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| Mortgage-Backed Securities Without Mortgages? in forum [Market-Ticker]
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Wearedoomed
Posts: 3584
Incept: 2009-01-14
slightly red state
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Manure Backed Securities.
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And you, my father, there on the sad height,
Curse, bless me now with your fierce tears, I pray.
Do not go gentle into that good night.
Rage, rage against the dying of the light.
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Popothebright
Posts: 2756
Incept: 2008-05-16
Bangkok
Banned
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Which is likely the reason Paulson is heading for the exits... Quote:
Paulson Sells Large Portions Of BofA, Citi, Wells, Capital One, Dumps All Of Goldman
John Paulson's September 30 13F has been released. Total long stock holdings reported amounted to $22.9 billion, unchanged from June 30. As expected, and following hot in the footsteps of David Tepper, Paulson dumped nearly 20% of his Bank of America and Citi stakes (30 million shares and 82.7 million shares respectively), sold about 11% of Wells Fargo and Capital One, and dumped his entire 1.1 million Goldman position.
http://www.zerohedge.com/article/paulson....
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In America the choice of political party is little more than a choice of which corrupt management team implements the corporate agenda.
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Detersbb
Posts: 93
Incept: 2010-10-20
Banned
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If you think that anything happens here it is nothing more than a pipe dream.
Simply the federal reserve will step in make the investors whole and remove from them their standing to seek damages in civil court. There will be no criminal referral and no DA will ever see and "evidence" of fraud or enough of a probable cause for concern and a subsequent investigation.
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Onelegged
Posts: 265
Incept: 2009-11-13
NW Colorado
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Do these assclowns do ANY legitimate business anymore?
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The light at the end of this tunnel is a train.
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Otiswild
Posts: 5613
Incept: 2009-03-09
Inside you, the force is!
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Blackswan
Posts: 5560
Incept: 2007-11-06
Just outside of Philly
Online
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The Holy Grail - mortgage files.
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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Sangell
Posts: 379
Incept: 2009-08-16
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KD, Whelan's got a new IRA monitor piece out today and it amplifies on what the NYTs Gretchen M mentioned about AMBAC.
Geithner is out of control! He is telling a state insurance commissioner to pay off banks before policy holders.
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Steelhead23
Posts: 2037
Incept: 2008-09-09
Portland OR
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The TARP Overshight Commission sounds the clarion. http://www.huffingtonpost.com/2010/11/16....Congress is waking up to the severity of this issue. Given past industry-centric decisions by that august body, I hope the public catches up. We need to be clear: the integrity of the U.S. property ownership system is more important than any bank. It must be protected and restored, regardless of the outcome to those who foolishly gamed the institution. And we are damn serious about it.
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Jal
Posts: 512
Incept: 2009-03-25
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Karl,
You still have not told us if you have received ONE file with all the paperwork in order.
jal
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Drench
Posts: 28631
Incept: 2009-11-10
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He hasn't.
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Genesis
Posts: 130663
Incept: 2007-06-26
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Yes I have (told people), and no I haven't.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Truthseeker
Posts: 8473
Incept: 2007-10-07
NorCal
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Huffpost wrote.."Treasury so far has expressed relatively little concern that foreclosure irregularities could reflect deeper problems that would pose a threat to financial stability." We're gonna have to drag 'em kicking and screaming. I'm good with that...
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"...But people better realize that the worst-case scenario could actually happen.9/11 happened. This can happen. An economic 9/11, the likes of which we've never seen." Gerald Celente
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Sangell
Posts: 379
Incept: 2009-08-16
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The only financial instruments that have any value are the ones you/we/the public cannot own. CDS between the TBTF banks. The rest is just illusion or so it must be. Thus we have mortgages with no paperwork, insurance policies with no coverage, nations with no purpose but to extract from citizenry revenue to pay off bad bank bets and allow CDS made by Citi with Dunkin Donuts to be honored.
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Popothebright
Posts: 2756
Incept: 2008-05-16
Bangkok
Banned
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Sangell -- got a link to the Whelen piece you mentioned?
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In America the choice of political party is little more than a choice of which corrupt management team implements the corporate agenda.
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Sangell
Posts: 379
Incept: 2009-08-16
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Throxxofvron
Posts: 10299
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Quote:if in fact basically none of these notes have been properly conveyed into the trusts, and as such the trusts are a legal nullity, then investors have spent billions of dollars as unknowing participants in a massive fraudulent scheme. This would of necessity be a Conspiracy between various Banking, Servicing, Processing, Legal, Insurance, Trust Fiduciary interests; and the Regulators *including the FED* -ALL of whom must have come to know at one point or another that the Trusts were shams. It is also highly unlikely that there were absolutely no County Recorders or Judges or State AGs that came to understand the structure of the MBS Bezzle at one point or another; so, the corruption of the Legal and Judicial Structures that should naturally be the venue for dealing with these Crimes must also be considered... Who can reasonably expect justice form a deeply corrupted and conflicted Judiciary and Justice System? Lastly: I find it very hard to believe that the IRS NEVER Investigated ANY of these Tax Exempting Trust Structures to verify the claims of Exemptions. This seems absurd on the face as the IRS Routinely does random Audits of even the most insignificant Private Tax Payers. Why would the Federal Government NOT be checking up on Multi-Billion Dollar Tax Avoidance Trust Structures with stringent rules and mandated verifiable document trails? Much has been made of the MERS tactics for avoidance of County Recordation Fees; but, this is small potatoes and merely a patchwork of local issues. -The use of Fraudulent Devices and Documentation and Claims for avoidance of Billions of Dollars of Federal Taxes is a much more serious matter. Before We get any further into ( the diversionary fray over ) the expiring 'Bush Tax Cuts' I would very much like a generalized accounting of the LONG OVERDUE Federal Tax Bill -including the Penalties and Fees that should be accruing- for the Entirety of the Improperly Formulated and thus Tax Shelter Invalid MBS Trusts.I'm doing a little research; and I think that a Ticker might be in order on this subject as the amount appears to be directly related to another number that is getting thrown around a lot lately in discussions pertaining to .GOV spending, revenue and Taxation...Revenue side of the equation, indeed. If the Trusts were not properly conveyed and constituted -and it appears they are not: then there are also HUGE IRS Tax liabilities that are long Overdue associated with these Bogus Shelters.
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Jal
Posts: 512
Incept: 2009-03-25
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If the Trusts were not properly conveyed and constituted -and it appears they are not: then there are also HUGE IRS Tax liabilities that are long Overdue associated with these Bogus Shelters.
Owww!
That is going to hurt.
Revenue Problems Solved.
jal
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Throxxofvron
Posts: 10299
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Oh, it gets much better than that, Jal:
ALL of the Information I have seen leads Me to the conclusion that the FED is NOT a NY State Certified and constituted Trust and does not have Tax Shelter for the $1.2 Trillion MBS that have been taken onto the Balance Sheet.
These Federal Reserve Bank of NY's Federal Tax Liabilities on the MBS that it BOUGHT OUTRIGHT are not being discussed by anyone presently ( save Myself ).
Arguably the FED Itself Owes the IRS Billions in Tax Revenue for the income it has received from the MBS that it bought.
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Pitz
Posts: 860
Incept: 2010-04-08
voluntary resigned
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How many whistleblowers, or even low-level clerks who knew something was wrong, inside the banks, have been fired, punished, or otherwise screwed over by these crooks?
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Tesla
Posts: 15541
Incept: 2008-04-03
State of Disbelief
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From Steel's link -
"The Obama administration argues that it has not found any evidence to date that would pose a systemic risk to the nation's financial system. While some 11 different federal agencies are investigating the matter, it's unclear just how hard they're looking. The administration has withheld critical details that would shed light on their efforts, experts say, such as the number of people assigned to the review, what documents officials are examining, or whether investigators are combing through individual loan files to ensure that lenders, mortgage servicers and other players in the securitization chain followed the letter and spirit of the law every step of the way.
"We strongly believe that the reported behavior within the mortgage servicer industry is simply unacceptable, and servicers who have failed to follow the law must be held accountable," Treasury Department spokesman Mark Paustenbach said in a statement."
Oops - seems that Mr. Paustenbach isn't on the team.
And Throxx - since the Fed pays the Treasury Dept all of its "profits", they effectively already pay 100% of their net in taxes, so to speak.
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Throxxofvron
Posts: 10299
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Quote:since the Fed pays the Treasury Dept all of its "profits", they effectively already pay 100% of their net in taxes, so to speak. Tesla: You are totally missing the point. The question is NOT whether or not 'the FED pays the Treasury all of it's supposed 'Profits'. The question is whether or not the FED is Paying what it owes the IRS on the TAXES Due on it's OWNED MBS holdings as per the IRS TAXATION RATES on such holdings. Whether the Owner of certain Securities makes a Profit -or how much Profit- does not alter the TAXES DUE on ANY specific Investments. The FED is supposed to be 'Re-Investing' the Profit form the MBS. This is purportedly some $200B to $300B based on the 'QE Lite' Regime. 1. I find it very difficult to believe that the FED is making this amount of 'Profit' on $1.2T of ( significantly impaired ) MBS in less than 2 Years. 2. I cannot reconcile the TAX Rate owed on these Assets with the claimed payments the FED has made to the Treasury. These MBS Assets ARE NOT supposed to be Legally Purchasable by the FED in the First Place. The Legal Tax Rate on these Assets has nothing to do with the FED's Profit Margin or lack thereof. Paging Ron Paul. Paging Ron Paul. Will Ron Paul please go to the nearest courtesy phone. Paging Ron Paul...
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Spanktron9
Posts: 2768
Incept: 2009-03-13
Reality.
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Is this "Investor Clearing House" the one that was on CNBS a while back, with the attorney saying he had thousands of investors and hundreds of RMBS's that had met the 25% requirement for discovery? thanks.
Also, I have not changed my mind. No handcuffs, no Ka-Boom, no nada.
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"Winter is coming." -Motto of House Stark
"Mo'lon La'be"- Leonidas
"Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe
"Its like Calvinball."-MarvinMartian
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Tesla
Posts: 15541
Incept: 2008-04-03
State of Disbelief
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Throxx - The IRS IS part of Treasury; what do you think the distinction is ?
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Throxxofvron
Posts: 10299
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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I don't think that the FED has been paying the Taxes owed on the income from those Assets.
The FED is a Private Bank.
The FED would probably not usually be in a position to pay Taxes on it's Assets as these would not be such as the MBS.
Since the FED is holding $1.2T of MBS I believe that they should be paying Taxes on those at a rate which they are not.
If the FED is LOSING Money on the MBS this would effectively be coming out of Treasury; and would thus constitute a back door Bailout.
I want to know how much Tax should be going to the Treasury from the income on the MBS and whether or not it is being paid -or if there is a loss what is being done about it.
If the 'Profit' is supposed to be going to the Treasury, and it is being 'Reinvested' by the FED; -then the FED is effectively using Un-Appropriated Treasury Funds to BUY things for Itself.
If the 'Profit' is not going to the Treasury -what are the terms?
When Persons and Businesses do not make their Tax Payments on time there are Fees and Penalties and Compounding Interest added to the Bill...
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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