Editor's Note: Thanks to Allan again. If there is one person in a relatively high position who has understood the subprime crisis, acquired the information on securitization, named the villains and described their practices separating honest people from their money it is Elizabeth Warren, whose was barely heard over the din of back-slapping during the roaring mortgage meltdown. She understood…[...]

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Tags: bankruptcy, banks, Boston Globe, Bruce Mann, Charles Pierce, Congressional Oversight, Elizabeth Warren, foreclosure defense, foreclosure offense, fraud, gaap, Marcy Kaptur, mortgage meltdown, mortgage securitization, TARP, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

It's time to consider the year 2009 and to plan 2010. At the beginning of this year most homeowners, lawyers, judges and legislators were still blaming the borrowers for their excessive borrowing. Our mission of reaching out to more people has been more successful than we planned. Caught by surprise, we were challenged by excessive demand for services and a…[...]

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Posted in bubble, Corruption, Eviction, securities fraud |

NY Times: “When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.” Mr. Lippmann made his pitch to select hedge fund clients, arguing they should short the mortgage market. He sometimes distributed a T-shirt that read “I’m Short Your House!!!” in black and…[...]

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Tags: Abacus, ABX, ABX Index, credit default swaps, Dealogic, Deutsch Bank, Egol, Fabrice Tourre, Geithner, Goldman, Greg Lippman, Hudson Mezzanine, I'm short your house, International Swaps and Derivatives Association, James E. McKee, Lewis Sachs, Magnetar, Mariner Investment Group, Michael Barnes, Michael DuVally, Morgan Stanley, Paulson and Company, Pay as You Go, R & R consulting, Securities and Exchange Commission, Soros Fund Management, Standard & Poor's, Sylvain R. Raynes, TABS deals, Tetsuya Ishikawa, Tricadia, UBS
Posted in bubble, Corruption, Eviction, securities fraud |

The Wall Street Journal has adopted the Murdoch brand of "news" reporting and with it, an attack on the basic principles of law that have been in place for hundreds of years. As you can see from the article below they acknowledge that more and more Judges are finding flaws in the foreclosure scheme, but frames it as a question…[...]

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Tags: disclosure, foreclosure defense, foreclosure offense, Lender Liability, lenders, securitization
Posted in bubble, Corruption, Eviction, securities fraud |

"The problem is not that the mortgages are in default. The problem is that the investment banks are in default of their obligations to investors and homeowners. Until Government and the Courts realize this simple fact, they will never untangle the debris caused by the illusion of a crash. If that day ever comes, more than 80% of our problems…[...]

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Tags: AIG, AMbac, CDO, default, delinquency, FGIC, Goldmn Sachs, Janet tavakoli, John Paulson, Paykin Krieg and Adams LLP, Thomas Adams
Posted in bubble, Corruption, Eviction, securities fraud |

Another excellent submission from Allan. Just think where all that money came from for these wild bonuses and that the bonuses represent only 50% of the reported profits from each of the investment banks. Leaving aside all the money that went off-shore, we are still left with a direct correlation between the decrease in the wealth of middle-class homeowners and…[...]

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Posted in Uncategorized |

MBIA V CSFB-DLJ Here you have a lawsuit that corroborates everything we have been telling you on Livinglies PLUS an example of how to use the third party report of an expert in pleadings. The content of the lawsuit is a clear explanation of the securitization process --- the catch is that these are not just allegations --- they are…[...]

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Tags: Credit Suisse, DLJ, FORMS, fraud, insurance, MBIA, plausible deniability, pools, real lender
Posted in bubble, Corruption, Eviction, securities fraud |

MYTH  any imaginary person or thing spoken of as though existing any fictitious story, or unscientific account, theory, belief, etc. Kudos to investigative journalist Kevin Hall with McClatchy Newspapers for inserting himself into the so called "loan modification" process and exposing the farce that is being perpetrated on the American public in the article below. Why is this happening? Pretty simple,…[...]

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Tags: audit, bailout, bankruptcy, borrower, borrowers, Chapter 13, countrywide, credit, credit crisis, depression, disclosure, Eviction, foreclosure defense, foreclosure offense, foreclosures, fraud, housing, Loan Mod, LOAN MODIFICATION, modification, mortgage meltdown, predatory lending, quiet title, rescission, RICO, securitization, TILA audit, trustee
Posted in Uncategorized |

THANK YOU ALLAN AGAIN!!! Submitted on 2009/12/17 at 2:00am Editor's Note: Allan is right about his frustration with a government that is so slow on the draw. Yet if history teaches us anything it is that government, especially our govenment, tends tomove very slowly except for "emergency" situations, when most of the actions are flawed. It would be a good…[...]

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Tags: CDO, Chairman Cox, Chairman Mary Schapiro, collateral managers, collateralized debt obligations, investment banks, meltdown, NPR, Propublica, questionaire, SEC, securities, SIFMA
Posted in bubble, Corruption, Eviction |

 Editor's Note: Nobody wants to hear it. The housing market is dragging the government and the economic future of this country down the drain. For decades the FDIC has followed a model of dismantling failed banks by letting healthy banks take over the assets. Despite the calls from Sheila Bair at FDIC, we are clearly avoiding the model that works.…[...]

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Tags: FDIC, housing prices, mortgage backers, principal reduction, securitization chain, Sheila Bair, TARP
Posted in bubble, Corruption, Eviction |