Full story here from CounterPunch.
Housing is still on the rocks and prices are headed lower. Master illusionist Ben Bernanke has managed to engineer a modest 7-month uptick in sales, but the fairydust is set to wear off later this month when the Fed stops purchasing mortgage-backed securities (MBS). When the program ends, long-term interest rates [...]
Full story here from ZeroHedge. Barney forgot to put this in at the bottom of his letters: ” Pwease don’t forget to wepwenish my campaign coffers weal soon.” Huhuhuhuhuh.
“Full Barney Frank letter:
Mr. Brian Moynihan
Bank of America
Mr. Vikram Pandit
Citigroup
Mr. James Dimon
JP Morgan Chase
Mr. John Stumpf
Wells Fargo
Dear Messrs. Moynihan, Pandit, Dimon and Stumpf:
The mortgage foreclosure crisis that [...]
Full story here from Matt Taibi via Market Oracle.
“Matt Taibbi writes: Goldman Sachs and other big banks aren’t just pocketing the trillions we gave them to rescue the economy – they’re re-creating the conditions for another crash.
On January 21st, Lloyd Blankfein left a peculiar voicemail message on the work phones of his employees at Goldman [...]
Full story here from Market Oracle.
“Once upon a time, Goldman Sachs shunned publicity. During the period from 1930 to 1969, Sydney Weinberg ran Goldman Sachs where he developed a staunch corporate cultural aversion to publicity. During the 1970s, a tandem of John Weinberg and John Whitehead assumed the reigns of leadership at Goldman Sachs. Whitehead [...]
Full story here from Mish.
“At long last we have our first major indictment. You will be pleased to read Ex-BofA chief Lewis charged with fraud.
New York Attorney General Andrew Cuomo said Thursday it was bringing civil charges against senior Bank of America executives, including former company CEO Ken Lewis, for their role in the company’s [...]
Full story here from Bob Chapman at The International Forecaster.
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“We were afraid something like this might happen, if this legislation is passed the next step will probably be something even more onerous. As you know congress has heard testimony about rolling retirement plans into [...]
Full story here from Reggie Middleton via ZeroHedge.
Think you’re safe with a Fed-member bank? Think again! Better trade with ShadowTraders and be secure in your future.
“I have posted this warning of Bank of America’s naked swap writing to my subscribers a few weeks ago. Since BAC is reporting this week, I have decided to make [...]
More more more from ZeroHedge. Tasty technical data with a hint of pontificating.
“Submitted by Nic Lenoir of ICAP
Risky assets are not having a very good day. In fact it’s their worst day since March. Not losing 130 points on the Dow Jones is anything to write your relatives about, but there is definitively a combination [...]
Full story here from ZeroHedge.
The Wall Street – Main Street confrontation has been inevitable ever since the banksters decided to do anything and everything to perpetuate the game of Heads We Win, Tails You Lose, this time openly at the middle class’ dime. It appears it has now emerged fully into the open.
While this video [...]
Full story here from Christopher Story. I’m only including the mortgage section of his report.
“…ESSENCE OF THE ‘WITHOUT RECOURSE’ FRAUD
For instance, a typical housing mortgage Promissory Note for a mortgagor in Virginia dated May 2006 of which we hold a copy, is stamped: Pay to the Order of [Blank] WITHOUT RECOURSE: Bank of America N.A.; [...]