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…
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AP Exclusive: Mortgage ‘robo-signing’ goes on

Posted on July 19, 2011 by Deadly Clear

AP Exclusive: Mortgage ‘robo-signing’ goes on
By MICHELLE CONLIN and PALLAVI GOGOI
AP Business Writers
July 19, 2011

Mortgage industry employees are still signing documents they haven’t read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.

County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices,known collectively as “robo-signing,” remain widespread in the industry.

The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, “Linda Green,” was signed almost two dozen different ways.

Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted. 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.

Yes, Mr. Shill~~ing~~ (a good name for a bankster pal) – there is a lot of inventory of empty housing;

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RSN Elizabeth Warren: A Real Probe Needed on Foreclosure Abuses

Posted on July 15, 2011 by Deadly Clear

Readers Support Network – Amen!

Elizabeth Warren: A Real Probe Needed on Foreclosure Abuses
By Shahien Nasiripour, Huffington Post

15 July 11

A top Obama administration official on Thursday questioned the scope of the state and federal investigations into alleged mortgage abuses and “illegal” foreclosures perpetrated by the nation’s largest mortgage companies, marking the first time a senior White House official publicly broke ranks with the administration over the issue and raising fresh questions about the wisdom of the government’s rush to settle with the firms.

Elizabeth Warren, a senior adviser to President Barack Obama and Treasury Secretary Timothy Geithner, told a congressional panel that government agencies may not have sufficiently investigated claims that borrowers’ homes were illegally seized by banks such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Ally Financial. Continue reading →