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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1138-E....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-06-20 15:23:01
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Jlk Posts: 1234 Incept: 2009-05-24 
Philadelphia
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If a growing tide of Americans starts to walk away from their homes when they get underwater, they will find a way to stop it. If they don't it will bring the system down. The USG is on the hook for those loans one way or another because it won't let the banks fail and it insures the deposits. It can't afford to pump trillions more into bank or FDIC bailouts. Therefore, more onus will be placd on the homeowners, especially the ones who have the means to keep making their payments. If there is an inflationary outcome it will be a non-issue. Last modified:
2009-06-20 15:36:07 by jlk
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Etz3l Posts: 9103 Incept: 2007-06-26
Online
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An interesting connection between AmeriCorps and Michelle Obama, http://michellemalkin.com/2009/06/20/ame.... ---------- Treating the symptoms of financial corruption isn’t the same as removing the causes.
2009-06-20 16:03:47
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Mezcal Posts: 838 Incept: 2007-08-04
Benicia, CA
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Seems to be going around. Emphasis mine. Quote:Chief Abigail Kimbell ---------- The state controller's office fired up a pair of printing presses... - LA Times
2009-06-20 16:09:34
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Pika-steph Posts: 39200 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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Mezcal - What you posted has to do with THIS: http://www.tickerforum.org/cgi-ticker/ak.... Be sure to read to the end of the thread - there is MORE that is being done regarding the seizure of ALL water ways by the federal government. This will entail moving out leaders of all natural resource organizations and replacing them with 'compliant' ones. Think its tin? Read the facts for yourself. ---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org  "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards." Last modified:
2009-06-20 17:47:14 by pika-steph
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Mobosox Posts: 679 Incept: 2007-07-19
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None of Obama's actions so far should be a surprise to anyone who paid attention...His reverence for Saul Alinsky..his close ties to the corrupt ACORN..his circle of corrupt backers in Chicago..an extremely arrogant man with a truely dangerous vision for America
2009-06-20 18:08:54
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Jlk Posts: 1234 Incept: 2009-05-24
Philadelphia
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Obama is just another Wall Street tool, except he is uniquely suited to keep minorities and the international community feeling satisfied while their pockets are being picked.
2009-06-20 18:26:04
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Pika-steph Posts: 39200 Incept: 2007-09-11
^Why I keep^ fighting; so he is not fighting for nothing. Online
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Exactly like the leaders in Detroit for the past 20 years.
---------- Stop the Looting; Start Prosecuting - http://www.FedUpUSA.org "America is at that awkward stage. It's too late to work within the system, but too early to shoot the bastards."
2009-06-20 18:26:52
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Acgreyhound Posts: 4986 Incept: 2007-08-20
Worcester, MA
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Quote:Mr. Walpin's investigators discovered that the money had been used instead to pad staff salaries, meddle politically in a school-board election, and have AmeriCorps members perform personal services for Mr. Johnson, including washing his car. Suspend Johnson from running St. Hope? The above are all grounds for challenging the organization's non-profit status. The IRS has been particularly aggressive in seeking out orgs that engage in lobbying/political activities (i.e. school board election). Where do you stand on this, TurboTim? Oh yeah - forgot... ---------- a/k/a Angry Douche
2009-06-20 18:34:29
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Mblomquist Posts: 27 Incept: 2009-01-09 Los Gatos
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Isn't both funny and pathetic that the 1st Black President is now reviving slavery? (refinance program). Undoubtedly, the majority of suckers who fall for this tripe will be the uneducated and those who can least afford it. It makes me sick that this is done under the guise of helping consumers when all it is; is a futile attempt to maintain artificially high prices - save pension, mutual and insurance funds. As these rubes continue to get screwed the American taxpayers and our posterity will be force fed their losses. Millions of first time home buyers will believe that the bottom in housing is in and thus dump their life savings into a depreciating asset. After a few years of contemplating their life-altering losses they become disgruntled and look to others to blame. The government becomes an appropriate target of their anger and the home "owners" begin to look for ways to cheat on taxes. In addition, their children are trained to believe that corruption rules supreme. Patriotism dies and we all become a Nation of liars and thieves... Or We can get off our asses and do as the Ticker Guy has done (including myself) and let Congress know we will NOT tolerate any more bull ****. We must act NOW! DO NOT BELIEVE THAT THESE IDIOTIC SOLUTIONS WILL NOT EFFECT YOU! Just look at the name of new regulatory reform - Consumer Financial Protection Agency. (see link below) Who is going to protect us from the Banks and reckless consumers who keep causing these crisis? Were these borrowers really deceived to believe that their new loan had a 1% interest rate when savings accts were paying 2% or that they could afford a loan whereby the payments were equal to their net income? If we really want to help home owners and our Nation (economy) we should be doing the exact opposite of encouraging home owners to service grossly intentionally and fraudulently inflated debt. In addition, we MUST demand that rule of law is enforced upon everyone. Let prices fall to affordable levels based on safe, sound and lawful lending practices as well as realistic interest rates. Please do us all a favor DO NOT REFINANCE OUT OF A PURCHASE MONEY LOAN!!! You are much better off negotiating a "deed in lieu" of foreclosure; you might be able to rent back your home from the owner at 1/3 the cost. The bank would then be forced to pay for the insurance, taxes and maintenance.... People you meet don't ask you if you own a home they ask where do you live? As home prices continue to depreciate it will be much "cooler" to be a renter than a home owner. Recent studies have shown that lenders take 5 months before they file an NOD. In CA you have almost another 4 months from beginning to end. Who knows what the new legislation will do to the time line. For many homeowners in my markets; this is $54,000 in savings and should be done before you lose your job or at least as soon as you do. Bankruptcies and bad credit no longer have the same connotation. Read these regulations to see if the existing authorities could have done anything about this crisis: http://www.fdic.gov/regulations/laws/rul.... Here is a bookmarked and highlighted copy of the OIG's recent report on Downey Savings http://www.michaelblomquist.com/Papers/O.... "According to the minutes of its October 2003 meeting, Downey’s board of directors decided to expand the Downey Express program in an effort to remain competitive." Express progam aka liar loans aka fraud "OTS examiners told us that the thrift had increased its volume of nontraditional loans because of immense competition from its rivals." If Henry told you to jump off a bridge... "We note that concentrations in nontraditional mortgage loans was a cause of the failure of IndyMac Bank, FSB, and other banks.7" June, 30, 2000 "OTS also directed Downey not to make additional negative amortization loans because the thrift’s balance of loans with LTV ratios in excess of 90 percent exceeded OTS’s supervisory LTV limits." September 18, 2000 "OTS examiners rescind both corrective actions from the June 30, 2000 ROE after concluding that Downey’s appeal of those corrective actions would likely be granted. Downey, as a result, continues to make negative amortization loans." I have been warning about the non-traditional mortgage products for years, in particular the Option ARMs, Liar loans and 100% financing. These loans are exponentially more dangerous and deceptive than "subprime" loans. Clearly, they are all bad, but it funny how so much focus has been on subprime. http://www.michaelblomquist.com/images/F.... http://www.michaelblomquist.com/images/F.... In Fact, my countless warnings were the catalyst behind the "inter-agencies" review, but toothless guidance of non-traditional mortgage products. These are the loans that are at the foundation of our economic crisis. http://www.fdic.gov/regulations/laws/fed.... #20 "After years of writing local representatives and banking regulators I am pleased that you have finally decided to address the risk layering and terrible declines in lending standards. I hope we can someday learn to address similar issues before they become a pandemic. Stated income guidelines have always been suspect, but due to recent declines in standards are now best defined as fraudulent. Option ARM loans are ticking time bombs and extremely misleading. The American Dream of homeownership should not have been exploited. Millions of borrowers, investors and the banking industry will be devastated when these loans begin to recast." The last sentence bears repeating, "Millions of borrowers, investors and the banking industry will be devastated when these loans begin to recast" When the inter-agencies finally opened up for comment I was the ONLY industry insider with a dissenting view. Ironically, Herb Sandler (World Savings Founder/CEO, billionaire and founder of Option ARMs / Pick a Pay) had some critical statements about how the neg-am loans were being structured, but while he was criticizing others; World Savings was originating Pick A Pays with virtually the same features. http://www.michaelblomquist.com/complain.... We should be nailing these financial terrorists to a spike. By nail I mean criminal, not SEC. Here is a link to the "new foundation" http://graphics8.nytimes.com/packages/im.... "For example, under the current fragmented structure, the federal banking agencies took until December 2005 to propose, and then until June 2007 to finalize, supervisory guidance on consumer protection concerns about subprime and nontraditional mortgages; the worst of these mortgages were originated in 2005 and 2006. A single agency, such as the CFPA, could have acted much more quickly and potentially saved many more consumers, communities, and institutions from significant losses." WTF? 1)Guidance was issued well prior to the final guidance on June 2007. In fact, many lenders such as WAMU took proactive measures to "strengthen" underwriting standards and increase safety and soundness. a) Increase the margin for option ARMs. Effect: increased negative amortization and fictitious earnings ; no effect on borrowers payments until the loan reset - exploded. b) Qualify borrowers at the fully indexed rate (FIR) instead of the start rate. No changes were made to the stated income guidelines. It has been found that 88% of Option ARMs were underwritten with stated income aka liar loan guidelines. Effect: borrowers and loan originators had to make a bigger lie about their income. C'mon people get on the phone, faxes and emails: DEMAND that prior laws such as conspiracy, loan and bank fraud are enforced as well as new regulations/regulators.
2009-06-20 18:44:27
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Blackswan Posts: 3601 Incept: 2007-11-06
Ponzi Roller Coaster Online
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Mobo - Not a surprise but many HOPED he was not a complete socialist corrupt pig. First they came for the banks, then the automakers, then the inspector general, healthcare....and on and on.. ----------
2009-06-20 20:29:47
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Blackswan Posts: 3601 Incept: 2007-11-06
Ponzi Roller Coaster Online
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This **** is going on in my area. I doubt these numbers of loan mods. I never heard of more then a few thousand of loan mods tops.. http://www.timesherald.com/articles/2009.... Area sheriffs hold up sales By KEITH PHUCAS Times Herald Staff COURTHOUSE — Four hundred twenty-six Montgomery County properties will be up for auction at the Sheriff’s Sale next Wednesday. However, when 48 owners of delinquent properties were served by deputies recently, a Chase Bank brochure was attached alerting homeowners they might be able to save their homes. Sheriffs’ Departments from Montgomery, Chester, Delaware and Bucks counties have agreed to distribute the flyers advertising Chase Homeownership Centers, where strapped Chase, Washington Mutual Bank or EMC Mortgage Corporation borrowers can find out if they qualify for a “loan modification.” That is, borrowers may be able to change the terms of their mortgage loans to reduce monthly payments by lowering the interest rate, and in some cases, the principal loan amount, according to the Chase literature. Chase is the consumer and commercial banking business of JPMorgan Chase & Co., a global financial services firm with assets of $2.1 trillion, according to the company’s Web site. “This bank wants to sit down with (borrowers) and work out the (delinquent) loans,” said Sheriff John P. Durante. Durante held a press conference Friday in his office to announce the agreement to distribute Chase’s material. He was joined by officers from the other three county Sheriffs’ departments and bank employees. “Sheriff sales are up,” he said. “Some of these (situations) are tragedies.” Patricia O’Donnell, manager of Chase Homeownership Center in Media, Delaware County, has managed the regional center since March. “Each month is getting a little bit busier,” she said. Trained loan officers staff the facility’s Suite 200 at 1055 E. Baltimore Pike. Chase has a total of 24 homeownership centers across the country in areas with high levels of mortgage delinquencies. “Thousands of loan advisors are working in the call centers,” said Michael Fusco, a JPMorgan Chase spokesman. “And this year, we’ve hired hundreds more.” To avoid waiting at the loan center, customers are being encouraged to call in and set up an appointment ahead of time. When borrowers come in, they should bring W-2s, tax forms, recent pay stubs and bank statements. The staffers will evaluate each lender’s financial situation to try and modify their current loans. O’Donnell said Chase would even arrange for transportation if necessary. “We will try to help them in any way we can,” she said. JPMorgan Chase acquired troubled Washington Mutual on September 25 for $1.9 billion with the help of the Federal Deposit Insurance Company, according to the FDIC’s Web site. When investment bank Bear Stearns collapsed in 2008, JPMorgan Chase acquired the failed firm with $30 billion in special financing from The Federal Reserve Bank of New York, according to JPMorgan.com. EMC Mortgage Corporation was Bear Stearns’ mortgage operation. Since 2007, JPMorgan Chase has prevented 330,000 foreclosures of homeowners who have mortgages with Chase, Washington Mutual or EMC. Ultimately, on its own and by participating in Obama administration programs, Chase expects to aid 650,000 families by modifying more than $110 billion in home loans. The Media center is open from 11 a.m. till 8 p.m. on weekdays; Saturdays from 9 a.m. to 1 p.m. To reach the local center call 610-892-6620. Customer who want more information about the loan modification program can call 1-800-550-5705. ----------
2009-06-20 20:36:44
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Hihoherewego Posts: 595 Incept: 2009-02-25
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Quote:If a growing tide of Americans starts to walk away from their homes when they get underwater, they will find a way to stop it. If they don't it will bring the system down. Oh hell. Let them. Look don't get too excited. All these looming financial and fiscal devices need to blow up first before anything gets done about them and in order to eradicate them. Fuses were lit a long time ago and they're specifically designed to detonate regardless of any outside machinations to disarm them. They will blow up no matter what you write your congressperson, say on t.v., write in a blog, vent to your next door neighbor, whisper to your siggy other in the middle of the night. Nobody can stop them now anyway. It's too late. Your elected leaders for the most part know it too. In fact they're as helpless as you to do anything about it. It's a waste of time and energy to hope for them to come to the rescue. They can't, and subsequently they won't. All you can do is try and position yourself in the best possible way to take advantage of the carnage. Be a survivor. This is the law of the jungle. Darwin's survival of the fittest at work. To coin The Talking Heads, 'This ain't no party, this ain't no disco, this ain't no foolin' around.' The weak will be eaten so the strong can flourish. It's evolution at play here. Why fret over this inevitable law from reaching its stark raving mad deserved conclusion? It'll aggravate your considerable angst as you already have enough to worry about, namely yourself, your family, your future, their future. It's enough right there. Prepare for it the best way you can. Be selfish as hell in this regard. You are not responsible for anyone else's past financial transgressions whether individual, governmental, corporate, non secular entity- that's their deal. Focus on your survival. The system will go down soon enough. All they're doing now is delaying the inevitable. Where will you and those that depend on you be when it does? Everything else is to wile away the time, to soothe the senses, to let out some steam. Like what happens here. But in the final outcome whatever that may be in this maelstrom of mankind's self-created cosmic bowlful of sh*t it still all comes down to you. That's the way I look at it now knowing what I know. In the meantime, this is grand entertainment watching it unfold, watching all the  s stick their foot in their mouths, watching them posing as nothing more than court jesters on the temporal stage of life trying to appear as masters of the universe, their universe, your universe, when in effect they only look like complete and utter fools on a mission of folly. They are as Nero watching it burn down and we all know how it turned out for him too.Pull up a chair, smoke a cigar, have a good hearty laugh at the hapless folly of men. In the meantime enjoy life. It is your greatest revenge. http://www.video4viet.com/watchvideo.htm.... ........... "I have committed thought crime." 1984 "For the greater good, the government has decided to **** all of you." Last modified:
2009-06-20 21:54:46 by hihoherewego
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Throxxofvron Posts: 2672 Incept: 2009-02-17
The Land of Bilk & Money
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Emergency Status: Awaiting OS Reboot; -All higher functions presently inoperable... "Paging Systems Administrator..." ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
2009-06-20 20:58:42
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Patentleathershoes Posts: 7642 Incept: 2007-09-13
Looking forward to PB&J time!
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If this doesn't prove you are not partisan I don't know what will.
2009-06-20 22:13:29
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Bozonian Posts: 14033 Incept: 2007-09-01
PFT - Pure F'n Tin
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HiHoHereWeGo's got it right. All they are doing is trying to tread water after the Titanic went down, hoping some miracle will come along and save the entire economy. The Federal Reserve is not creating inflation by its actions, it's actually doing something far worse. If it were inflation, at least it would be fair across all holders of dollar currency. They are providing limitless money to the losers and causers of this disaster, and tacking it onto the debt of the country which most likely will cost each taxpayer equally. So while we all PAY for the rescue, only the rich bankers and favored groups are receiving the benefit. STOP THE PRESSES! This just showed up, proving my point quite nicely. http://www.guardian.co.uk/business/2009/.... ---------- I'm so depressed about outsourcing I called the suicide hotline and got a call center in Pakistan. They got all excited and asked me if I could drive a truck. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice. Last modified:
2009-06-20 22:41:43 by bozonian
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Jlk Posts: 1234 Incept: 2009-05-24
Philadelphia
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"Bozonian" wrote..All they are doing is trying to tread water after the Titanic went down, hoping some miracle will come along and save the entire economy. Greenspan was treading water seven years ago when he blew the housing bubble, and the miracle he was hoping for was that we could steal Iraq's oil without too much fuss. Wouldn't be surprised if the next "miracle" is expected to be delivered by the Pentagon.
2009-06-20 22:41:33
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Hihoherewego Posts: 595 Incept: 2009-02-25
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Quote:STOP THE PRESSES! This just showed up, proving my point quite nicely. Let them receive their dirty bonuses. We all know how this is going to end. Their gain is temporary, their loss will be all the more painful. Ultimately no one escapes justice. You will grin when their bill comes due. By killing us they think they will live. Fools. In the meantime I'm gonna do my own thing. ....... "Room 101." 1984 Last modified:
2009-06-20 23:36:32 by hihoherewego
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Mobosox Posts: 679 Incept: 2007-07-19
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Like this response from Gerald Walpin... Gerald Walpin, who Obama fired as inspector general for the Corporation for National and Community Service (AmeriCorps) for being “confused” and “disoriented,” dared defend himself in a rather funny fashion: “I would never say President Obama doesn’t have the capacity to continue to serve because of his (statement) that there are 56 states,” Walpin said, adding that the same holds for Vice President Biden and his “many express confusions that have been highlighted by the media.” Obama mistakenly said once on the campaign trail that he had traveled to 57 states. http://dougpowers.com/2009/06/18/walpin/
2009-06-21 07:12:23
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Mobosox Posts: 679 Incept: 2007-07-19
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Obama and the IG's...hardly a surprise to those who learned in Chicago... "But our president is from Chicago. Obama's Media Merlin David Axelrod and chief of staff Rahm Emanuel come right from Chicago Democratic machine boss Mayor Richard Daley. They don't believe in fairies." http://www.chicagotribune.com/news/colum....
2009-06-21 09:50:06
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Binney Posts: 2326 Incept: 2008-08-27
Riverhead, NY
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I found this interesting:Quote:There is growing awareness worldwide of the fact that eliminating bribery and other shady business practices paves the way for economic growth.and I am surprised that the US is not perceived to be more corrupt (but this is froom 2008) http://www.america.gov/stamping_out_corr.... ---------- Holy crap!!!! I'm a left leaning authoritarian! Last modified:
2009-06-22 15:15:36 by binney
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Kwl88 Posts: 304 Incept: 2009-04-16 KC, MO
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From Binney's data - I'd start workin' on my: "G'day Mate!" ....and trying to find tapes on the KiWi Black-shirted Rugby Team! Does Australia sell Long-term bonds or some sort of equivalent?! New Zealand?!
2009-06-22 15:08:23
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Jstanley01 Posts: 2573 Incept: 2008-07-30 
San Antonio, Texas Online
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Look, if Obama is going to install the Chicago Machine the way the Clintons installed the Dixie Mafia, there's going to be somewhat of a vetting process, okay? My advice to those involved in the process: No late night strolls alone in Fort Marcy Park... ---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-06-22 19:35:12
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