Yves Smith Posted “STILL FEEL CONFIDENT ABOUT COLLECTING YOUR PENSION AFTER THIS?”

Posted on October 31, 2013 by Deadly Clear

From the pages of NakedCapitalism was this strikingly sensitive post. Don’t even think twice – this could be your city at any minute too.

By Raúl Ilargi Meijer, editor-in-chief of The Automatic Earth, Cross posted from Automatic Earth

If your answer to that question is affirmative, I suggest you take a good hard look at what’s coming out of Detroit these days. Why don’t we just call it a bail-in model, not unlike Cyprus, where the waters are tested for forcing parties who historically thought they were safe from cuts, find they no longer are.

And if you think Detroit is the only American city that has these kinds of problems, think again. It’s merely the first, count on it. It’s not just an American issue either, of course, and although retirements plans are set up in myriad different ways, they have one thing in common: they are in essence pyramid schemes, eat your heart out Charles Ponzi, and it’s just a matter of time before the walls start crumbling. Continue reading →

CREDIT SLIPS – Crisis Books… a phenomenal resource

Posted on September 11, 2013 by Deadly Clear

Crisis books posted by Alan White

I recently stumbled on this excellent compendium of more than 300 books on the financial crisis. It also includes a list of 25 or so books that predicted the crisis, as well as a useful link to an annotated list of individuals who can be given credit for predicting various aspects of the crisis. [This is terrific reference material. Be sure to bookmark. DC Ed.] Continue reading →

Banks Get To Name Their Own Price – Independent Foreclosure Review More Like Priceline.com

Posted on January 7, 2013 by Deadly Clear

“Sneaky” comes to mind to describe the government and the banksters regarding two settlements between US banks and government regulators who alleged that the banks were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers. The banksters agreed to pay out more than $20 billion on Monday to resolve claims arising from the mortgage crisis. 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 →

EXPERT WITNESSES: Fraudulent Assignments of Mortgage are Void

Posted on November 30, 2012 by Deadly Clear

Good information sometimes bears repeating.

The over-burdened judiciary isn’t always up to speed as quickly as it ought to be and good case law doesn’t always make it to the top of the pile for the clerks to review and digest. Even good attorneys occasionally miss pertinent material.

So, let’s go back to about 2 years ago when Yves Smith, who is an absolutely brilliant author and blogger of “NakedCapitalism” and 4closureFraud, truly a leader in the foreclosure defense blogging pack, wrote about an Alabama securitization case named U.S. BANK v. ERICA CONGRESS.

Of course the case went to appeal and the outcome of the appellate decision was a unanimous decision, the Alabama Court of Civil Appeals reversed a lower court decision on a foreclosure case, U.S. Bank v. Congress and remanded the case to trial court. The reasons hinged upon 2 superb expert witnesses. Continue reading →