Archive for November, 2010

NakedCap: Servicer Driven Foreclosures the Perfect Crime?

30 Nov

Servicer-Driven Foreclosures: The Perfect Crime? from naked capitalism by Yves Smith 3 people liked this As much as I’ve seen a lot of financial services industry misconduct at close range, sometimes even a cynic like me is not prepared for how bad things can be. And mortgage abuse is turning out to be one of [...]


Debt Based Money: The Scheme that Transfers Wealth to the Banks and Systematically Devalues the Currency Held By the People

29 Nov

This piece does a fairly good, cloean job of explaining the root of the problem with debt based montary systems… Unpayable, unsustainable and never ending debt for the people, wealth for the private bankers… Guest Post: Musing Of A Bank Run from zero hedge | on a long enough timeline, the survival rate for … [...]


Washington’s Blog: France, Hungary and Ireland Seize Pension Funds

29 Nov

France, Ireland and Hungary Seize Pensions As Part of Move By Governments to Use Long -Term Assets to Fill “Short-Term Deficits” from Washington’s Blog by George Washington France is apparently following the example of Ireland and Hungary and seizing pension funds. According to eFinancialNews, the French parliament passed a law last week allowing 36 billion [...]


Naked Cap: Jim Quinn on Lies Across America

29 Nov

Jim Quinn: Lies Across America from naked capitalism by Yves Smith 5 people liked this Yves here. While Quinn has a deliberately (some might say overly) provocative style and I quibble with some of his supporting arguments, his overarching observation, that America is wedded to an economic model past its sell by date, and that [...]

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Ted Rall’s Call To Arms: If Americans were getting the bailout given to the Olicarchs it would mean $335,000. to every American.

29 Nov

We can do better – and that is what we want to do. – Award winning clartoonist Ted Rall’s call to arms to America…


MyBudget360: Why the Fed Wants to Destroy the US Dollar and Continue the ‘Failed Bailouts’ of the Banking Sector

28 Nov

The shadow bailout of the commercial real estate industry – bailing out the Ritz, failed million dollar unit condo projects, and buying empty shopping malls. Why the Fed wants to destroy the US dollar and continue the failed bailouts of the banking sector. Posted by mybudget360 in bailout, banks, commercial real estate, debt, economy, federal [...]


Charades: The Foreclosure Task Force Nothing to See Here…

25 Nov

Foreclosure Task Force: Worse Than Stress Tests? from naked capitalism by Yves Smith Felix Salmon reports on a conversation with departing assistant Treasury Secretary Michael Barr on newly-commenced reviews of the practices of bank servicers. Barr’s patter might sound convincing to the uninformed. An “11-agency, 8-week review of servicer practices, with hundreds of investigators crawling [...]


Update on the AG’s: Global Settlement Unlikely; Loan Mods Not a Problem to Investors, Despite Banks Say So…

25 Nov

50 State Attorney General Mortgage Probe Rejects Idea of Global Settlement from naked capitalism by Yves Smith 1 person liked this Bloomberg provided a useful update on the 50 state attorney generals’ investigation into mortgage abuses. One key development is that the AGs are treating investors as parties whose interests need to be considered. This [...]


Changing the Rules of the Game: Bank of America and Countrywide Play Cat and Mouse with the Courts, Testimony and the Truth on Notes, Mortgages, Securities and Pooling and Servicing Agreements

25 Nov

Countrywide Offers Not-Very-Convincing Explanation of Testimony on Its “Oops, We Still Have the Note” Snafu from naked capitalism by Yves Smith 1 person liked this It was predictable, as soon as the press took notice of a potentially very damaging bit of testimony by a Countrywide manager, that its parent, Bank of America, would do [...]


Matt Taibbi on The Young Turks: Foreclosure Fraud, Bank Fraud, Government Assisted Fraud

21 Nov

Matt Taibbi explains on The Young Turks how the foreclosure fraud is only the tip of the iceberg – how the government is helping the banks steal houses from Americans…