REMIC Armageddon on the Horizon?

Posted on June 7, 2013 by Deadly Clear

It’s about time somebody recognized it. David Reiss and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.

David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs. This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties. Continue reading →

MONEY VAMPIRES, BANKSTER PIRATES AND THEIR OFF SHORE TREASURE CHEST!

Posted on April 25, 2013 by Deadly Clear

By Shelley Erickson

The Pirate Pilfering!

Bankster piracy is so horrific even though the 50 US attorney generals agreed to let the banks off the hook with a pittance in refunds to homeowners, the fraudclosure money vampires sailed on assaulting and wrongfully seizing our properties.

It was business as usual set out to steal even more properties the exact same way and adding millions more homeowners to their fraudclosure list Continue reading →

Elizabeth Warren Blasts Regulators For Protecting Banks

Posted on April 16, 2013 by Deadly Clear

“The Fed messed with the wrong senator…” posted David Dayen on Salon. Sen. Elizabeth Warren (D-MA) grilled federal officials about illegal bank foreclosures at a Senate Banking Committee hearing on Thursday. She wanted to know if they would give information to victims of illegal foreclosures–or if they just want to protect the banks. Warren asked, “You now know individual cases where the banks violated the law, and you’re not going to tell the homeowners, or at least it’s not clear yet whether you’re going to do that?” Continue reading →

Dear Lanny – The “Intent” is at the Top …and in the Patents.

Posted on January 23, 2013 by Deadly Clear

Watching the PBS FRONTLINE | Untouchables left a lot of questions about the approach our U.S. government has taken to correct the securities corruption.

More importantly, nothing much has changed much since 2003 when the chaos that took down our economy ramped up into a full blown man made financial force majeure… Continue reading →

“Fraud Was … the F-Bomb”

Posted on January 22, 2013 by Deadly Clear

PBS FRONTLINE – Watch closely – click here.

“To hear some on Wall Street tell it, no one saw the financial crisis coming. As Jamie Dimon, the chairman and CEO of JPMorgan Chase, explained to the Financial Crisis Inquiry Commission, “In mortgage underwriting, somehow we just missed … that home prices don’t go up forever.” The program in its entirety can be viewed here. It is definitely a must watch! Continue reading →

Yes, It’s Specifically Housing – Socialism for the Rich and Incompetent!

Posted on December 6, 2012 by Deadly Clear

Econ4 Video on the Housing and Foreclosure Crisis

NakedCapitalism’s Yves Smith is the strong voice of reality on the front lines of the foreclosure war. Posted on December 6, 2012 is a serious message that needs to circulate around the world.

The economy is on the fiscal cliff because of the failed policy decisions not to prosecute the banks in addition to how the unscrupulous securitized mortgage business has been handled.

Blaming borrowers for the frauds committed by the banks has eaten away at the core of our society. “Normally, in history,” said Yves, “when lenders were that incompetent, they went bust and that was capitalism. And now instead, we have a system where lenders who are so grossly incompetent that they should have gone bankrupt – are propped up – that’s socialism for the rich.” Continue reading →

LOST: Looking for the Canons of Judicial Ethics

Posted on December 5, 2012 by Deadly Clear

Judicial misconduct is a touchy subject.

But what else do you call it when judges violate their own canons and participate in unethical decisions that may create financial gains in their investment portfolios?

While this post deals with the failure of the judiciary to sua sponte recuse themselves when they know there is more than an appearance of impropriety, it also raises the question of what potential benefit they may received as a result of their decisions – and is that taken into consideration at any time during the case? Continue reading →

Define “Responsible” Homeowners – Please! An open letter to President Obama.

Posted on September 29, 2012 by Deadly Clear

COMMENTS ARE WELCOMED.

We’re fortunate in Hawaii to have accessible U.S. Senators who have been on a first name basis with with their constituents forever. And at times like these U.S. Senator “Dan” Inouye has always been our “go to guy.”

Aloha Senator Inouye –

This morning we received the email of President Obama’s Weekly Address:
It’s Time for Congress to Help Responsible Homeowners.

Continue reading →

How Far From the Truth Will They Venture to Go?!

Posted on August 13, 2012 by Deadly Clear

New York Times Opinion Pages printed an article by Joseph E. Stiglitz, a professor of economics at Columbia and Mark Zandi who is the chief economist at Moody’s Analytics. The story, “The One Housing Solution Left: Mass Mortgage Refinancing” started out by stating:

“MORE than four million Americans have lost their homes since the housing bubble began bursting six years ago. [Ed. note: On what planet have these fellas been living over the past 6 years?!] Continue reading →

Going Down – JPMorgan Chase Slammed With Libor Subpoenas – Stock Sliding

Posted on August 9, 2012 by Deadly Clear

Breaking News on stopforeclosurefraud.com:

Huffington Post reports “JPMorgan Chase Libor Subpoenas Coming From Everybody In The World”

“Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.

The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:

Continue reading →