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The entire foundation of our economy is built on the fraud that is full fractional reserve banking chicanery. Our Ponzified system, aka fractional reserve banking reliant economy, relies entirely on the growth of both 1) the absolute amount of debt issuance (debt equals money, money equals debt) over time, with each new batch having to be remarkably larger than the last batch of debt issued, and 2) the absolute number of [...] From Bloomberg: The U.S. Senate passed a prohibition on executive bonuses at Fannie Mae and Freddie Mac (FMCC), the government-controlled mortgage companies that are dependent on taxpayer aid. The Senate voted 96-3 to approve a bill including the ban proposed by Republican John McCain of Arizona and Democrat John Rockefeller of West Virginia, which was added by voice vote earlier today. The measure was introduced after the companies’ regulator, the Federal Housing Finance Agency, approved nearly $13 million in [...] It all depends on what your definition of “lobbying” is, when it comes to Newt Gingrich’s post-speaker activities on the Hill Kathleen Parker In Monday’s debate, Mitt Romney charged Gingrich with “influence-peddling.” But Gingrich insists that he was merely working as a historian when he collected $1.6 million from Freddie Mac over a six-year period. Which, in some version of reality, could be true. Broadly speaking, a historian who is hired [...]
WASHINGTON (AP) — The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices. The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration. The U.S. government rescued Fannie and Freddie [...] Mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures. County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known [...] (CNSNews.com) – The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion — not the $130 billion normally claimed by the Obama administration. In a report delivered to the House Budget Committee on June 2, the CBO said a “fair value” accounting of guaranteeing the two defunct mortgage [...] WASHINGTON — A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post. The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and [...] Gee, what have I been talking about for a couple of years now? WASHINGTON — A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post. No, really? And if you remember, I and others have talked about FHA guaranteed loan performance not being [...] http://www.huffingtonpost.com/2011/0…_n_832699.html Mortgage Industry To Face Massive Changes Under Regulators’ Plan; Homeowners, Investors Better Protected Posted: 03/ 7/11 11:50 pm Federal regulators and the top law enforcement officers in all fifty states are eyeing big changes to the dysfunctional home loan industry. If these officials have their way, borrowers who take out home loans and the investors who buy them will work closer together and find common ground to minimize [...] by ACV The systemic fraud called MBS, CMBS, CDOs and CDS, an alphabet soup of scandal, is about to cause a seizure in the housing and commercial real estate sectors. The banksters were given trillions because they were Too Big Too Fail. Criminals like Mozilo, Thain, Dimon, Fuld, Lewis and many many more knowingly sold fraudulent securities on to pension funds. The [...] From Fortune: U.S. government has been the biggest fee payer to global investment banks in the first nine months of 2010. Remember that $1 billion profit on TARP everyone on Wall Street likes to remind us of whenever taxpayers complain about the bailout? The United States shelled out $1.15 billion in fees, mostly on bond offerings by the government-run mortgage companies Fannie Mae and Freddie Mac. So that just vanished. And [...] by G0LD This can’t be too good for sales…Rumor has it that Florida has done the same recently. Texas Attorney General halts foreclosures and sales of foreclosed properties The Texas Attorney General’s office has halted all foreclosures, all sales of properties previously foreclosed upon, and all evictions of persons residing in previously foreclosed upon properties, until mortgage companies have completed a review of their processes, including whether employees or agents “robosigned†affidavits [...] by ZH We received something troubling in the tip box. I contacted several real estate agents today to buy real estate in Florida only to be told that all sales (including properties that have been foreclosed and are actively for sale/auction) are on hold. I asked the agents for how long. They said it appears until January 2011. Are fellow readers seeing this across other states as well? It hasn’t [...] by ZH The third major bank joins JPM and Ally, which have already halted foreclosures, in admitting that one of its officials “signed up to 8000 foreclosure documents a month and typically didn’t read them.” Which means Bank of America is about to halt its foreclosure process. Which leaves us with the last big mortgage lender: Wells Fargo, which is quietly doing the opposite. As American [...] The subpoenas, issued on Monday by the Federal Housing Finance Agency, which oversees the government-backed mortgage titans, could lead the government to recoup some of the billions of dollars that Fannie Mae and Freddie Mac lost when they scooped up mortgage-backed securities issued by Wall Street banks during the housing boom. The FHFA didn’t disclose its targets. But the top private issuers of mortgage securities included Bear Stearns Cos. and [...] President Barack Obama said: The wretched policies of the last 8 years have wrought upon this great land economic horrors the likes of which we haven’t seen in generations. Today’s Case-Shiller report is further proof of that. The administration’s previous efforts to stop foreclosures, HAMP, although a noble effort, had some portions of the program which were bipartisan (ie they were Republican ideas) and as we can see, have had no effect. I’ve [...] Loss sharing agreements – (Given to banks that buy other banks from the FDIC and Banks that took or were forced to take TARP Funds) Here is an example of how most of them work. |
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