| User Info
| Fraudclosure -- You Have Been Sold Out in forum [Market-Ticker]
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Randy123
Posts: 5789
Incept: 2008-09-24
Earth
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And the best this country can do is Occupy Wallstreet? A dude set himself on fire in Tunisia. No accountability left.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Vitchilo
Posts: 4635
Incept: 2011-04-27
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The world is run by sociopaths elected by ignorant.
What America needs is not to fix the economy or bring back the troops. What America needs is the stop of LAWLESSNESS!
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"Every normal man must be tempted at times to spit upon his hands, hoist the black flag, and begin slitting throats." -- H.L. Mencken
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Eaglewwit
Posts: 6054
Incept: 2007-11-30
SoCal
Banned
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Rome will have to burn first, nobody gives a **** until it starts burning.
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Trades50
Posts: 4218
Incept: 2007-10-30
Land of Tax and Spend
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Quote: There is no law any more folks. Not when it really matters -- when systemic and rampant violations are committed by big business and your fundamental liberty interests are ignored. Big corporations and banks realize if they contribute enough to the right people they can disregard the rules. They also realize that people have been dumbed-down enough by their media to the point that they don't care.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Eaglewwit
Posts: 6054
Incept: 2007-11-30
SoCal
Banned
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Will this have any impact on clearing the market at least. Can TBTF banks now just foreclose and not worry about the whole "title" thingy.
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Early_retirement
Posts: 3619
Incept: 2007-06-26
Burlington, Vermont
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Of course they want to help you refinance - so they get a new wet signatures to make sure the title chain is intact when they foreclose a year later.
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"You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else."
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Drench
Posts: 28631
Incept: 2009-11-10
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Karl, maybe you should have that really fun year, while there's still time.
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Oldpool
Posts: 875
Incept: 2010-06-23
LI NY
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were all serfs now... Here I am thinking that theres an opportunity coming. this is really discouraging.
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Liberty, Comrade!
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Mrbill
Posts: 7857
Incept: 2008-10-19
North Carolina
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So, $17bn in mortgage principal writedowns. Isn't this something banks really would have to do anyway? They get to pick the loans, so they can pick the ones least likely to pay back fully anyway.
Couldn't they even pick mortgages that they've already written down as impaired in some way, such that they fulfill the $17B requirement without actually taking any new losses? (Assuming they've marked anything current at less than par)
This doesn't even seem like a punishment. Just a headline.
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Andysvw
Posts: 1761
Incept: 2010-06-26
Tujunga Ca
Online
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Welcome to the Dark ages.
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Randy123
Posts: 5789
Incept: 2008-09-24
Earth
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Andy that is exactly how I feel. Like that is what we are in for. Decades of it.
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China is the Enemy. Wake Up.
New Normal. Same As The Old Awful.
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Steinbeck
Posts: 115
Incept: 2009-03-04
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And the banks get three years before they have to make this happen; yet complete immunity from prosecution from current/previous crimes?
Why do I think that they really won't forgive any loans; except for those AG's who agreed to this?
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Deusexpopulo
Posts: 6
Incept: 2009-09-14
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@CBill, it's worse than that, actually.
As Yves Smith has detailed, the $17B in writedowns are going to be taken by the investors who hold the RMBS, so while the banks are going to get to pick and chose which of the mortgages they hold they'll write down (and you can believe it will be done strategically to ensure that they get the maximum return out of it) they're also going to assign the writedowns to the investors, who include everyone's pension funds, 401Ks, money markets, etc.
HUD Secretary Shaun Donovan has confirmed that the investors are going to be taking the writedowns, even though they haven't agreed to any of this, and he did so quite enthusiastically, from all accounts.
The rule of law is a quaint concept, isn't it?
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Genesis
Posts: 130798
Incept: 2007-06-26
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They'll pick the mortgages they have seconds behind.
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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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Andysvw
Posts: 1761
Incept: 2010-06-26
Tujunga Ca
Online
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I guess its time for ME to make a new plan.
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Ghopper
Posts: 2317
Incept: 2011-06-11
Staten Island, NY
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The Campaign Checks finally arrived.
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Buddy
Posts: 157
Incept: 2008-10-25
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What a non-poetic justice kind of joke.
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Marvinmartian
Posts: 754
Incept: 2011-03-16
Pasadena, CA
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according to the New York Times, the agreement is limited. The settlement does nothing for RMBS trusts where title was not transferred. It does allow the perjury charges to be settled for a slap on the wrist. I wonder what pressure Obama brought to bear? However, the article does say the agreement is still being negotiated. You cant find out whats in it unless its all finalized. source: http://www.nytimes.com/auth/login?URI=/2....Quote:In the agreement’s expected final form, the amnesty is mostly limited to the foreclosure process, like the eviction of homeowners after only a cursory examination of documents, a practice known as robo-signing.
The prosecutors and regulators still have the right to investigate other elements that contributed to the housing bubble, like the assembly of risky mortgages into securities that were sold to investors and later soured, as well as insurance and tax fraud. Final paragraph: Quote:Along with how broad the releases would be, California’s attorney general, Kamala Harris, also pushed for her state to be able to use the state’s False Claims Act. That would enable state officials and huge pension funds like Calpers to collect sizable monetary damages from the banks if officials could prove mortgages were improperly packaged into securities that later dropped in value. Reason: added final paragraph
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Fisticuffs
Posts: 1086
Incept: 2007-07-28
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So the banks have won the war? No prosecutions, increased political power, the special interest lobbying organization known as the Fed has avoided deflation by monetization and rampant violation of its enabling act, and the public has bought the propaganda hook, line, and sinker.
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B(ern)ank(e)
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Psquared
Posts: 1876
Incept: 2008-10-11
SE USA
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All it would take would be one Attorney General who had the balls to go before a State-wide Grand Jury and seek an investigation and indictment. Even less, if one circuit solicitor would go before a County Grand Jury and do the same. Just one!! Lots of solicitors and AGs would follow suit.
But you have to ask why won't they do it? No one anywhere seems willing to prosecute criminal behavior by bankers unless it is some two-bit loan officer at a Community Bank.
I think the reason why is that they are scared. They are scared that it might bring down the entire system and create untold hardship on thousands and maybe millions of people which would be traceable back to them. They've been brainwashed by the old "tanks in the street" argument.
No one wants to crash the system, but orderly prosecution of crimes has never led to chaos and anarchy and in my opinion it won't this time. Individuals will get arrested but they can be replaced - hopefully by someone more honest.
Prosecutors have been sold a bill of goods. I hope they wake up before it is too late.
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"Our Constitution is designed only for a moral and religious people. It is wholly inadequate for any other." ~ John Adams
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Throxxofvron
Posts: 10337
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Even IF $17 Billion in Principal Write-downs were actually provided to the Home-Owners: there are some $17 TRILLION in Mortgages on some $17 Trillion Dollars in existing Home Equity. -After ALL the damage that has been done to the Rule of Law in various ways, to the Land Title Records, to the Municipal Finances absconded via the non-payment of Taxes on Local Recording, to the Economy in whole, to Families and Individuals, etc.: this would only amount to an aggregate Principal reduction of about .1% of what is presently owed on the aggregate Mortgage Debts outstanding Nationally!I wonder exactly what kind of juicy deal Goldman Sachs got today form their Friends at the FED on the 'Private Auction' of Maiden Lane MBS... Quote:I wonder what pressure Obama brought to bear? Surely You jest? Headline on WSJ: Quote:Federal securities regulators plan to warn several major banks that they intend to sue them over mortgage-related actions linked to the financial crisis. ...They PLAN to WARN that they INTEND...IF Federal Securities Regulators WERE GOING TO SUE the Banks they WOULD just stfu and ****ing SUE the Banks, now wouldn't they? What unmitigated bull****.
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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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Advise01
Posts: 50
Incept: 2011-08-02
Tampa
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So to make sure I get this right:
1) As a taxpayer the federal government took money out of my wallet, my sons and his unborn children’s wallet by the threat of force and/or jail.
2) I purchased MBS because I was told they were AAA because of the fees paid by the bank
3) The banks lie cheat and steal and get caught
4) The make a settlement with the 50ish states that is for 17 billion which is 8 billion less than we were told
5) Instead of taking money out of their pockets and with the help of the government they are going to take the 17 billion as write does to my MBS
6) Then they get to take 17 billion in losses on their tax return and make a profit
7) Given a get out of jail card
8) Making the money in my monopoly game worth more than the money printed by the Fed
Yea this makes sense. I am so glad they spent all of this time to make these laws and write them down so the banks can wipe their ass with them. Just another day to be a proud of America as an ex-army vet who served to keep these big piles of dog **** safe to******me!
Yea this will end well.
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"Few political gifts are more richly rewarded, than the ability to convince parasites that they are victims."
- Dr. Thomas Sowell
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Dashingdwl
Posts: 9764
Incept: 2007-06-26
los angeles
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Where is that I Told You So thingy?
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Goforbroke
Posts: 5350
Incept: 2007-11-30
Just call me 'Comrade'
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Reciprocity and karma.
They will get their due.
Just not now.
Cosmic rope has infinite tensile strength.
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We have met the enemy and it is us. -- Pogo
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