Behind the Scenes: Bank of America – Another Bailout!

Posted on August 12, 2011 by Deadly Clear

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 →

Screw Sam! Reconstruct the Mortgages with their Rightful Owners

Posted on August 11, 2011 by Deadly Clear

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!

Posted on August 10, 2011 by Deadly Clear

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 →

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 →

MERS Causes Banksters’ Nightmare to Continue

Posted on July 24, 2011 by Deadly Clear

New York Times FAIR GAME

The Banks Still Want a Waiver

By GRETCHEN MORGENSON
Published: July 23, 2011

HOW should banks atone for those foreclosure abuses — all the robo-signing and shoddy recordkeeping that jettisoned so many people from their homes?

It has been four months since a deal to remedy this mess was floated. Not much has happened since — at least not publicly.

Last week, banking executives and state attorneys general met in Washington to try to settle their differences. At issue was how much banks should pay, and how and to whom, to make this all go away. The initial terms, which emerged in March, were said to carry a $20 billion price tag.

But here is a crucial question: to what extent would such a settlement protect banks from future liability? Will the attorneys general strike a deal that effectively prevents them from Continue reading →

WSJ Posts: Government Weighs Turning Foreclosures Into Rentals – Lame, very lame!

Posted on July 22, 2011 by Deadly Clear

Government Weighs Turning Foreclosures Into Rentals – Lame, very Lame!
July 22, 2011

By Nick Timiraos

There’s an 800-pound gorilla in the nation’s hardest-hit housing markets: hundreds of thousands of foreclosed properties are selling, and there’s four times as many potential foreclosures behind them.

The Journal writes today that one idea gaining support in Washington is an effort to pull some of those properties off the market and rent them out, either on homes owned by federal agencies or loan giants Fannie Mae and Freddie Mac. Continue reading →

CBS NEWS: John Boehner walks away from debt talks

Posted on July 22, 2011 by Deadly Clear

CBS NEWS – POLITICAL HOTSHEET JUST POSTED:

John Boehner walks away from debt talks

By Brian Montopoli
Updated 6:05 p.m. Eastern Time
House Speaker John Boehner has walked away from negotiations with President Obama over a deal to raise the debt limit.

“In the end, we couldn’t connect. Not because of different personalities, but because of different visions for our country,” Boehner said in a letter to colleagues. He said Mr. Obama ” is emphatic that taxes have to be raised” and “adamant that we cannot make fundamental changes to our entitlement programs.””For these reasons, I have decided to end discussions with the White House and begin conversations with the leaders of the Senate in an effort to find a path forward,” he said.House Republican leadership aides told CBS News that Boehner will work with the Senate leadership in an attempt to reach a deal that meets the GOP’s two central requirements: That spending cuts are equal to or greater than debt limit increase and that there are no new taxes.Without action, the debt limit will be breached on August 2 – 11 days from now –
potentially plunging the U.S. economy into chaos. Continue reading →

…there was no next time

Posted on July 21, 2011 by Deadly Clear

…there was no next time.
By DEADLY CLEAR
July 21, 2011

Now is the time to speak up… Newsmax.com (a right-wing news blog) writes the ‘Gang of Six’ Plan ‘Total Joke’ and comments, “[T]he compromise plan that the so-called “Gang of Six” in the Senate is proposing to solve the debt-ceiling crisis is a “total joke” that shows nothing but contempt for the American people, Mark Steyn writes in The Corner column at National Review Online.”

Progressive Democrats (a Progressive Change Campaign Committee PAC) are opposing President Obama and are refusing to re-elect him if he cuts Social Security and Medicare to which Senator Bernie Sanders from Vermont says, “This senator is going to fight back. I was not elected to the United States Senate to make devastating cuts in Social Security, in Medicare, in Medicaid…”. And Investment firm economists like Mike Larson of Weiss Research, Inc. are urging their subscribers by email to be concerned saying, “I think it shows just how unsolvable our nation’s Continue reading →

The Free House Myth – or Reality?

Posted on July 20, 2011 by Deadly Clear

The Free House Myth – or Reality?
July 20, 2011

Katie Porter posted an interesting viewpoint on the Credit Slips blog this week called the The Free House Myth. A synopsis of the column points to the fact that the banks may
have bad paper now – but they’ll be back. It almost sounded like Katie had been drinking Kool-Aid with RCO when she stated in her closing line, “[T]he free house is political handwringing, not legal reality.”

Porter came under fire by no less than (my personal favorite) Adam J. Levitin, Professor of Law at Georgetown University. Professor Levitin has provided significant testimony before Congress and has dissected the Wall Street securitization scheme that collapsed our economy. Professor Levitin posted his comments to politely debunk Porter’s ‘no free house’ viewpoint…
Continue reading →

Idiots of the Week

Posted on July 17, 2011 by Deadly Clear

Much like Keith Olbermann believes that people who make stupid, mean and bad remarks should be exposed as an example of The Worst Persons in the World – I think the same should be said for those that have lopsided agendas. This week’s DEADLY CLEAR “Idiots of the Week” are Gary Shilling and Arnold Kling.

Mr. Shilling’s comments in moneynews.com’s article: Plunging Home Prices to Spark 2012 Recession are directly out of the Wall Street propaganda playbook.