Posts Tagged ‘scam’

The Fed may go bankrupt

Friday, November 5th, 2010

Full story here from Jim Rickards. Of course, the Fed is already morally bankrupt and acting like a bunch of clown-ass gangstas. What will really be the pants-downer moment that makes all the sheeple realize what’s happening? Janis Joplin has the answer.

Disasters sometimes sneak up in small steps, each of which appears unthreatening at the time but which cumulatively spell collapse.  The Fed is leading the United States to ruin in ways that are claimed to be well intentioned and benign viewed in isolation but which take us finally into a locked room reminiscent of the Sartre play “No Exit.” (more…)

QE2 unveiled a/k/a Return of the Night of the Living Zombie Bankers

Wednesday, November 3rd, 2010

Full story here from ZeroHedge.

For immediate release

Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters. (more…)

S&P estimates of Dodd-Frank TBTF now at $22 billion

Tuesday, November 2nd, 2010

Full story here from ZeroHedge. Billion? It should be TRILLION if we’re really going to be honest.

S&P has released its first official estimate of what it believes the cost of Donk will be on the Too Vampiric To Fail. In a nutshell, the range of various costs could be as high as $22 billion, due to a drop in debit fees, lower derivative income, FDIC DIF replenishment, prop trading, and new compliance expenses. Additionally S&P expects another $85 billion in additional required Tier 1 Capital (which is a joke compared to its Tangible Common cousin). (more…)

The Fed bought mortgage fraud

Monday, November 1st, 2010

Full story here.

In the wake of the financial meltdown of 2008, the Federal Reserve announced it would buy mortgage-backed securities, or MBS.  The January announcement by the Fed said it would buy MBS from failed mortgage giants Fannie Mae and Freddie Mac in the amount of $1.25 trillion.  At the time, the Fed said in a press release, “The goal of the program was to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally.” (Click here for the full Fed statement.)It did provide “support” to the mortgage market, but did it also buy fraud and cover the banks that sold it?  The evidence shows, at the very least, it bought massive amounts of fraud. (more…)

Is MERS Commercial about to break the CMBS market?

Monday, October 11th, 2010

Full story here from ZeroHedge. The MBS-types gotta be jonesing for some of this.

The irresponsible actions by MERS are rapidly becoming the stuff of folklore: from their direct and indirect involvement in every fraudclosure, to the president himself falling for what appears to be a MERS agent with a split signature personality, to MERS just-released refutation of it ever having done something wrong, the hammer on MERS seems to be preparing to fall with a resounding thud. Yet with everyone focusing on MERS’ involvement in the residential mortgage space, pundits have ignored that “other” space where MERS made the possibility of outright robosigning fraud a distinct possibility – commercial real estate. (more…)

Foreclosure fraud document forging

Monday, October 4th, 2010

Full story here from Naked Capitalism. Oooh, I see a large, stinking whale corpse of mortgage issues finally rising to the surface.

my sneaky preface here:

Isn’t Fidelity National Title affiliated LPS? So you have basically the same entity falsifying documents of title on properties whose titles it has insured?

==> Mr. Foley has been the Chairman of FNT, a majority-owned subsidiary of FNF since September 2005. He has been the Chairman of Fidelity National Financial, Inc., at Fidelity National Title Group, Inc. since October 2006. He served as an Executive Chairman of Lender Processing Services, Inc. from July 2008 to March 15, 2009. He served as the Chairman of Lender Processing Services, Inc. from May 2008 to July 2008 and Executive Chairman from July 2008 to March 15, 2009.

==>On Friday, Old Republic National Title Company announced it will no longer write policies on foreclosed GMAC or Chase properties.

Conversely, Fidelity National Title issued a statement on Friday that it did not believe the problems with the foreclosure process would have “a material adverse impact.”

Could it be that Fidelity knows that their company–LPS–has infiltrated and controls many of the county recorders’ offices? It will not be a problem because, not only can LPS create the forged affidavits and assignments, it can also retroactively insert them into the county records?

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A bombshell has dropped in mortgage land.

We’ve said for some time that document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those states, the mortgage, which is the lien on the property, is a mere “accessory” to the note). (more…)

Inside the Flash Crash report

Monday, October 4th, 2010

Full story here from investigative reporter Pam Martens via CounterPunch.

The breathlessly awaited government report that promised to shore up public confidence by explaining why the stock market briefly plunged 998 points on May 6, with hundreds of stocks momentarily losing 60 per cent or more of their value, was released last Friday, October 1.  Its neatly crafted finger-pointing to a small Kansas mutual fund firm which has been around since 1937, was immediately embraced as mystery solved by the stalwarts of the corporate press.  This was done with only slightly less zeal than bestowed on the story of Saddam Hussein’s weapons of mass destruction spun out of the George W. Bush administration. (more…)

Basel III: The Global Banks at The Edge of The Precipice

Tuesday, September 21st, 2010

Full story here from Global Research. Musical homage here, here, and here.

The Global Too Big To Fail Banks are so precarious that literally anything can trigger a collapse in the coming months.

I have read recent commentaries on Basel III posted to various renowned websites and financial publication, but they missed (or deliberately misled) the underlying message of the proposals, the implementation of which will be delayed till 2017 and some till 2019.

Basel III is pure spin and its timing was to assuage the deep-seated fears that there are no solutions in sight to save the fiat money system and fractional reserve banking. (more…)

FL mortgage muck

Monday, September 20th, 2010

Full story here from ZeroHedge.

The key story from this morning was the Bloomberg report that GMAC Bank had halted foreclosures in 23 states, following disturbing news from last week that rekindled the latent debate over whether servicer banks do in fact own deeds to mortgages on which they foreclose on, and whether the entire foreclosure process is in fact fraudulent (one judge found it to be so, creating a massive headache precedent for the banker community). (more…)

Gold and further shenanigans: Interview with Jim Willie

Monday, September 20th, 2010

Full story here via Max Keiser.