Is ForeclosureGate About To Become The Banking Industry's Stalingrad?

Tyler Durden's picture

Will the High Frequency Signing scandal be the proverbial straw on the camel's back. Perhaps. In the meantime, here is a soon to be viral, and all too real, parody of foreclosure gate. At this point the guilty parties are irrelevant. All that matters is that America's terminal collapse into a banana republic status is now obvious for all to see. And as for Cramer saying foreclosure gate will only force home prices to go higher, pray tell dear Jim, just which buyers will put their own money into a home when they have no idea at what time the real title holder shows up with a restraining and eviction order, and demands immediate access. Of course, there is a loophole: the Fed will simply henceforth pay for all home purchases. And should the government drop mortgage rates to zero, and subsidize tax and insurance payments into infinity, that may well happen. Of course, it will also bankrupt the country, but since when was America's insolvency news to anyone...


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Boba Fiat's picture

Didn't the Russians have a "torched earth" policy that prevented the Germans from gaining any advantage?

Rodent Freikorps's picture

Everyone does.

The cold, killing winter is the Russian two-fer.

ConfederateH's picture

Yes, but you have to admit that Tyler comparing our racially pure, er, polically correct leader to Hitler helps to illustrate Obama's gigantic leaps of progress in healing the racial divide.

Rodent Freikorps's picture

So Stalingrad is Wall St., and Tyler is Zhukov?

Landrew's picture

Comparing Obummer to Hitler? To me that seems a stretch. Tyler I think is above that sort of thing. I would be interested to know if that was his implication?

percolator's picture

In the video Hitler is a banker, pick one; Jamie Dimon, John Stumpf, Brian Moynihan, Vikram Pandit, Warren Buffett, Charlie Munger, etc...

fuu's picture

Umm Hitler is not Obama in the clip. He is a banker.

hedgeless_horseman's picture

I hate to be a Nazi, but the subtitle reads AG's, when it should read A's G.

Rodent Freikorps's picture


pedantic, academic, bookish, donnish, scholastic

These adjectives mean marked by a narrow, often tiresome focus on or display of learning and especially its trivial aspects: a pedantic writing style; an academic insistence on precision; a bookish vocabulary; donnish refinement of speech; scholastic and excessively subtle reasoning.

LiquidBrick's picture

Actually, the word you are looking for is "punctilious" which implies a proper (albeit strict) application of the english language whereas pedantic implies an authoritative/dogmatic color. A slight but important distinction which without we wouldn't be in this mess.



/p??k?t?li?s/ Show Spelled[puhngk-til-ee-uhs] Show IPA –adjective
extremely attentive to punctilios; strict or exact in the observance of the formalities or amenities of conduct or actions.




tonyw's picture

Maybe i'm wrong but I think it is Attorneys General not Attorney's General  :-)


idea_hamster's picture

Yes, but generally called "scorched earth."

Same tactic beat Napoleon who depended on local assets for food and fuel.  When Napoleon finally took Moscow and found it empty of anything of value, he was done for and couldn't retreat to safe lines before getting cut to pieces by winter, hunger and marauding Cossacks.

I, for one, welcome my new marauding Cossack overlords.  :-)

Boba Fiat's picture

Oops, meant "scorched earth."  Too many apple martinis.

still kicking's picture

Napoleon was a brilliant battlefield tactician but probably the worst logistics strategist in history.  Maybe that's our problem, Bennie has no clue on the long term strategy.

jeff montanye's picture

at least napoleon knew that "an army travels on its stomach."  i don't get that feeling of even theoretical competence from our (sad) power elite.

cossack55's picture

Yes, followed by the Germans "scorched earth" and the Feds "Bernanked earth".  The last is the most devastating.

Bob's picture

Update: 45,000 views (over 4 days) of this incomparably efficient educational piece regarding the MBS mess. 

Troy Ounce's picture

No, no, no, not that video again....AAAAaaaahhhhhh....

williambanzai7's picture

I just put this on my blog and called it "DER FRAUDER"

Mercury's picture

If someone makes an operatic parody they could call it 'Der Fraudermaus.'

Such is the state of the world right now that re-subtitled versions of 'Der Untergang' seem to sprout like wild mushrooms.

Of course, a very wise woman did a fantastic job adapting this situation-tragedy to the credit crisis in early 2009:

Harbourcity's picture

I like the version where they show Hitler "Two women one cup".

Even a 2nd TARP can't solve this. It's so damn big.

Cognitive Dissonance's picture

Looks like the mainstream media, aka the fawning corporate press, is conditioning the public to believe that TRAP 1.0 was successful beyond our wildest dreams, thus paving the way for TARP 2.0, followed closely by TARPs 3 thru 10.

This article reads like something produced by the Fed or Treasury rather than "news". Of course, for the past few decades, most "news" is really various Pentagon and WH press releases rewritten in the news "repeaters" own words. 

jeff montanye's picture

does it pretend to news?  isn't it an "op-ed" (agit-prop) credited to timmy (wilmer) gunsel?

Lets Hang Parliament's picture

CD - I like the Feudian slip. Although TRAP is what it has turned out to be!

By the way the "What if it doesnt end with a bang" essays were excellent stuff although I did have to sit in a padded cell to read them properly!

Cognitive Dissonance's picture

That's why I called it TRAP 1.0

It was too subtle but thanks for noticing. :>)

Leo Kolivakis's picture

"Don't worry, the bankers will get their bonus to pay for us whores"


stormsailor's picture

no, foreclosuregate is just another landmine, they will walk around it.  and if it were to get serious enough,  they would just have their congress pass a law making it legal for them.


we are just pawns.


i'll change my views when i see a frontpage news story of a bankster being beaten to death by a crowd, with the cops watching from the background.

davidsmith's picture

Amen.  This, my friend, is revolution as religion.

Cammy Le Flage's picture

How do you know that it not already happening?   Not like someone would "blog" about it.  Who would tell someone?

traderjoe's picture


For all those that whine about how this will be swept under the rug, ignored, or otherwise funded by a tax-payer bailout - instead of whining, DO SOMETHING. This is our moment, our chance. Unlike in prior bailouts with crisis's that came quickly and <could> be blamed on a variety of parties, the banks CANNOT BLAME ANYONE ELSE FOR NOT DOING THEIR JOBS (and not transferring notes, proper underwriting, avoiding centuries of RE law, etc., etc.). And then for covering it up by kicking people out of their homes without due process and committing fraud upon the court.

DO SOMETHING. Any one that doesn't, and still complains, deserves what they eventually get.

Some ideas:

Write your state AG to ask them to participate in any investigation. Bring in the MBS issue. Express concern about your own title. Use a friend/family member as a story. Discuss the rule of law. How white collar crime is just as damaging to the health of our society. Ask that they halt foreclosures, but also look deeper into the original sin of this.

Write your hedge fund, pension administrator, bond mutual fund, bond ETF manager to inquire about their knowledge of the situation and if their RMBS has appropriately secured positions in the underlying assets. 

Write an editorial to the paper, asking for them to report on this. Discuss a couple issues. Warn your fellow citizens about the health of their society.

Write to your senators and representatives (state and national) - that they support an investigation in this. Warn them about the idea of bailing out the banks again.

Write a letter to your bank asking for proof of title/loan ownership. I'll scan the web to see if any already exist.

Inform any friends/family in foreclosure or near it of this issue, and its possible ramifications.

Move any checking accounts/money out of the TBTF banks.

Post some information on MSM website/blogs to correct their interpretations of this as just some technical documentation issues.

Any other ideas people have to take action? What would happen if 100,000 people simultaneously asked for proof of loan ownership/standing?

It may not be much for now, but movements start small and grow until they hit the tipping point. That would be our aim.  

michigan independant's picture

"Warn your fellow citizens about the health of their society."

Forgive them for they know what they do....


apberusdisvet's picture

Jim Willie has implied that over at F&F, some executives were assisted suicided because they knew too much about the whole scam.

99er's picture

Waiting For Deepthroat

Remember The Washington Post's early coverage of Watergate? Well, take a look at today's Post.


Bob's picture

JR and I had this debate a couple days ago.  Hate to say--nahh, love to say I told ya so!

Careless Whisper's picture

dewd, you can't trust the globalist elite bilderberg controlled washington post.

the national freeze on foreclosures will be followed by a bankster bailout. y else would they have the freeze?

this is an issue for the states.

Bob's picture

So it's important for the news to get out in order to bring pressure upon the States to protect themselves and their citizens. 

Careless Whisper's picture

yes its important for the news to get out, but i'm not looking for the states to protect anyone. it's up to the citizens to protect themselves by simply forcing the banks to abide by the (state) laws. an illegal foreclosure, is illegal. there are plenty of fraud, perjury, forgery, and racketerring laws on the states books. they need to be enforced. that goes for civil and criminal laws.