment Bank Franchise Model

Tony Jackson of the Financial Times has an article tonight on a topic near and dear to my heart, namely the fact that higher capital ratios will not lead investment banks, um, banks, to change their highly profitable “wreck the economy” behavior. He focuses on the role of how the change from the partnership model has turned investment bankers into mercenaries (and one might add, mercenaries willing and able to foment precisely the sort of trouble in which they can then intervene):
In the 1980s, those firms were absorbed into larger quoted conglomerates, whose obligations to shareholders made such swings in profit impossible. So the burden fell on employees, who were axed wholesale in bear markets and re-employed – usually by other firms – in the upturn. This has turned investment bankers into a tribe of mercenaries, ready to switch allegiance instantly for a better offer. That might seem unattractive but it is a rational response to industry conditions.
The resulting individualism, though, can run to extremes. One American investment banker I know, who works freelance on projects for different employers, tells me he regards taking a salary as “demeaning”. He eats what he kills, and is beholden to no one.
At this point, the dysfunction of the system becomes jarringly apparent. Investment bankers trade off the assets and brand name of the firm for which they work. The firm’s owners are entitled to be paid for that.

Peter Hahn, an ex-investment banker who teaches at London’s Cass Business School, says: “These guys say ‘I’ve brought in $10m, so I want $1m.’ But how much risk did they bring in with that? And how much came in because it says Goldman or Citi above the door? These are the hard questions, and they don’t get asked.”
As someone who worked in the industry in the 1980s, Jackson’s take has merit but also misses important issues. It has been disturbing to see how the change from the partnership to the OPM (other people’s money) model has led in a straight line to predatory behavior (a subject we discuss long form in ECONNED). And he is correct that mobility has a lot to do with it, but for more complex reasons.

Many have taken note of the obvious way that partnerships constrained risk-taking: unlimited liability tends to focus the mind. And having the overwhelming majority of one’s personal wealth tied up in a partnership also made the very top producers in the industry immobile, which is what Jackson focuses on.
But the part he ignores is how partnerships also restricted the ability of junior staff to switch firms, which led to the development of strong cultures. Recall that the big prize in the industry was becoming a partner and partners put all the other partners’ capital at risk. Each partner ran a very narrow franchise; the head of corporate bonds had no idea of the risks the head of M&A was taking (yes, a management committee provided oversight, but it was mainly on issues that fell outside of normal daily operations). So effectively, each partner, or group of partners in a profit center ran a franchise under a bigger umbrella.
The pay demands of talented junior staff were kept in line because they also did not have a lot of mobility. Remember, inviting someone into the partnership is a very risky decision. Therefore the firm’s owners will be most comfortable with someone they have observed closely over time, in a variety of business and personal settings. In the vast majority of cases, anyone who switched firms mid-career would be less likely to make partner than home-grown talent (the exceptions would be firms poaching staff in areas where they were weak, or individuals trading down from a more prestigious to a less prestigious firm to get more latitude or a bigger payout). That meant that the junior staff knew they had to build what amounted to sweat equity in order to get a piece of the firm.

Consider how the model has changed. In franchise businesses, the entrepreneur makes an investment to acquire the rights to a franchise, which is governed by a detailed contract. Franchisees often are organized (better by the franchisor, as in cases like MasterCard) into sub groups (regional is a typical pattern) to facilitate the dissemination of new programs and to provide venues for getting franchisee input. But any governance structure has already organized the franchisees so they can pressure the franchisor for more concessions, and in a worst case scenario, revolt (threaten litigation, exit, etc.)

In the old partnership model, younger staff had to earn their way into the franchise and had very limited ability to exit (although there were some firms that had spectacular internal fractures, such as Lehman after Bobby Lehman’s death). In the new OPM model, junior staff can and do switch firms readily, and since the industry has always treated pay as the only measure of worth, the name of the game is simply maximizing one’s bottom line, rather than working in a franchise that one hopes to inherit.
Thus OPM players inculcate a very different set of values than those of the old partnerships, that of focusing on the current kill and of viewing client and firm relationships through a cold economic calculus. Should we be surprised at the result? As we wrote in an article, Indefensible Men:

With economic casualties all about, thanks to baleful financial “innovations” and reckless trading bets, the tone-deafness of the former Masters of the Universe is striking. Their firms would have been reduced to sheer rubble were it not for the munificence of the taxpayer—or perhaps, more accurately, the haplessness of the official rescuers, who threw money at these players directly and indirectly, through a myriad a programs plus the brute force measure of super low interest rates, with perilous few strings attached.
Yet what is remarkable is that the widespread denunciations of excessive banking industry pay are met with incredulity and outright hostility. It’s one thing to be angry over a reversal in fortune; it’s one of the five stages of grief. But the petulance, the narcissism, the lack of any sense of proportion reveals a deep-seated pathology at work….

Although the word “entitlement” fits, it’s been used so frequently as to have become inadequate to capture the preening self-regard, the obliviousness to the damage that high-flying finance has inflicted on the real economy, the learned blindness to vital considerations in the pay equation. Getting an education, or even hard work, does not guarantee outcomes. One of the basic precepts of finance is that of a risk-return tradeoff: high potential payoff investments come with greater downside….
Many psychological disorders are otherwise healthy tendencies carried too far, unchecked by other personal attributes. Single-mindedness, drive to succeed, aggressiveness and lack of remorse are useful traits in business, but when do they tip into the psychopathic? In the case of Wall Street, the collective psyche has suffered as important restraints on ego and behavior have eroded.

Pending Legislation in VA Would Give End Use of MERS, Give Borrowers More Foreclosure Defenses « naked capitalism

Pending Legislation in VA Would Give End Use of MERS, Give Borrowers More Foreclosure Defenses « naked capitalism

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Legislation may be moving toward more common sense regarding the chain of title abuses that have gone un checked the past several years since the creation/ or fabrication of MERS. The recklessness may be slowing down some but it of course this is just proposed legislation. Likely it will be just a momentary shove rather than the true push back against the banks that is desperately needed.

BANKS DESPERATE TO GET AWAY WITH NOT HAVING POSSESSION OF ORIGINAL DOCUMENTS, DIG INTO STATUTES AND ADD THEM TO ALL DOCUMENTS

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BANKS DESPERATE TO GET AWAY WITH NOT HAVING POSSESSION OF ORIGINAL DOCUMENTS, DIG INTO STATUTES AND ADD THEM TO ALL DOCUMENTS
NRS 104.3309 Enforcement of lost, destroyed or stolen instrument.

1. A person not in possession of an instrument is entitled to enforce the instrument if:

(a) The person seeking to enforce the instrument:

(1) Was entitled to enforce the instrument when loss of possession occurred; or

(2) Has directly or indirectly acquired ownership of the instrument from a person who was entitled to enforce the instrument when loss of possession occurred;

(b) The loss of possession was not the result of a transfer by the person or a lawful seizure; and

(c) The person cannot reasonably obtain possession of the instrument because the instrument was destroyed, its whereabouts cannot be determined, or it is in the wrongful possession of an unknown person or a person that cannot be found or is not amenable to service of process.

2. A person seeking enforcement of an instrument under subsection 1 must prove the terms of the instrument and his right to enforce the instrument. If that proof is made, NRS 104.3308 applies to the case as if the person seeking enforcement had produced the instrument. The court may not enter judgment in favor of the person seeking enforcement unless it finds that the person required to pay the instrument is adequately protected against loss that might occur by reason of a claim by another person to enforce the instrument. Adequate protection may be provided by any reasonable means.

(Added to NRS by 1993, 1244; A 2005, 1999)




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More banks walking away from homes, adding to housing crisis - Chicago Tribune

More banks walking away from homes, adding to housing crisis - Chicago Tribune Interesting story here. Wonder how many people were kicked out in foreclosure to have the bank just walk away from the property? Still makes no sense for the banks to not negotiate with borrowers. It would be better to have someone in the property and income of any amount rather than walking away. This has been a terrible breakdown of common sense by the banks and politicians.  It also seems like the Tax payer is content with having to bail out banks every few years even if it means killing the colden goos e that housing had become to most people.



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Sunday, January 16, 2011

Guest Post: “The Fed No Longer Even Denies that the Purpose of Its Latest Blast of Bond Purchases … Is To Drive Up Wall Street

This is true on many levels. the Fed, along with the banks know they will not be challenged so why would they try to hid their ridiculous policies.


Guest Post: “The Fed No Longer Even Denies that the Purpose of Its Latest Blast of Bond Purchases … Is To Drive Up Wall Street



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Same old Same old with TBTF banks


 The too Big to Fail Banks are getting Bigger and Bigger of course. There is no will within the government to put a stop to big bank domination. It is a dominance that is in the form of monopoly except there are several TBTF banks that are in charge of the money system in the United States.


More from WSJ
  • The top five U.S. commercial and investment banks — Bank of America, J.P. Morgan Chase, Citigroup, Wells Fargo and Goldman Sachs — have emerged from the financial crisis larger than ever. As of the third quarter of 2010, they had a total of $8.6 trillion in assets, according to data provider Capital IQ. That’s 13.3% of all U.S. financial firms’ assets, up from 11.8% three years earlier, when the financial crisis hit.
We have done nothing to change the dominance of the large banks since the recession/depression brought the economy to it knees.  It is hard to tell if all of the government is as criminal as the Wall Street and the Banks or if they are afraid to lose campaign money, or if they are not bright enough to realize how the banks fleeced the Country.  There have been a few changes at the top of the banks, such as Wells Fargo and Bank of America, but I think those were more for protection of the CEO.  They needed to get out of Dodge and buy time so they could claim a faltering memory or lack of knowledge from something happened so long ago.  It wasn't because of any punishment or action by the SEC or Washington D.C. 


  • WSJ:  Size can be good, allowing banks to compete globally and provide services to customers at the lowest possible cost. But it also gives the top banks a lot of political influence. That could be a problem at a time when new financial-reform legislation has given U.S. regulators more leeway than ever in reshaping the rules by which the banks operate.

The banks have those in Congress and the White House wrapped around their fingers and know they are running the country.  The politicians won't stand up for the people or the country because they already took such a beat down when they caved on TARP.  The banks are the pimps and Congress are the hookers afraid to say boo.  Indirectly we are all being pimped out by the banks who are taking tax dollars to cover their losses and giving away massive pay checks and dividends.  I

Nothing has changed.  The public has had a chance to vent but it doesn't it doesn't matter the banks are left standing bigger, taller and stronger than before eve after ruining the hopes and dreams of millions of Americans. 




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States Where Housing Will Rebound First - Real Time Economics - WSJ

Here is an article on which states may see housing recovery first. I am not sure if they first three could actually have a recovery when they didn't seem to have a meltdown like most parts of the USA. But the Article might be interesting for real estate watchers.


 States Where Housing Will Rebound First - Real Time Economics - WSJ




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Number of the Week: Big Banks Gobble Up Market Share - Real Time Economics - WSJ

Number of the Week: Big Banks Gobble Up Market Share - Real Time Economics - WSJ: "Banks can use a lot of debt — as opposed to equity, or capital — in large part because it allows them to play a heads-I-win-tails-you-lose game with taxpayers. In good times, leverage boosts returns for banks’ shareholders. In bad times, it makes a bank’s failure so potentially destructive that taxpayers have no choice but to bail it out. The bigger and more levered the bank, the more urgent the bailout." The government has allowed the banks to run the system into the ground. Yet once again all the banks are back on the job doing the same things that allowed them ridiculous profits without real losses. The losses were paid for by the tax payer but it was long after the profits had be siphoned off and put into top executive's and congressman's bank accounts. We have created an economic system that has no chance of proper survival. The Pseudo capitalism that we are accustomed to has been changed from proper rewarding of risk but leaving the chance of failure on the table. Taking risks to get into business or grow a business is a normal risk that has to be taken to participate in the system. Calculated risk with the risk of loss is what makes the system work. Everyone can not be jumping into business and they risk of loss is too much for many would be business owners to decide on another line of work. But what we are seeing now is that the large corporations are being rewarded for taking ridiculously foolish risks and with no fear of downside losses wiping out the company. The reckless activity of the large corporations and primarily the financing business, has destroyed the economy but have been able to walk off into the sunset while taxpayers cover their huge losses. The companies should have been allowed to fail and the people running them should face repercussions also. http://f1d45xjftp0qt5scpbj7e-kxed.hop.clickbank.net/?tid=PENNYSTOCKPROPHETON

Evidence of an American Plutocracy: The Larry Summers Story

Evidence of an American Plutocracy: The Larry Summers Story

Friday, January 14, 2011

Banks thumb nose at PPIP, already flush from TARP



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Banks behaving like spoiled children. 
Here is a great story on the PPIP program that was again another attempt to relieve the TARP banks from their toxic assets. The program was just another effort to help the banks but the banks decided to just sit on all their toxic assets because they knew they were running the government. The only way Tarp or PPIP would have worked is if the government made it mandatory that they banks clear their books. But of course they didn't want to upset the banks or offend anyone running the banks so the banks still are sitting on trillions of dollars in toxic assets, laughing out loud, and trying to milk every last penny out of homeowners and the government.
Both programs were a complete scam. They even border on the absurd. Remember way back when the Tarp was created as a gun was held to the head of congress. Congress caved and gave the banks whatever they wanted just like a crying kid in a candy store. Easier to Stuff him full of chocolate then listen to his wah wah wah for an hour. The government is acting like a cowardly parent that does not have the stones to stand up to their spoiled brat kid in public.
The banks are the spoiled, manipulative brat and the government has taken role of the cowardly parent. The problem that the banks are not going to grow up or change. They have conquered the wimpy souls in the government. The government and our politicians do not have the will to make real change to your to the Bank State. It is a sad tale.
The banks have taken so much that minutia of resistance is being crushed by the newly elected, go get the banks politicians, who are realizing they won't get re elected if the economy shows any improvement only to be stalled by the proper criminal proceedings against the Too Big to Fail Banks.
The new blood to the rescue, preaching fairness and equality on the election train was on board only until they hit D.C.  They quickly wanted to forget about the people and their own campaign promises so they could get right to work figuring out how they can get re elected. 

PPiP DAYS GONE BY READ STORY ON PUBLIC PRIVATE PARTNERSHIP AT NAKED CAPITALISM
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Coinstar plunge isn't surprising



CoinStar missed estimates today and guided lower and the stock has gotten hammered in after hours trading.  I was never a fan of Coinstar for the long term because I thought their service of counting coins was ridiculously over priced.  It was not a cost effective way to count your money.  If you had a small amount it was not worth the fee.  If you had large amounts it seems like it would be even less worth the percentage to be of value.  Others might believe differently.

I think Redbox is a great concept and great idea but the movie business has been going digital for several years now and the more people get accustomed to being on line while integrating their television and PC, millions of movies will be at their fingertips.

NYT: Banks poised for dividends after 3-year gap - Business - The New York Times - msnbc.com

Banks on a role. Amazing what trillions of dollars in bailout money will do to get you through a recession. Our government and citizens do not have the will to hold the banks accountable for their law breaking activity, regardless of the damage they have inflicted on the country.

New York Times Story paying dividends again. 
NYT: Banks poised for dividends after 3-year gap - Business - The New York Times - msnbc.com:
 "Investors in bank stocks are about to get a big cut of the profits again. Financial analysts say the nation’s largest banks are ready to begin restoring their dividends in the first half of the year, after a three-year pause to repair their damaged balance sheets. The reversal could put billions of dollars in the pockets of pension funds and retirees who had viewed bank shares as dependable sources of income. Clues to how big a payout is in store could come as early as Friday, when JPMorgan Chase announces its 2010 financial performance, the first of many earnings reports to come over the next week from the likes of Bank of America, Citigroup, Goldman Sachs and Wells Fargo."

Bill Gross Elaborates On His “US Policy Makers Are Praying Mantises Having Sex With Us And Then Biting Our Heads Off” Metaphor « Dealbreaker: A Wall Street Tabloid – Business News Headlines and Financial Gossip

Interesting Quote from Bill Gross. I see the humor in it but I am surprised that Gross has had enough of the current policies. Pimco seemed to be benefiting from some of the over zealous spending. You can follow the link and read the full story. Bill Gross Elaborates On His “US Policy Makers Are Praying Mantises Having Sex With Us And Then Biting Our Heads Off” Metaphor « Dealbreaker: A Wall Street Tabloid – Business News Headlines and Financial Gossip: "I used the praying mantis metaphor in my recent investment outlook pointing out that there are consequences for mindless political thrusting and Washington spending policies.We as Americans eventually lose our heads the way a male mantis does in the process of reproduction. Americans’ answer to a bulging deficit seems always to be manana. Debt commission recommendations" He does make a good point.

Wednesday, January 12, 2011

Massachusetts Supreme Court voids foreclosures - Jan. 7, 2011

Massachusetts Supreme Court voids foreclosures - Jan. 7, 2011 Mass. Supreme court will not allow bank to foreclose without proper evidence of title. The Foreclosure fiasco is exactly right. It is hard to believe the only reason this ended up in court was because the banks could not re sell the property after they took it back without the legal right to do so. They were trying to establish the chain of title by asking the court allow it even though they didn't do it before they brought the foreclosure proceedings. It appears that as long as the banks can get title insurance or sell property for cash after a foreclosure, they will not be required to prove ownership. This is likely to have happened millions of times in the United States already with nary a peep from the banks, Congress or the Administration. The White House has hopped back in bed with Wall Street after realizing the likelihood of losing too many votes to those done wrong by the banks was very slim. Moral of the story is after years of a devastating financial crisis caused by Wall Street the Too Big to Fail Banks has done nothing to change the truth that banks get their way.

Moody's lowers ratings at Citigroup, Citibank - MarketWatch

Moody's lowers ratings at Citigroup, Citibank - MarketWatch

Investor optimism may be rising too fast MarketWatch First Take - MarketWatch

Investor optimism may be rising too fast MarketWatch First Take - MarketWatch

Thursday, January 6, 2011

Pending Massachusetts Supreme Court Ruling May Invalidate Securitization Mortgage Transfers « naked capitalism

Borrowing Under a Securitization StructureImage via Wikipedia
Pending Massachusetts Suprem Court Ruling
From Naked Capitalism

This will be interesting. It seems like the law is against the banks but as we have seen that doesn't always mean ruling will be against the banks.


Anyone think it is likely that their will be some legal changes to allow for issues that arise tying up real property?

If the ruling is against the banks, the issue will then be how to unwind all the sales occurred to purchasers of the home from the banks or in short sales etc.....All home buyers would all then have clouded title.

I am having trouble seeing the bank run state and government allowing it to go this far. I think it should but I the economy shows any signs of life it will be full steam ahead to push this issues under the rug and to only slap the banks on the wrist.
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Securities Fraud: Detection, Prevention and Control (Wiley Finance)

Mortgage Wars: How You Can Fight Fraud and Reverse ForeclosureRenters, Beware Rental Fraud in this Foreclosure Crisis (Rental Fraud and Protecting Yourself)

Wednesday, January 5, 2011

Banking and mortgage industry has not changed, regulators hide out afraid to cross the TBTF companies

WASHINGTON - FEBRUARY 11:  (FILE PHOTO) Bank o...Image by Getty Images via @daylifeThese two stories are evidence that nothing has changed in the banking world and the bankers are walking away with bonuses in hand ready to gamble another day.  We have seen months of criminal activity that can be uncontested for the most part yet the bankers are living the high life. 

It has been a long few years of investigation and discovery for the those interested in finding the out the true cause of the housing meltdown.  Brilliant bloggers at nakedcapitalism, credit slips, 4clousurehamlet, Washington's blog, the big picture and many other excellent blogs that should also be given credit for uncovering the root causes of the massive wealth transfer from middle class America, have uncovered the depth of the fraud and malfeasance but it appears to be viewed as a pesky Nat zipping around the head of bank executives.  Find links to the above mentioned blogs here.


At least the truth is out for all to see even if many are making the choice to look the other way in order to not bite the hand that feeds them or because they hope to take advantage of others misfortune whether the banks behaved illegally or by the letter of the law. 

http://www.huffingtonpost.com/arianna-huffington/why-are-bankers-still-bei_b_194242.html

http://www.huffingtonpost.com/ann-pettifor/america-the-bank-owned-st_b_189043.html
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Dylan Ratigan tells the truth about foreclosures, fraud and other abuses by Banks and Servicers


Ratigan pulls no punches and comes right out and says the banks run the government.  Few people on television or in print have had the nerve to tell the truth about what has happened to our "free market" system that has allowed fraud, faulty foreclosures and lying under oath to occur without prosecution.    The banks and servicers have committed years of criminal activity and are likely to walk away from this crisis without a scratch. 
The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry
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Tuesday, January 4, 2011

Government likely to change more laws to favor the banking industry



From the Huffington Post and Mary Bottari
With a $4.7 trillion bailout under their belts and no harm done to their billion-dollar bonuses, don't expect Wall Street bankers to be chastened by the 2008 financial crisis. Below we list eight things to watch out for in 2011 that threaten to rock the financial system and undermine any recovery.
1) The Demise of Bank of America WikiLeaks founder Julian Assange is promising to unleash a cache of secret documents from the troubled Bank of America (BofA). BofA is already under the gun, defending itself from multiple lawsuits demanding that the bank buy back billions worth of toxic mortgages it peddled to investors. The firm is also at the heart of the robo-signing scandal, having wrongfully kicked many American families to the curb. If Assange has emails showing that Countrywide or BofA knew they were recklessly abandoning underwriting standards and/or peddling toxic dreck to investors, the damage to the firm could be irreparable.
You can read the full article by clicking here Eight things to watch out for in 2011  and here


This article covers a lot of things that are in motion going foreword to 2011. Read this article here from October 2010 that made similar predictions to give the banks the upper hand on homeowners as government will cave to whims of the banks. There likely will be some law change or rule change that will let the banks off the hook.


Here is a quote from the 2009 article "You can already here the spinning of the bank spokespeople as they once again collude with politicians to try and buy votes in the upcoming election. After Obama vetoed bill that would have given the banks a free pass out of the mortgage fraud quagmire, White House staff was already laying the ground work for another change of the rules to allow banks to steam roll borrowers. They are already working out a deal with a wink and a nod that will lead to another outrageous effort to change the rules of the game in favor of the banks. It should not be any surprise though because the banks have always gotten what they want in the long run. The perfect example was when banks were allowed to move to mark to model to keep them from being insolvent at the beginning of the crisis. The were allowed to "pretend" they were not bankrupt because they no longer had to mark their assets to market. The banks are getting over on everyone. " read more here