About Me 0016: foreclosure homes

It's not like the banks don't have infinite rent seeking leverage with near zero interest FED money, but they have marvelous accounting tricks to make them look healthier. But, anyone who has been in a financial bind knows that simple accounting tricks don't last you forever, and, sooner or later the piper must be paid, accounting or not. Well, what his article points out is that the piper will get his due. The real question is, who is the piper, and who is paying him. Once the interest earned, in accounting terms, vanishes, as it will on each loan to be finally foreclosed, the piper is the hole in the balance sheet. According to those who wrote the financial reform, the payment won't come from government (i.e. taxpayer) funds, but the special mechanisms built in will require a restructuring of any banks whose stability is thus threatened. Really? Well, as they say, the proof of the pudding is in the eating. With the new folks in the White House, fresh off Wall Street, the banks are as powerful as ever, having endowed the campaigns for the newly elected Congress. We have already heard that funding for the financial reform agencies and those already existing, is in trouble. Next, we'll get some subtle, small bill come through and pass which neuters the capability of the government to keep the banks in check. What comes next? Collapse and no action or a bailout.

What happens when 50-million people learn they defrauded by the banks creating illegal loans - defrauded by the courts by allowing the corrupt banks to illegally foreclose a loan no-longer secured by the property - betrayed by their courts & gov who KNEW this was happening and simply looked the other-way while these families are tossed to the street...

As it stands - it is literally impossible for the courts to know if those families were sold legal loans. These families do not yet realize they were lied to & misrepresented by the banks.

Nightmare On Wall-Street - L. Randall Wray wrote

"Returning to the question -- why would the banks do this? To understand why, you've got to think like a criminal -- that is, like what my colleague Bill Black calls a "control fraud". That leads to a rephrasing of the question: Why would those who control a bank engage in risky and fraudulent activity that is sure to destroy the bank?

The answer, then, is obvious: Because those running the control fraud have no interest in the bank as a going concern -- they are simply looting the institution, running it to maximize their own individual take. They get their bonuses and then jump a sinking ship -- and with luck they move directly into Treasury to arrange bail-outs to let the other rats on their Titanic suck whatever blood remains after the transfusions."

http://www.huffingtonpost.com/l-randall-wray/post_1564_b_807877.html?view=print
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Thursday 13 January 2011

foreclosure homes

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