While you were Trick or Treating – so were the Banks on Capitol Hill

Posted on November 7, 2013 by Deadly Clear

While you were tacking on the last sequins of the Halloween costume and watching the World Series – the banks were handing out cash for votes to scale back the Dodd-Frank Wall Street reform law. You probably didn’t hear about it because after that the TSA shooter dominated the news. Another special from “Whaddah I miss?”

The U.S. House of Representatives voted last Wednesday to scale back a much-debated provision of the Dodd-Frank Wall Street reform law, handing bank lobbyists a token victory in their fight against the tougher rules. The much-debated provision centered around derivatives. Those fighting the foreclosure wars need not be told the “devil is in the derivatives.” Continue reading →

New York Fed Chief Levels Explosive Charge Against Big Banks

Posted on November 7, 2013 by Deadly Clear

America – we have a crisis. A moral decay that stems from decades of deceit and the acceptance of lies, fraud, and morally bankrupt behavior. We’ve allowed politicians, bankers, attorneys and judges to disregard ethical values and operate under a morally bankrupt code of conduct. It is time to demand that the culture change and it has to start at the top.

Our children have no respect for authority and frankly, how can they when Presidents, politicians and bankers lie – all in the name of money. We’ve set the bar so low that by the time the next generation arrives they won’t be able to recognize the truth. Huffington Post’s Shahien Nasiripour reports the NY Fed Chief’s opinion is that the problems need to be address. Finally maybe, yeah? Continue reading →

Wall Street slumlords’ outrageous new scheme: New securities, backed by rental payments

Posted on November 7, 2013 by Deadly Clear

Yup….we were right. Here we go again. Deb

Justice League

Wall Street slumlords’ outrageous new scheme: New securities, backed by rental payments

You’d think that investors would run away from a new Wall Street innovation as fast as Congress runs away from a good idea. But instead, they’re flocking to the latest product peddled by large banking interests, even though they look almost exactly like the mortgage-backed securities that were a primary driver of the financial crisis. These new securities, backed by rental payments, also have real-world implications for millions of renters, who could end up turning in their monthly checks to Wall Street-based absentee slumlords.

Over the past couple of years, private equity firms and hedge funds have bought up over 200,000 single-family homes, mostly discounted foreclosed properties in communities wrecked by the housing crash, such as Phoenix, Atlanta, Tampa, Sacramento, Los Angeles and Riverside, Calif. They have spent billions to scoop up these vacant homes at fire-sale prices…

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