Video: Chris Whalen – more on MBS FraudGate, Pension Fund suits, Securities Law and the markets need to restructure these TBTF banks

The risks are high, and Mr Market is asleep, methinks that Uncle Sam has given the TBTF the all clear, leaving taxpayers holding the bag, again.

Courtesy of Market-Ticker:

“This is cancer – this isn’t a sudden crisis that is going to erupt out of the ground.”

“We’re going to wait until well-into this, and then we’re going to do the right thing – which is restructuring.”

MBS…. are calling their lawyers.  Trustees may or may not have the note.

“There are a lot of investors out there who don’t know what they own… they may own unsecured loans….. trustees that were supposed to do things under state law (and didn’t)… even Fannie and Freddie have issues with this.”

“…. this is not minutia; this is the letter of the law.

“The dealer has to deliver to the trustee the notes (under NY State Law)”

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October 21, 2010. Tags: , , , , , , , , , , , , , , , , . Economy, FDIC, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Wall St. Comments off.

Market Update: DOW closes up 180…Meredith Whitney on Financials – CNBC.com

Market Closing Update:  Meredith’s call gave us an incredible boost, leading financials higher  DOW up 180 to 8327, S&P up 21 to a nifty 900 and NAS up 35 to 1791…but Meredith only applied the good news to Golden Slacks, this is a relief rally built on air, but hey smoke em if you got em, every up day is a good day…
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MiM considers Whitney and Tilson the 2 people who know WTH they are talking about on the financials and what is coming for the banks and the markets…Golden Slacks will make a bundle, again…and the vaunted stress tests did not consider the level of unemployment we are hitting and the level of toxic mortgage assets still on the books of the banks….

…(thanks in part to FASB changes that removed the impetus to sell the bad debt for what it is worth not what they want it to be worth, we are getting more foreclosures now b/c banks are not willing to take the immediate write downs of a short sale or a modification with principal writedown,

(foreclosures take longer to process and banks are SITTING on TONS of inventory, not taking reasonable offers to avoid taking writedowns!!! foreclosures can take 18 months and banks are playing for time and anecdotally, banks are rejecting FULL PRICE OFFERS from homebuyers and selling at HIGHER PRICES to INVESTORS AGAIN, recreating the entire cycle, utter morons!

TOTUS is doing some more arm twisting in a meeting on July 28th with Geithner anf Donovan of HUD and the top 25 mortgage servicers…let’s see what comes of that, methinks the idiot banks should do some more mods before Barney Frank writes new forced loans for them …)

more about “Meredith Whitney on Financials – CNBC…“, posted with vodpod

July 13, 2009. Tags: , , , , , , , , , , , , , , , , . Finance, Foreclosures, Housing, Labor Department, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

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