Wells Fargo Fined $85 Million – This Is Considered Punishment?

Posted on July 25, 2011 by Deadly Clear

THE NEW YORK TIMES – THE OPINION PAGES

This Is Considered Punishment?

By JOE NOCERA

Published: July 25, 2011

Last Wednesday, nearly lost in the furor over Rupert-gate and the debt ceiling crisis, came the surprising news that the Federal Reserve has issued a cease-and-desist order against a Too-Big-to-Fail bank. The bank was Wells Fargo, which was also fined $85 million and ordered to compensate customers it had unfairly — indeed, illegally — taken advantage of during the subprime bubble.

What made the news surprising, of course, was that the Federal Reserve has rarely, if ever, taken action against a bank for making predatory loans. Alan Greenspan, the former Fed chairman, didn’t believe in regulation and turned a blind eye to subprime abuses. Continue reading →

AG Settlement Opposition – MA Throws the First Punch

Posted on July 25, 2011 by Deadly Clear

The questions to consider after reading this will be – (1) do you really need more time to consider your position on MERS? And, (2) will any issues that entail MERS ultimately circle back to its creator – the cartel of members? If so, why bother to settle?

PUNCH NO. 1:

Massachusetts AG Coakley: I Won’t Sign Away Liability Over MERS in Foreclosure Fraud Settlement

By: David Dayen Monday July 25, 2011 2:19 pm

Massachusetts has joined several other states in saying they would oppose a foreclosure fraud settlement if it includes certain liability releases, particularly those relating to MERS. Massachusetts Attorney General Martha Coakley (yes, that Martha Coakley) wants to retain the ability to pursue lawsuits against the banks and their subsidiaries over state consumer protection violations and fraud upon state courts.

“Massachusetts will not sign on to any global agreement with the banks if it includes a comprehensive liability release regarding securitization and the MERS conduct,” Coakley wrote to the Norfolk County register of deeds in Dedham, Massachusetts. “These investigations must continue.” The registry keeps records of real estate in the county […] Continue reading →

Idiot of the Week – Ben Bernanke

Posted on July 25, 2011 by Deadly Clear

By DEADLY CLEAR

This week’s IDIOT focus is on Chairman Ben S. Bernanke – Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives and Committee on Banking, HOusing and Urban Affairs, U.S. Senate, Washington, D.C. ON July 13, 2011 and July 14, 2011, respectively.

Chairman Bernanke presented his overview of a weak economy, suffering because investors just don’t want to come back to Wall Street like they had earlier this decade.

Mr. Bernanke, do you think it might be due to the numerous investor lawsuits for securitization fraud and deception caused by [your pals] Wall Street’s greed and Congress’ failure to regulate derivatives?… Maybe, yeah? You ask Congress for an incentive to bring investors back – regulation might be a good start to stabilization…’cause it sure didn’t work the other way! Continue reading →