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How can the architects of the crisis investigate it? Food speculation: ‘People die from hunger while banks make a killing on food’ Bailout watchdog probes suspected tarp fraud at 64 banks New York prosecutor Vance seeks mandatory jail terms for securities frauds Bank Of America stops issuing notices of default in non-judicial states Insurance [...] Too much more of this and we might have a functioning federal regulatory system. Goodness, that would be just so wrong. I’m sure Barack (“I heart banksters”) Obama and the incoming Republican committee heads in the Senate need to move quickly to end this foolishness. Wait a minute. Now some of those damn states are [...] Inequitable. Unconscionable. Vexatious. Opprobrious. These are just a few of the choice words a New York state judge used to describe the behavior of Indymac in a decision in which he wiped out the $292,500 sub-prime mortgage owed by a homeowner to the bank. May thousands more follow. The court found that Indymac’s conduct [...] Vampire squid Matt Taibbi This is a potentially gigantic story. It seems that a court has ruled that about half of the mortgage market [MERS, Mortgage Electronic Registration Systems] has been run as a criminal enterprise for years, which would invalidate any potential forelosure proceedings for about, oh, 60 million mortgages. Global Research [...] Back in 2004, Texas billionaire Andy Beal decided the credit and mortgage markets were getting out of control, with too much risk and too much easy credit. So he stopped buying mortgages and the like. Within in few years, regulators and credit agencies were pestering him about not buying mortgages. You can guess the rest. [...] Those wanting modifications in their mortgage are sometimes finding it difficult because ownership of the mortgage is not clear. One problem is incredibly sloppy paperwork, the other is the labyrinth of packaged mortgages that have been sliced and diced into tranches, then sold, sometimes repeatedly. Naked Capitalism: OK, you tell me, are servicers really this [...] |  | ||||
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