Bombshell #1 of the day found here. Yay, federal bailouts really mean some returns for the taxpayer public! NOT!!!
“Analysts at Keefe, Bruyette & Woods on Monday said the common shares of Fannie Mae and Freddie Mac are likely worthless even if the troubled mortgage-finance giants end up being recapitalized by the banking industry.
KBW analysts led [...]
Full story here.
“…just recently — on a Thursday in early August 2009 — agents for the Fed stepped into one of their own bond auctions and snapped up $7 billion of their own 7-year Treasury notes. That’s after buying more than $7 billion worth the day before… over $14 billion in all… and they paid [...]
Full story here from boston.com. More in the foreclosure saga…
Full text of the ruling by Justice Keith C. Long, which affirmed his own March decision that invalidated foreclosure proceedings involving two Springfield homes because the lenders did not hold clear titles to the properties at the time of sale.
[you'll have to click on the link [...]
Full story here from The International Forecaster.
The Guardian web site is reporting that London based investment company Hermitage Capital has turned to the web to expose a massive fraud involving the highest levels of government. Hermitage CEO William Browder has released his story on the web. It details corrupt and criminal acts that have resulted [...]
Full story here from Counterpunch.org.
“While the Federal Trade Commission was receiving gut-wrenching documentation of predatory lending abuses at a unit of Citigroup, the Federal agency mandated to level the playing field for low income homeowners, the U.S. Department of Housing and Urban Development, was quietly awarding 19,968 mortgages of homeowners in distress to Citigroup to [...]
Full story here from the good ol’ FBI. If you think that this was the only group of people committing mortgage fraud, we have a CDO/SIV on a bridge to sell you. This is why we didn’t “Trickle Up” and bail out the mortgages directly to the homeowners, and not the banks, because then we’d find [...]
Full story here from The Golden Jackass.
“Debate stirs on whether the financial structure of the USEconomy is broken irreparably. Debate stirs on whether actions taken in the last year or two have put the nation on a path that can even achieve stability, let alone recovery. Debate stirs on whether a pernicious and not so [...]
Lest I be accused of being a “Dora Downer” for posting all of the economic poo poo, I am posting some links that should put you all in a better mood. If watching these doesn’t cheer you up, have a couple of mojitos and watch them all again.
http://www.youtube.com/watch?v=8m9JrBXi9ag
http://www.youtube.com/watch?v=hGjC0wbUXzk
http://www.youtube.com/watch?v=XhgVIbO83o4
http://www.youtube.com/watch?v=A5GryIDl0qY
http://www.youtube.com/watch?v=npjOSLCR2hE
If you think you have it hard in [...]
Full story here at ZeroHedge.com. Fitch ratings agency came out with this data. OMFG! No wonder they spout on about the “sanctity of contracts” whenever the “dump derivatives” argument comes up. Over $280 TRILLION worth!
“Fitch has released a comprehensive study on derivatives held by various corporations and has come out with some disturbing results: as [...]
“Instruct regulators to look for the newest fad in the industry and examine it with great care. The next mistake will be a new way to make a loan that will not be repaid.”