Fools still blaming the people bank screwing

Video on housing recovery.  This guy says no full recovery until housing recovery but he also sounds like he is completely clueless on what really happened and how the issues will get resolved.  He again refers to moral hazard when asked as to whether or not the banks should be modifying mortgages.  The moral hazard issue went out the window as soon as the banks were bailed out so that is complete BS.  Another fool on tape here as he says you can't reward "deadbeats" because other people have paid all along....This guy is a complete D bag and obviously is in the pocket of someone!  If you are that stupid to think that the banks didn't screw the entire country while making huge profits on the backs of the middle class and the tax payer you are simpleton.  But what else do you expect. The government is failing the people as the banks are working on a reach around for Obama.  We have gotten hosed royally and they are all getting away with it. 
















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Same old Same old with TBTF banks

• Number of the Week: Big Banks Gobble Up Market Share - Real Time Economics - WSJ: "13.3%: Assets of the top five U.S. banks as a percentage of all U.S. financial firms’ assets. Size has advantages. But in the case of the biggest U.S. banks, it could also be one of the greatest weaknesses in the global financial system."

 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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Banks may have un secured their mortgages due to Out of time Assignments

Yves Smith of Naked Capitalism published this information here “Transferring non-performing loans into a trust or making an out-of-time assignment is a void act under New York trust law (and mortgage securization trusts are organized as New York trusts)."

This is regarding the issue of finalizing the paperwork to submit a mortgage to a trust within the 90 time period as stated by New York Trust Law.
The majority of evidence I can find on the out-of-time assignments seemed to be pointing to a solution that could leave banks insolvent. Christopher Peterson writes in his paper
“Demystifying MERS” that the only real solution according to the law is that the debt would become unsecured, leaving the banks with the ability to call the loan due but have no collateral to seize in lieu of default.
Big Con: Crackpot Economics and the Fleecing of America

The banks would immediately have potential losses in the billions. The unsecured debt is much more difficult to collect. In addition to collection issues, bankruptcy often will place unsecured debt in lower positions than secured debt, possibly being wiped out all together. They would then just be turned into a big credit card companies that have billions of dollars in bad debt. These mortgages would be worth pennies on the dollar and the most sensible thing would be for the banks to step up to the table and negotiate new loans based on current home values that are once again secured to the property.
The moral hazard argument does not fly here because this is not about just defaulted mortgages. It is about a vast majority of loans in the country that violated the New York Securitization Trust Laws. Any one in good standing or in default would have an unsecured loan.

There is a major incentive for the banks to step up to the table and make some deals with mortgagees. The government subsidy they have taken has only enhanced their arrogance and hubris. For some reason the banks are being allowed to game the system, the government and the tax payer with absolutely no consequences.

The banks continue to postpone, stall, and manufacture misplaced documents all in the name of doing what is right for the economy. It is not right for the economy to steam roll the laws of property ownership. The entire title system in the United States could be invalidated if the courts do not step in and put a stop to the Banks.