Congressman Miller Joins Economists and Financial Experts In Demanding a Stop to Mortgage Servicer Fraud -- a Significant Cause of ForeclosuresSubmitted by George Washington on 12/22/2010 19:10 -0500
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Ben Bernanke is a highly educated PhD from Princeton who has never worked a day in the real world since he graduated from college in 1975. His entire life has been spent in the ivory tower of academia surrounded by models and theories that work perfectly in the comfort of his office. After building his reputation as an “expert” on the Great Depression by studying it and reaching the wrong conclusions, he came down from his ivory tower in 2002 to join an organization that has systematically destroyed the value of the US currency, thereby undermining the well being of the once vibrant middle class...If the Grinch had been pimping for a small pack of Grinchsters who impoverished the honest people of Whoville, then the Dr. Seuss poem would have perfectly described Ben Bernanke, the Federal Reserve and the banksters that run the show here in the USA. The actions taken by Ben Bernanke, Alan Greenspan and their brethren on the Federal Reserve over the last quarter century have destroyed the middle class and left senior citizens impoverished, while enriching its Wall Street masters. Now he is stealing Christmas from the hard working middle class of this country.
Financial Analyst: This Is The First Recession Since the End of the FIRST World War Where Government Help Isn't Trickling Down to the American PeopleSubmitted by George Washington on 12/16/2010 18:05 -0500
Other than that, everything is great ...
Who can list illegal things done by Hank Paulson? Bueller? Anyone?
We should be ecstatic that the Department of Justice is finally prosecuting fraud, right?
Unfortunately, it's just a p.r. stunt going after small fish and leaving the big criminals untouched ...
- Insider Case Has Soft-Dollar Focus (WSJ)
- Treasury 30-Year Returns as Market Bellwether as Fed Policy Propels Trade (Bloomberg)
- Portugal, Spain in crosshairs as Ireland bailed out (Reuters)
- Wall Street Shrinks From Credit Default Swaps Before Rules Hit (Bloomberg)
- Lee Says North Korea Must Pay for Attack; China Urges Talks (Bloomberg)
- Don’t Just Tell Us. Show Us That You Can Foreclose (NYT)
- Democrats Gird for Tax-Relief Battle (WSJ)
- What the UK is Contributing to Ireland (BBC)
Heck of a job ...
Its really very simple ...
Chris Whalen Welcomes Our New Tyrannical Overlords, Prepares For The Taxpayer Funded Mortgage Insurer BailoutSubmitted by Tyler Durden on 10/27/2010 11:26 -0500
Chris Whalen's latest Institutional Risk Analytics is a must read letter as it highlights yet another aspect of foreclosure fraud, one which finds various analogues in the way the MBS originating banks took advantage of AIG, knowing full well it was stuffed to the gills with worthless pieces of paper and taking out enough insurance on it to require a federal bailout when mark to fraud failed and mark to market finally worked for a very short period of time. Now, it seems, it is the mortgage insurers turn: "So today the MIs are still operating, though they are not providing insurance because they can't. Observers in the operational trenches tell The IRA that virtually no MI claims are being paid - even if the claim is legitimate. The MIs are very undercapitalized and still bleeding heavily. But they get continued business because the GSEs demand MI on high LTV loans. Lenders are forced to use the MIs and consumers are made to pay the premium. Thus the auditors of the GSE continue to respect the cover from the MIs, even though the entire industry is arguably insolvent." The question is how many CDS have Goldman et al purchased in bulk in anticipation of the imminent wholesale MI Event of Default, which will force Geithner to once again use the Mutual Assured Destruction wildcard and force taxpayers to bail out those holding MI insurance, especially if the originators and servicers end up being one and the same...
L. Randall Wray (economics professor), Christopher Whalen (banking expert with Institutional Risk Analytics), and William K. Black (professor of economics and law, and the senior regulator during the S & L crisis) explain ...
I don’t think commercial real estate is the big Achilles heel for these institutions right now because of the manipulations the federal government has undertaken. I think the real Achilles heel for all these banks, and for bond markets, is going to be the residential markets. Not to be overly dramatic, but this is a huge ticking time bomb. Things are getting worse, not better. - Andy Miller
Still more shenanigans ...
- Marc Faber Says World Heading for "Major Inflection Point" (Bloomberg)
- French Strikes Disrupt Air and Rail Travel (NYT, BBC)
- Jobless America threatens to bring us all down with it (Telegraph)
- Will they be paid in gold? Fed's latest reflation attempt comes via Wall
Street, which is expected to pay $144 billion in bonus this year (WSJ) - this number represents 8% of M1
- Two Faces: Demystifying the Mortgage Electronic Registration System's Land Title Theory, Christopher Lewis Peterson, University of Utah (SSRN, h/t Karl Denninger)
- States to Probe Mortgage Mess: Attorneys General Hope Lenders Will Re-Write Loans With Troubled Documents (WSJ)
- Citigroup Stops Using Foreclosure Law Firm Facing Florida Probe (Bloomberg)
Got any better ideas?
"Ok, so all of this action in the market is ancient history and the bigger question is what happens next? What I find so interesting about sentiment right now is that it has done an complete 180 from just a month ago. Those that have bought significant out of the money protection on stocks are suffering big losses on their insurance due to the rally and the action in the VIX. From a sentiment and positioning standpoint, this was where the pain trade was into September and therefore it has happened. Bears are terrified to short and this notion that the soon to be extinguished Federal Reserve can prop up stocks forever has entered the psychology of investors and traders everywhere. This is DEAD wrong...What I find so hilarious is that no one seems to ask themselves why a big money manager might come on CNBC and tell everyone stocks can’t go down. Perhaps in a market with little to no liquidity someone needs liquidity to dump their garbage on some unsuspecting sucker. Based on the volumes in the market I shudder to think what happens if someone actually tries to sell positions in size." - Mike Krieger