Federal Reserve Continues Welfare Payments to Banks

If the bond buying program had been directed at direct assistance to investors and homeowners, the crisis would already be over and GDP would be rising by at least 3.5%, unemployment at 5% or less, and the deficit would be eliminated on an annual basis and vastly reduced long term. Debt would cease to be a problem which means that Banks would lose their position of complete dominance.

As Iceland shows all day and all month and all year, even the banks would be prospering and litigation would be virtually eliminated with respect to the validity and enforcement of mortgages and assignments. The cleanup would become the cure. The corruption of title is not problem in several countries because the county recorders wouldn’t accept the garbage that the banks were filing here. We have toxic title and the illusion of a healthy economy. Others do not have toxic title and are dealing with reality, warts and all.

Fed Announces Continued Bond Purchases, Mortgage Rates Fall
http://realtytimes.com/rtpages/20130626_bondpurchases.htm

It’s Official: Bank of America Has the Worst Reputation in the Banking Industry
http://www.fool.com/investing/general/2013/06/25/its-official-bank-of-america-has-the-worst-reputat.aspx

17 Signs That Most Americans Will Be Wiped Out By The Coming Economic Collapse
http://www.zerohedge.com/node/475692

Meet the Nation’s Toughest New Foreclosure Protection Law
http://www.theatlanticcities.com/housing/2013/06/meet-nations-toughest-new-foreclosure-protection-law/5952/

BUYING A HOUSE, BUYER BEWARE! Foreclosure documentation issues trap investors, creating litigation risk
http://www.housingwire.com/fastnews/2013/06/21/foreclosure-documentation-issues-trap-investors-creating-litigation-risk

Bank Of America Allegedly Gave Cash Bonuses To Workers Pushing Homeowners Into Foreclosure
http://www.businessinsider.com/bofa-sued-over-foreclosure-practices-2013-6

WHY WOULD A BANK BE SO ANXIOUS TO FORECLOSE IF IT WAS GOING TO ABANDON THE PROPERTY? Nearly 3 in 10 Oregon homes in foreclosure vacant
http://www.oregonlive.com/front-porch/index.ssf/2013/06/28_of_oregon_homes_in_foreclos.html

Foreclosures Are Still a Concern
http://online.wsj.com/article/SB10001424127887324520904578553660440428142.html

Florida puts a limit on deficiency Judgments but what happens when the real creditor shows up? Banks Go after Homeowners Years after Foreclosure
http://www.allgov.com/news/top-stories/banks-go-after-homeowners-years-after-foreclosure-130623?news=850369

Conflict for the big accounting firms? They did the audits and certified the balance sheets of both the investment banking companies and the ratings companies. A bad report card would put them at risk: Another Conflicted Foreclosure Review: PricewaterhouseCoopers and Ally/ResCap
http://www.forbes.com/sites/francinemckenna/2013/06/25/another-conflicted-foreclosure-review-pricewaterhousecoopers-and-allyrescap/

Regulatory Looting, Promontory-Style: Botched Foreclosure Reviews Alone Generate More than Double Goldman’s Revenues per Employee
http://www.nakedcapitalism.com/2013/06/regulatory-looting-promontory-style-botched-foreclosure-reviews-alone-generate-more-than-double-goldmans-revenues-per-employees.html

Promontory Financial Group Paid More Than $900 Million for Independent Foreclosure Review
http://4closurefraud.org/2013/06/24/promontory-financial-group-paid-more-than-900-million-for-independent-foreclosure-review/

Tags: abandonment by the bank, Bank of America, buyer beware, deficiency judgments, economic collapse, Federal reserve, Federal Reserve bond buying program, foreclosure, Goldman Sachs, ICELAND, promontory financial group, welfare for the banks
Posted in Corruption, Eviction, securities fraud |