Tuesday, October 12, 2010

Max Keiser: They Are Going To Take The U.S Economy Down


Foreclosure Halt 'Catastrophic' to Investors Says Group

A U.S.-wide foreclosure moratorium would be "catastrophic" and could unjustly impose losses on investors in the housing market, a major securities lobbying group said Monday.
The Securities Industry and Financial Markets Association said foreclosure processing mistakes should be fixed but warned against dramatic nationwide action.
More Here..

10,000 Wait In Line At Cal Expo In Bid To Save Their Homes
 More Here..


  1. The debt ridden US economy is already a zombie, even your housebuying underwater neighbours are debt ridden economic zombies And as most middle class savings are tied up in homeownership or in property related investments such as by pension funds their future appears bleak as property values fall.

    The great Ponzi imploded Dead insolvant in 2008
    its just taking a while after bailouts to collapse .
    America and doesn’t need a "deliberate" planned takedown although the shutdown occurring in the foreclosure business with fraudelant Banks ,Government backed Freddie And Fannie and housebuyers that are already drowning in debt with contracts that look like becoming destroyed in a “rule of law” tipping point

    Banks are having difficulties proving real titles so
    will the homebuyers turn into Squaters?

    "What drives the US economy today is zombie money. One part is the keystrokes that make up TARP, stimulus and quantitative easing, the other is the funny accounting that allows the gamblers to pretend they didn't lose their wagers.
    When the banks go belly-up so does the real economy. Then again, the only way to prevent a banking collapse is to actively make the real economy collapse. And even that prevention can only be just temporary. What underlies it all is the underlying value of swaps, (mortgage-backed) securities and other derivatives on and off balance sheets which Wall Street successfully lobbied the government into "legally ignoring" that very underlying value for.

    But the resulting "funny" mark-to-fantasy accounting was never meant to last forever, and for good reason: it can't and it won't. As Janet Tavakoli puts it, talking about the ongoing Foreclosure Gate quagmire ...see..

    "Is ForeclosureGate About To Become The Banking Industry's Stalingrad?

    Will the High Frequency Signing scandal be the proverbial straw on the camel's back. Perhaps. In the meantime, here is a soon to be viral, and all too real, parody of foreclosure gate. At this point the guilty parties are irrelevant. All that matters is that America's terminal collapse into a banana republic status is now obvious for all to see. And as for Cramer saying foreclosure gate will only force home prices to go higher, pray tell dear Jim, just which buyers will put their own money into a home when they have no idea at what time the real title holder shows up with a restraining and eviction order, and demands immediate access. Of course, there is a loophole: the Fed will simply henceforth pay for all home purchases. And should the government drop mortgage rates to zero, and subsidize tax and insurance payments into infinity, that may well happen. Of course, it will also bankrupt the country, but since when was America's insolvency news to anyone..."

  2. >Foreclosure Halt 'Catastrophic' to Investors Says Group<
    Apparently somebody put a lot of short positions against mortgage securities. Somebody got screwed big time if we see this title. Well, a couple of bribes and the thing will carry on as usual.

  3. Background : A Primer On The Foreclosure Crisis ..


    On "getting the pig through the python" and why millions of underwater houseowners may now try and live in legal limbo ,rent free .

    Wheres your proof wheres the note?

    Oh, Sorry judge:
    "The dog ate the homework papers" !
    Why can’t they prove they own the mortgages?
    Every time a mortgages changes hands, the new owners are supposed to receive an “assignment” of the mortgage notes from the buyers. The assignment is typically a short little document signed by both the seller and buyer of the mortgage acknowledging the sale, which is then attached to the mortgage documents themselves and delivered to the new owner.
    When a mortgage is securitized it is typically sold to a Wall Street firm, which pools the mortgage with thousands of others. Investors buy slices of the pool, entitling them to cash-flows from the mortgage payments. The actual mortgages are assigned to a newly created investment vehicle. A servicer is tasked with ensuring the payments to borrowers get divided up properly and that delinquent borrowers get foreclosed upon.
    Here’s where things get tricky. When a mortgage is securitized, the investors in the mortgage bonds don’t get assignments or notes. The investment vehicle doesn’t get the assignments or notes either. Instead, the physical notes are typically sent to a document repository company....

  4. I like what Max said before: the reason the GOP/Republicans are against abortion is because they need as many consumers as they can get as well as drunks, drug addicts, and gamblers to help support them (gamblers and crooks themselves along with the rest of washington). The banks arent the real economy. They are the real vampires in a hollywood make-believe economy of drunken consumers and apathetic robots. Letting them fail is like letting crooks fall on their on weapons and get hurt. We should care about the real victims, but no one seems to much. The are the root of this problem, so they say.

  5. Why can't I "sell" my tax obligations like wall street likes to sell debts? The selling of loans always bothered me, I always figured the contract was between you and the original lender. Instead it gets passed through a million other people.

    It's not like the banks will generally let you switch who owes the debt especially without their approval. Yet another one sided transaction that only benefits the banks and the elite, but which the dumbass sheeple talk about being a moral rule.

  6. Noone in there right mind trust nes repowrted by german uboat tool. Kaiser. what are we beconoming? I was just vollowing orders. I pass on manipalation of german antsesters. Hope you take my advise. What would expect govement wants power they take it with credit. investing is drained, finansial excepts dead on when goverment is people and fail when careless of goverment. 10000 line up to cause vagabonding and foreclosing rolls like domingos. Forgt it people just stay out of wave.

    - Sam

  7. What a crock of shit. Those people are a bunch of anti captilists, anti american, whiners who want everything handed to them. As a conservative I don't see letting someone have life as a way of making money. I see letting someone live instead of being aborted as maybe the the possibility of a great person being born who can end all of this bullshit. People need to just use common sense before buying a home, car, etc... Just don't buy beyond what you can afford and read the fine print on contracts. If you can't understand it don't do do it. Really, really that simple.

  8. 6:53, right on.

    Public schools are bad enough but I have a feeling most of those in deep trouble didn't even pass 9th grade. Live within your means and stop blaming others.

  9. Everyone one wants something for nothing... sounds like the election of that poser Obama.

  10. Freeman sez:
    Can't wait until it all goes down!
    Just think of all those unemployed politicians!
    Then We The People can remodel the mess the crooks made!
    Oh what JOY!!!
    If you ain't ready, you ain't gonna live...
    Need food, water, and guns, and a place away from everything.
    Are all ya-all ready?
    Fasten your seat belt Dorothy, Kansas is goin by, by!

  11. Sam for POTUS!!!!

  12. Sam for gsrbage man!

  13. Sam for garbage man!

  14. 6:53 proves my point, and these are the types that whine the very loudest. You speak for everyone going through financial crisis or foreclosure as if you were that person. Don't be such a judgmental busy-body. There are many people who have over-extended themselves with poor judgment; there are also many who have lost their jobs, lost their savings, and then lost their homes as a result. Don't apologize for the banks and all their trillions of dollars they have stolen from the average tax-payer. What are you, a mindless robot that repeats what you are told?

    Capitalism requires endless growth. To fuel endless growth requires endless capital and resources, including labor resources. We need mindless people like you working and consuming in America who don't question the fundamental flaws within the system (capitalism). As long as that equation is fulfilled everything keeps going. Unfortunately, nature is a finite source, and as Max says the ecology, which was not costed in our economics since the times of Adam Smith (which capitalists so noblely look back upon), is costing itself for us.

  15. Look here 1:40. I am speaking from experience. You are the mindless brainwashed dimwit if you think that kaiser is so right. I went from living well to homeless with just a backpack full of clothes in two short months. And to top it off I was pregnant with nowhere to go but to sleep in a van during the whole pregnancy. And to top it off the pregnancy was from a date rape. I chose to have the child and raise it. I love that child with all my heart. The child is a blessing from God. I have managed to work with no handout to own my own home and drive a vehicle that are within my means. I blame nobody for my bad judgements and don't expect anybody to pick up my tab for it. So asshole I would say I know what I am talking about. If kaiser and you think abortion is so great why not have yourselves aborted its not to late. Want to reduce world population begin with youselves. If you like government control move to another country where they will gladly take your freedoms away.

  16. Well well, aren't you a self-righteous little bundle of fun? First allow me to correct you: neither myself nor Mr. Keiser believe in more government control or the taking away of freedom (leave that last part up to the ambitious right). Second, of course you would equate killing an innocent person whom you disagree with to some individuals choosing abortion of a small speck of flesh smaller than your pinky nail. People like you are immune to logic. I have never sought an abortion, nor did I ever say I would for someone, but it's brainless dimwits like you who believe that everyone should kick out babies every time they have sex because the bible told them to. It's not my fault you can't see this system for what it is. Carry on with your impassioned, ignorant opinions, but don't sit there attacking me like a nazi because I disagree; wishing your "adversaries" death will not make you a better christian or person.

  17. Inocent unborn or innocent living idiot. I do not advocate the killing of anybody, but I guess you were to dimwitted to catch my sarcasim. But for those who do believe in population control perhaps they should make that sacrafice. You made the initial attack asshole. Power of the banking system and the corruption within is given to it by the people that do business with them. Being to lazy educate yourself to understand what a contract says and signing it is pure stupidity, impulsive, and unresponsible. Self-righteous, ha, just stating the facts about life. Grow up

  18. I can feel your head ready to explode from here. Speaking of growing up, why don't you learn how to intelligently discuss topics without having to resort to name calling in order to say something of effect. We get it. You are anti-abortion and you hate anyone who does not agree with your stance on the topic. NEXT.

  19. Your sad life story sounds like a contrived tale used to impart meaning in your dismal argument. Furthermore, you really should learn how to spell, especially if you are going around calling people dimwits and want to avoid irony creeping in.


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