Neil Barofsky is the author of the new book “BAILOUT: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street.” If you read anything in Neil Barofsky’s new book – BAILOUT, you MUST read
Chapter 8 “Foaming the Runway”.
With nearly 4 solid years of foreclosure injustice spewing from the courts and millions of homeowners continuously getting skunked, it has become a necessity to figure some way to explain to even the brightest (judge) on the bench the answer to, “[D]id you pay?”
It doesn’t matter what state (although some are a lot worse than others) or what faction of the judiciary, state, federal, bankruptcy, appellate – the question they always ask, “[D]id you pay?” We’ve all heard the standard answers:
The list goes on – but the real answer if there is a trust involved might be, “Well, your honor, I don’t think I’m in default.” And of course the judge is going to say, “why is that – did you pay?” And the likely response might be, “your honor, there’s these things called Credit Default Swaps and my note is Continue reading
By Matthew Cardinale, Inter Press Service
29 August 11
he first-ever audit of the US Federal Reserve has revealed $16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency’s opaque operations. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else,” US Senator Bernie Sanders, an Independent from Vermont, said in a statement.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
Editor’s note: Please participate in the Poll at the end of the Post.
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
