…should anyone who owns a home that is subject to claims of securitization of their mortgage be at risk of losing their property?

…the government should stop the arrogant policy of letting most of the burden fall onto middle class property owners.

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So we have another “settlement” with one of the major players in the greatest economic crime in human history. But the cover-up of the actual transgressions  emanating from corruption on Wall Street continues. Government investigators should have had a press conference in which they clearly stated the nature of the violations — all of them. People deserve to hear the truth; and the government should stop the arrogant policy of letting most of the burden fall onto the middle class property owners.

The defects in government intervention give rise the illusion that these settlements only have effect on the…

Isn’t that the truth…And this another example of a financial firm that admits that they misled their own investors (just like Wells Fargo settlement last week that admitted that they misled their investors in mortgage sales) and yet no criminal charges in both cases.

Vice News:

In the complaints released Monday, the Department of Justice accused Goldman of misleading its own investors as to the strength of its mortgage-backed securities it was selling between 2005-2007. In 2006, for example, Goldman purchased a package of mortgages from a company called New Century Mortgage Corporation. Goldman’s own employees reviewed the loans and flagged them for “extremely aggressive underwriting” practices — meaning New Century’s employees were selling mortgages to buyers who couldn’t afford them, using shoddy documentations, and dubious financial models.
Internally, Goldman then took a close look at a third of those New Century Loans, to see if they were truly healthy…

Professor Bill Black is now Sen. Bernie Sanders’ economic adviser. Bravo!

By William K. Black
April 7, 2016     Bloomington, MN

I am now officially an economic advisor to Senator Sanders, and this column reflects some of that advice.  Part of my advice is not to take money from Wall Street felons.   (I am not taking credit for Bernie’s decision — at most I supported a decision he had already made over a year ago.)  One of the reasons I reinforced Bernie’s decision was witnessing the problems President Obama experienced given his taking very large contributions from Wall Street.  I channeled the prescient warning that Professor Thomas Ferguson (U. Mass, Boston) gave a group of us in 2008.  He predicted, accurately, that Obama would not lead an effective crackdown on the endemic fraud by Wall Street elites that caused the financial crisis.  Tom (he is a personal friend) is the…

Remember the days when Bernie was ignored and laughed at by the mainstream press? Apparently those days are over.

How so, you might ask?

Well, the Washington Post favored us with an unabashed corporate propaganda piece disguised as an “op-ed” by GE CEO Jeffrey Immelt. Its title: “GE CEO: Bernie Sanders says we’re ‘destroying the moral fabric’ of America. He’s wrong.”

Immelt (or more likely, his PR department) had this to say:

We at GE were interested to read comments Monday by Sen. Bernie Sanders (I-Vt.), who told the New York Daily News editorial board that GE is among the companies that are supposedly “destroying the moral fabric” of America. The senator had been asked to cite examples of corporate greed at its worst. Somehow that got him to talking about us.

That’d be great, except Bernie never uttered the phrase “GE is destroying the moral fabric of America.” The…

By William Hudson

State Court judges are missing the point- the paperwork is all an illusion in a majority of cases. Instead of being concerned that the bank is filing photoshopped, forged and robosigned documents into the court record, they are more concerned if the homeowner has paid. This is despite the fact that every large Bank in the country has been fined for foreclosure “irregularities”. Too many State judges are refusing to follow basic contract law or scrutinize the documents presented. Presumptions favor the banks in cases where there is hard evidence of fraud. It is now known that due to securitization that the vast majority of mortgage notes and assignments are created-on-demand to provide the impression that the note is valid. You would think that in light of this information that more judges would be concerned that the note is even enforceable.

Former FDIC Chairperson Sheila Bair  wrote…

Bloomberg:

“JPMorgan Chase, and virtually every other major bank in this country,” Democratic presidential candidate Bernie Sanders answers when asked by New York Daily News to name three U.S. corporations “destroying the national fabric.”

• Sanders is quoted by New York Daily News in editorial board interview
• Sanders says Apple isn’t in that category, through “I do wish they’d be manufacturing some of their devices, here, in the United States rather than in China” and paying fair share of taxes
  • Says GE closing plants, shipping jobs overseas, and avoiding taxes is an example of “greed” and “selfishness”
• Says he’ll renegotiate all U.S. trade agreements if elected
  • On difference between him, Republican Donald Trump on trade: “We have some specificity and it isn’t just us going around denouncing bad trade”
• Asked if his too-big-to-fail list is “essentially the list that already exists under Dodd-Frank? Under the Financial Stability Oversight Council?” he says…

Fact Check website:

Hillary Clinton falsely claimed she is “the only candidate” in the presidential campaign “on either side” who has been attacked in advertising funded by “Wall Street financiers and hedge fund managers.” Actually, several candidates have been the target of ads funded in part by those in the financial industry.

In fact, by Clinton’s logic, real estate developer Donald Trump seems to be the favorite target of “Wall Street financiers and hedge fund managers” — not Clinton.

Clinton made her remarks on NBC’s “Meet the Press” on April 3. Host Chuck Todd showed a video clip of Bernie Sanders urging Clinton to release the transcripts of her paid speeches to business groups. Asked for her response, Clinton said Sanders was “misrepresenting my record when it comes to being tough on Wall Street,” adding that Wall Street financiers oppose her candidacy.

Clinton, April 3: I’m the only candidate…

Former senior employees of Lehman Brothers Holdings Inc [LEHLO.UL] who once commanded seven-figure pay packages failed to persuade a federal judge to restore hundreds of millions of dollars of stock awards that become worthless after the Wall Street bank’s collapse.