The Sword of Damocles Hangs Over Obama’s Head – Support Speaker Boehner’s Debt Ceiling Bill!

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Do I like it? No.

Do I want Cut Cap and Balance? Yes.

Will the Democratically Controlled Senate pass CCB? No, already voted it down.

Will Obama cowboy-up and do a deal for the good of the country like Big Dawg did? Uh, No.

Will the GOP be blamed for the fiasco that follows if we do NOT pass the Boehner bill? Why yes, yes it will.

Will the Reid modifications to the Boehner bill cut the cuts and pump the spending? Of course!

Do we get #BBA votes from the Boehner bill? Yes.

Will Senate Democrats PASS a BBA? Probably not.

Will it help DEFEAT said Senate Democrats up for re-elect in ’12 to force them to vote against a BBA? Hell yes. Every commercial should shout that McCaskill etc voted AGAINST a BALANCED BUDGET.

Are we in a position to make SERIOUS CUTS and/or SERIOUS REFORMS while Obama is POTUS? NO. We saw that in his pathetic response to the Ryan Plan.

Did Speaker Boehner try to do a ‘Grand Bargain’ with Obama? Unfortunately, yes he did. And hopefully he has now LEARNED HIS LESSON. You cannot ‘negotiate’ with the Tabula Rasa.

Does Speaker Boehner’s Plan leave room for another ‘Grand Bargain’ attempt? Yes it does. This is the only way to stave off the S&P, Moody’s downgrade.

(Yeah I know the ratings agencies are a joke, their idiotic Prime ratings on MBS junk loans got us into this mess but that is beside the point. They made it clear if there is a ‘commission’ meeting someplace they won’t downgrade the debt, even if said commission is just another exercise in futility.)

Was Obama ‘selected’  by TPTB TBTF to be the ‘Democratic’ POTUS to gut SS and Medicare? Why yes, that has always been my theory.

So why didn’t he do the ‘Grand Bargain’? Because he is an inexperienced naif who cannot even carry out a ‘signed, sealed, delivered’ bargain when he has the script.

He is Zelig- the chameleon man. He changes to reflect whomever he is with. One meeting with Pelosi and he rolled over on Entitlements without Tax Hikes despite having Geithner there to ‘handle’ him.

Will there be a Grand Bargain while Obama is POTUS? I hope to hell not. If the GOP gives it to him, he will run on it. He wants to be Reagan.

The guy is just what he appears to be: a narcisstic empty suit devoid of any principles. (Webster’s lends a hand-  A principle  is a general and fundamental truth that may be used in deciding conduct or choice)

With hard work and a little luck he will be the One-Termer the TBTF bought and nothing more.

So how ’bout we push past this latest Obama Leadership Failure, pass the Boehner bill and then work HARD to make SURE the GOP does NOT give Obama any ‘Grand Bargain’ to run on.

Anyone who thinks we are not gonna cut SS, Medicare is really self-deluded or naive at this point. I suggest liberals spend their time working on the House cuz we WILL be doing MAJOR ENTITLEMENT REFORM with the new GOP POTUS in ’13.

I am for the Ryan Plan. Gen X knew we were getting fragged, let’s just go into it eyes open and try to protect our parents and kids from the worst cuts and tax hikes.

Call Your Critters

 

The Sword of Damocles – Rocky Horror Picture Sh…, posted with vodpod
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July 28, 2011. Tags: , , , , , , , , , , , , , , , , , . Economy, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

It’s Bad, It’s Nationwide: Case Shiller Index ~ housing continues to tank

like ZZ Top said~IT’S BAD, IT’S NATIONWIDE (& QE isnt doing JACK about it)

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CNBC:

…Eleven of the markets hit their lowest point since the housing bust, in 2006 and 2007: Atlanta, Charlotte, N.C., Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland, Ore., Seattle and Tampa, Fla.

The damage from the real estate bubble now spreads well beyond the Sun Belt, where new homes cropped up at a frantic pace during the mid-2000s. In many places, prices are expected to keep falling for at least the next six months….

CaseShiller Index ~ housing continues to tank -…, posted with vodpod

February 22, 2011. Tags: , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Housing: MERS gets nailed – Judge rules MERS cannot transfer mortgage rights, “MERS’s position that it can be both the mortgagee and an agent of the mortgagee is absurd, at best.”

Update 3: Case Caption for those inclined:

In re: FERREL L. AGARD, Debtor
Case No. 810-77338-reg
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK

Update 2: Barry Ritholtz has the ruling and more up at The Big Picture.

Update 1: Read this piece at NakedCapitalism for more background on the horror of MERS. It was a work around for the TooBigToFail as they didnt have time for pesky County Recorder’s offices and processes and fees in their rush to securitize the shxt out of the entire country. Rife for fraud and property theft is the system the TBTF and MERS have created. It must be ended or no property is safe IMO.

FINALLY!!! Look for sudden legislation to appear tucked in a bill..per Judge’s ruling:

“It is up to the legislative branch, if it chooses, to amend the current statutes to confer upon MERS the requisite authority to assign mortgages under its current business practices.”

watch the Congress Critters carefully…especially those RE lovers like Isaakson..

Bloomberg:

“MERS’s theory that it can act as a ‘common agent’ for undisclosed principals is not supported by the law,” Grossman wrote in a Feb. 10 opinion. “MERS did not have authority, as ‘nominee’ or agent, to assign the mortgage absent a showing that it was given specific written directions by its principal.”…

…“MERS and its partners made the decision to create and operate under a business model that was designed in large part to avoid the requirements of the traditional mortgage-recording process,” Grossman wrote. “The court does not accept the argument that because MERS may be involved with 50 percent of all residential mortgages in the country, that is reason enough for this court to turn a blind eye to the fact that this process does not comply with the law.”…

February 14, 2011. Tags: , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Judicial Branch saves US Private Property Rights, MASS Supreme Court throws out ‘securitized servicer foreclosures’ by Wells and US Bank in Ibanez, LaRace cases

Update: Full ruling here. And some appropriate theme music from Judas Priest~

Update 2: From the ruling:

Focusing first on the Ibanez mortgage, U.S. Bank argues that it was assigned the mortgage under the trust agreement described in the PPM, but it did not submit a copy of this trust agreement to the judge. The PPM, however, described the trust agreement as an agreement to be executed in the future, so it only furnished evidence of an intent to assign mortgages to U.S. Bank, not proof of their actual assignment. Even if there were an executed trust agreement with language of present assignment, U.S. Bank did not produce the schedule of loans and mortgages that was an exhibit to that agreement, so it failed to show that the Ibanez mortgage was among the mortgages to be assigned by that agreement. Finally, even if there were an executed trust agreement with the required schedule, U.S. Bank failed to furnish any evidence that the entity assigning the mortgage–Structured Asset Securities Corporation–ever held the mortgage to be assigned. The last assignment of the mortgage on record was from Rose Mortgage to Option One; nothing was submitted to the judge indicating that Option One ever assigned the mortgage to anyone before the foreclosure sale. [FN19] Thus, based on the documents submitted to the judge, Option One, not U.S. Bank, was the mortgage holder at the time of the foreclosure, and U.S. Bank did not have the authority to foreclose the mortgage.

Continues after the break:

(more…)

January 7, 2011. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Mort Zuckerman: ‘Home Prices will decline for years’

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In other BAD housing news, Tom Miller the Lead AG on the servicer fraud investigation has caved. From ‘criminal charges’ to nothing to see here, move along, move along. Maybe this is a move to get himself appointed to head the Consumer Protection Panel, the place where Elizabeth Warren went to grow moss.

TBTF win again, middle class loses, thus the economy loses long run.

Naked Capitalism has the Miller scoop:

I’m not exactly surprised at the bait and switch by Iowa’s Attorney General Tom Miller, who is leading the 50 state investigation by state attorney generals into mortgage abuses. Less than a month ago promised that he would “put people in jail” Now he’s apparently decided to adopt a “move along, nothing to see here” posture. Per Bloomberg (hat tip reader Duncan B, who also sent a copy of a stinging e-mail to his state AG):

The five largest loan servicers, including Bank of America Corp. and JPMorgan Chase & Co., may be the first to settle with the 50 state attorneys general probing foreclosure practices, Iowa Attorney General Tom Miller said…..The group isn’t pursuing a criminal investigation, Miller said. “Our focus is to reform the servicing process and that’s inherently civil, not criminal,” he said….

Mort Zuckerman: ‘Home Prices will decline for y…, posted with vodpod

January 4, 2011. Tags: , , , , , , , , . Economy, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

Case-Shiller: Housing in Double Dip, fourth consecutive month of dropping home prices

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Here are the highlights lowlights:

Deceleration in 18 of 20 cities in the MSAS Annual Growth Rate

In October only 4 cities rose, LA, San Diego, SF & D.C. saw gains in house prices

-6 cities hit all new lows since the collapse began in 2006

CR breaks out the data reflecting previosuly strong housing markets now succumbing to the collapse:

…six markets – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007…

Blitzer says the double dip is ‘almost here’ (from here in Phoenix I can tell you it has been here for a while, TPTB have just been hoping and praying it would ‘go away’ all by itself, NOT GONNA HAPPEN.

The US economy and the US consumer, and therefore, the global economy, which is dependent upon the US consumer, WILL NOT RECOVER until they FIX HOUSING. DO HOLC.

ONLY TOTAL SHILLS ARE STILL YAMMERING THAT THIS IS A BLIP AND HOUSING WILL FIND IT’S ‘TRUE BOTTOM’, THE SUPPLY IS 2 YRS AND GROWING WITH THE STRUCTURAL UE ISSUE, IT WILL JUST KEEP FALLING. RISING!

Obama and Geithner have left the BANKS in charge of this, the GSEs and the TBTF keep shuffling paper back and forth for buybacks and assorted BS. GET REAL, THE TAXPAYERS ARE ON THE HOOK FOR ALL OF IT AND WE ALL KNOW IT, JUST BITE THE BULLET AND DO THE DAMNED WRITE DOWNS.

The TBTF seem to be incapable of doing what NEEDS to be done to allow the economy to recover, the CONSUMER needs to be deleveraged from their massive housing debt. JUST DO IT.

CNBC:

..The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas declined 1.0 percent in October from September on a seasonally adjusted basis, a much steeper drop than the 0.6 percent fall expected by economists….

Case-Shiller: Housing in Double Dip , fourth co…, posted with vodpod

December 28, 2010. Tags: , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Unemployment Statistics, Wall St. Comments off.

Housing: State AGs testify before Senate Banking Cmte on foreclosure fraud 2:30pm ET; securitization lobby strikes back at TARP COP report on failures

Update 7: Video added of Levitan explaining the losses must be taken, still, and the US taxpayer isnt taking them this time, no more bailouts, thus the TBTF need to eat the shxt they created. and added video of  NACA calling out Lowman of Chase. Clips courtesy of CSPAN and FDL TV

Update 6: Perfect end to this, Diana Olick, via ZeroHedge, reports the AGs are gonna kill the investigation and cut a WEAK deal to have some pitiful fund for possible restitution to ‘wronged’ homeowners, and an attempt to end the two track system wherein banks keep foreclosure proceedings open, timeline evolving, while evaluating homeowners for mods. Like I said, WEAK.  We need HOLC but we arent gonna get it. Lack of leadership.

My totally unprofessional advice: if you were reamed by servicers with fees and gouged with atty fees or forced placed insurance, or foreclosed on while in HAMP trial modification, or HAMP application process, then contact your STATE AG NOW. File a complaint with your state AG NOW.

Update 5: WSJ reports on modifications being the tool of choice for the AG settlement options and the legislators.

Update 4: Hmmm. CFO of Fannie resigns.

Update 3: Well it’s an oligarchy folks and the TBTF are in control. WASS. I disagree with David Dayen of FDL on practically everything, but he has been doing an excellent job following the foreclosure and housing crisis and the impact on the economy at large and we concur on this issue. He live blogged the hearing today here.

…Dodd says he held a summit on how to handle foreclosures with servicers in 2007. Servicers agreed to modifications, added resources to deal with the scale of delinquencies. Despite agreeing to that, the servicers simply failed to do any of this.

Dodd mentions people losing their homes without having mortgages. Banks were “too quick” to call robo-signing scandal a technical problem, seem emblematic of much deeper problems with servicing practices “putting homeowners at risk.” The current servicer business model “is broken” and not equipped to deal with the current crisis. Mentions financial disincentives to modification among servicers. Could be “extensive problems” throughout the servicing process. Quotes Sarah Bloom Raskin on all the servicer fraud. “Service-driven defaults,” mentions “forced-place insurance” scandal, failure to record transfer, failure to administer HAMP, failure to meet requirements of foreclosure process, and failure to manage trusts under pooling and servicing agreements.

Mentions COP report and systemic risk.

Dodd says he created Financial Stability Oversight Council to deal with exactly this issue. That’s a big deal; the FSOC doesn’t think this is a systemic risk.

Dodd says we need more robust loan modifications with real principal forgiveness, but should expedite foreclosures where the homes are vacant. Must put an end to this housing crisis….(go read the whole live blog!)

Chase claimed they never wrongfully foreclosed, at which point Bruce Marks of NACA jumped up with around 20 supporters and he yelled Perjury! and called the Chase Suit a liar, which the Chase suit clearly is. NACA has been unable to get JPMChase to throw any modification action their way so Marks is pixxed. BofA and others get a ‘pass’ from Marks and NACA because they play ball. If you want help from NACA you sign an agreement to go ‘protest; several times a year at their request.

Consumers are so screwed. Nary a peep from the much vaunted Consumer Protection Team led by the suddenly mute Elizabeth Warren.

The economy will not recover until the American consumer can deleverage and the TBTF MUST take a hit on the books a big hit to do that. It is the simple truth, let;s see how long they can pump $ to try to make the TBTF whole, they do not get it. UE will continue and more homeowners will default.

If the incentives which securitization skewed are not realigned and I would say restored, then there is NO PROFIT MOTIVE for the TBTF Servicers to make meaningful mods the way banks did time immemorial pre MSB bullshxt.

Bank of America is responding to the securitization fiasco by proclaiming they are in HAND TO HAND COMBAT with bondholders on putbacks of Countrywide loans that failed to comply with the PSAs. Fabulous.

To fix what the TBTF geniuses did by overleveraging the world on bad MBS loans they, the TBTF must take a hit, the GLOBAL taxpayers of the industrialized world have ALREADY taken HUGE hits, time to share the pain big boyz, write down losses on HELOCS, release the dead equity off the loans, let ALL refi to 3%

Give all GIs a home loan! There are answers but since they all involve the TBTF taking huge hits and decimating their bonus pools geithner and co cannot see them as options. Frakkers.

Update 2: The complete PDF of the Congressional Oversight Panel report on the mortgage securitization/foreclosure fraud fiasco.

Update: CSPAN now has the hearing listed as 3:15pm ET. Will be carried here

The Senate Banking Committee will hear testimony from the State AGS investigating what IS SYSTEMIC FORECLOSURE FRAUD AND A FAILURE OF THE SERVICING AND SECURITIZATION PROCESS today. Bankstas will be there to whine as well.

Tuesday, November 16, 2010
02:30 PM – 05:00 PM
538 Dirksen Senate Office Building

The witnesses will be: The Honorable Tom Miller, Attorney General, State of Iowa; Ms. Barbara J. Desoer, President, Bank of America Home Loans; Mr. David Lowman, CEO, Chase Home Lending; Mr. Adam J. Levitin, Associate Professor of Law, Georgetown University Law Center; and Ms. Diane Thompson, Counsel, National Consumer Law Center. Additional witnesses may be announced at a later date.

TBTF are still fraudulently foreclosing on Americans. Regardless of your feelings on this issue you should recognize the extreme danger to property rights and rule of law if the securitization fiasco via MERS is allowed to continue to  bypass state courts. No one’s property will be safe if TBTF can manufacture documentation and take your property without due process. PEOPLE WITHOUT LOANS ARE LOSING HOMES ALREADY. HOLC FTW. Sept 28 2008 HRC in WSJ on HOLC here.

HousingWire:

The Senate Banking Committee will hear testimony Tuesday from both sides of recent foreclosure problems at the major banks.

…Senate Banking Committee will hear testimony on the issue from Bank of America Home Loans President Barbara Desoer and JPMorgan Chase Home Lending CEO David Lowman. Speaking first will be Iowa AG Tom Miller, who is heading up the 50-state investigation.

Diane Thompson, counsel for the National Consumer Law Center, and Adam Levitin, an associate professor of law at Georgetown University will also testify.

Those listening in can expect Desoer and Lowman to elaborate on the amount of volume the banks are facing, and the others to demand action to sure up servicing operations…..

Oh cry me a fxckin river. The poor poor TooBigToFail shxtheads that took down the global economy are whining b/c they don’t have enough staff to foreclose?

I CALL BULLSHIT! They DELIBERATELY left peeps in homes to AVOID TOO MUCH INVENTORY DRAGGING DOWN PRICES.

They DELIBERATELY used HAMP as an EXTEND AND PRETEND vehicle to DRAIN FAMILY’S LAST RESOURCES only to turn around and deny the mod when the family had nothing left.

FXCK the TBTF. And Fxck the banksta backed Obamaites like Geithner who are selling Americans PROPERTY RIGHTS and RIGHTS TO DUE PROCESS down the river to avoid WRITING DOWN BAD PAPER, AND HELOCS.

The TBTF MADE THE LOANS, the TBTF DESIGNED THE ENTIRE SECURITIZATION PROCESS.

We, taxpayers, made them whole. They have failed to do jack shxt to help families.

Obama is an utter failure. Hillary would have done HOLC, This would be BEHIND US. We would be RECOVERING.

As we have said for THREE YEARS, there will be NO ECONOMIC RECOVERY if HOUSING is not addressed. DO THE DAMNED HOLC.

Meanwhile back at the ranch the TARP Congressional Oversight Panel (TARP COP) REAMED the securitization market in a report today based on a hearing two weeks ago.

..”I’m concerned about Treasury making representations categorically that you don’t see a systemic risk,” Silvers told Treasury’s chief homeownership officer. “And let me walk you through exactly why.”

“That letter asks for $47 billion of mortgages — of mortgage- backed securities to be repurchased at par,” Silvers went on. “Do you know what those mortgages are currently carried at … the market value of those bonds today?”

Caldwell declined to comment.

Silvers continued:

“OK, fine. Let me tell you what the Fed says they’re worth. The Fed tells us they’re worth 50 cents on the dollar. So if the Fed’s request to Bank of America is honored, right, Bank of America, assuming they are carrying these bonds, assuming when they buy them back they mark them to market, Bank of America will take a $23 billion loss.

“The Federal Reserve further informs us that there is nothing particularly unique about that particular set of mortgage-backed securities — meaning they have not been chosen…because they’re particularly bad. They believe they are of a common quality with the rest of Bank of America’s underwritten mortgage-backed securities. There are $2 trillion [worth] of Bank of America’s underwritten mortgage-backed securities.

“Five such deals — five such requests, if honored to Bank of America…will amount to more than the current market capitalization of Bank of America, which is $115 billion.

“Now do you wish to retract your statement that there is no systemic risk in this situation? And the word is ‘risk’ — not ‘certainty’ — but ‘risk’? And I would urge you to do so, because these things can be embarrassing later.”…

From the report issued today:

…”Clear and uncontested property rights are the foundation of the housing market,” the report said. “If these rights fall into question, that foundation could collapse. Borrowers may be unable to determine whether they are sending their monthly payments to the right people. Judges may block any effort to foreclose, even in cases where borrowers have failed to make regular payments.”…

Better do HOLC now Bankstas NO MORE TAXPAYER BAILOUT $ FOR YOU!!!! FHA will take until 2014 to get to 2% MANDATED reserves!! Good Grief!! And ‘experts’ agree, HOUSING IS GOING DOWN AGAIN.

SIFMA the IDIOTS who designed the securitization process and who lobby for it madly have a typical it’s all lies! everything is fine! response courtesy the NYT acting as mouthpiece for Obama positions as always via Naked Capitalism:

..No Breaks for Robo-signing Computer Stamping Files“:

It doesn’t matter when mortgage assignments and endorsements are recorded because the existence of the pooling and service agreement and purchase sale agreement is proof in itself that the loan was conveyed, said Stephen Ornstein, a partner in the Washington office of SNR Denton, a law firm that represents loan servicers and lenders.

“If the assignment is missing, you can create it by having the old assignee reassign it to you,” Ornstein said.

I’ve heard this argument before, and none of the five experts who advise New York state on trust matters (and virtually all mortgage securitizations use New York trusts) accept that point of view. New York trusts can accept assets only as stipulated in their governing agreement. The pooling and servicing agreement made very specific provisions as to how the notes (the borrower IOUs) were to be endorsed and further required that the process be completed by specific dates, typically no later than 90 days after the trust was closed, with only very limited exceptions. And the trustee, on behalf of the trust, was required to provide multiple certifications that all these steps had been taken.

Let’s put it another way: the industry position is that the underlying contract, the pooling and servicing agreement, can just be ignored if the industry screws up on a grand enough scale. Would any servicer tolerate this argument if someone, say Treasury, tried to cut their fees? Funny how the “sanctity of contract” argument is nowhere to be found when adherence to contracts might crimp industry profits….

The soopergeniuses in D.C. and on Wall St have tried everything EXCEPT meaningful mods, helping homeowners, principal writedowns-HOLC. Nothing is working. DO THE DAMNED HOLC ALREADY.

EVEN CATO IS NOW BEHIND HOLC!!

November 16, 2010. Tags: , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. 1 comment.

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)”

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

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