S&P Downgrade: Ex-Obama Adviser Christina Romer Says U.S. ‘Pretty Darn F**ked’

This Week’s Catch-Up
Posted By DEADLY CLEAR 

Huffington Post reported on August 6, 2011: Ex-Obama Adviser Christina Romer Says U.S. ‘Pretty Darn F**ked’

On the same night that Standard and Poor’s downgraded the United States’ top-level credit rating for the first time in history, Christina Romer, former chair of Obama’s Council of Economic Advisers, didn’t mince words when asked of downgrade’s potential consequences. 

The U.S. is “pretty darn f**ked,” Romer said during a segment on Real Time with Bill Maher called “How F**ked Are We?”, after Maher asked what the new could mean for the U.S. economy. Continue reading

A Call to Action – Geithner Must Go!

Last week, undercover, [we] the government bought the servicing rights to 400,000 Bank of America bad loans – quoted as the worst loans and this is just a pittance of what Countrywide and Bank of America wrote during the subprime catastrophe that collapsed the American economy. Apparently, with very little forethought [we] the government agreed to “buy” these servicing rights that will on average cost an additional $10k – $50,000 to service, maintain and/or foreclose. Who was behind this imbalanced deal? Continue reading

Will you support the regulation of derivatives?

There is only one question to ask any politician starting this year:

Will you support the regulation of derivatives?

That’s it.  Everything else is ancillary and fades into the background.  

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Behind the Scenes: Bank of America – Another Bailout!

Editor’s note:  Please participate in the Poll at the end of the Post.

“Robin Hood in Reverse”: Bank Bailout Bonanza Heats Up (Again)

The Daily Ticker Reports that last Friday Bank of America received ANOTHER so-called “bailout” using tax payer funds. They never really went away so don’t call it a comeback…but it’s been a big week for bailouts. 

Bank of America Corp. has agreed to sell part of its home-loan portfolio to government-controlled housing giant Fannie Mae, as the bank looks to shed assets and pare its exposure to an array of mortgage woes. Rithoitz, Blodget and Task have a lively discussion about the Fannie  Continue reading

David Stockman: “We have a far worse fiscal situation…”

The Daily Capitalist
Stockman On Budget And Downgrade
By Jeff Harding August 11th, 2011

This is an interview of David Stockman on Bloomberg Radio today by Kathleen Hayes. David goes into the budget crisis and the downgrade. As usual he pulls no punches. “We have a far worse fiscal situation….by 2012, 2013, 2014… the deficit situation is going to be dramatically worse and our ability to cope will be almost non-existent….”

This is an excellent interview on Bloomberg Radio which can be heard  Continue reading

Screw Sam! Reconstruct the Mortgages with their Rightful Owners

U.S.Seeks Ideas on Renting Out Foreclosed Property

By EDWARD WYATT
Published: August 10, 2011

WASHINGTON— Uncle Sam wants you — to rent a house from Uncle Sam.

The Obama administration said on Wednesday that it was soliciting ideas on how to turn the federal government’s inventory of foreclosed houses into rental properties that could be managed by private enterprises or sold in bulk.

The goal, the administration said, is to stabilize neighborhoods where large supplies of empty, foreclosed properties have hurt property values. In addition, the plan is an effort to clear the nation’s balance sheet of real estate holdings that, because they have been difficult to sell individually, have hung over the housing market and stunted sales of existing homes and new construction.  Continue reading

HYPOTHETICAL LIEN THEORY LIVES – Bye Bye MERS!

HAWAII – In today’s episode following Look Out Lenders – MERS is About to Take You Down!” the Hawaii bankruptcy court ruled that the Trustee’s hypothetical lien theory held enough water to maintain life in the Motion to Compel the Trustee to Abandon the property.  The lender, American Savings Bank FSB, (ASB) and the Trustee have been in settlement discussions. Either way – the MERS demise is set into motion. The judge denied the motion WITHOUT prejudice in order that it could be brought back at some future date, if necessary. Continue reading

RSN: Austerity: The Wrong Prescription

 “…the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”  Take over the mortgages – stupid! SEIZE MERS.

Austerity: The Wrong Prescription

Denise Brunal-Hicks, left, hugs her daughter Samantha, 18, as they stand next to a curb piled with their belongings. Brunal-Hicks was being evicted from her foreclosed home after spending thirteen years at the residence. (photo: Greg Kahn/Naples News)

By Carl Gibson, Reader Supported News
09 August 11

Reader Supported News | Perspective

f you were a patient in intensive care, sick and in pain, what would you say to a doctor whose only recommendation was cutting off your blood supply, meals and therapy, and redirecting your pain medicine to another patient who was already healthy and well? Would you follow your doctor’s orders, or sue them for malpractice? Continue reading

Look Out Lenders – MERS is About to Take You Down!

HAWAII – In a precedent setting move today, a bankruptcy Chapter 7 Trustee filed a Supplemental Objection under a hypothetical lien theory to the Debtor’s Motion to Compel the Trustee to Abandon the underwater property – the day before the hearing.

The Trustee’s pleading states that the lender, American Savings Bank FSB in Hawaii, had not properly perfected the mortgage at the time of the Debtor filing a petition for bankruptcy, the “Mortgage was in fact in favor of MERS as nominee for ASB at the time of the filing of the petition.”  This move essentially strangles the lender. Continue reading

RSN Special: Keith Olbermann | Four Great Hypocrisies of the Deal

Posted By Reader Supported News02 August 11 AM

Keith Olbermann | Four Great Hypocrisies of the DealKeith Olbermann's Special Commentthe on the debt deal, 08/02/11. (photo: Current TV)

Keith Olbermann, Special Comment/Current TV
“Keith Olbermann’s Special Comment on the four great hypocrisies of the debt deal and the necessity of taking the governance of this nation back from politicians.”

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