President Obama Throws Weight Behind Banks, Housing “Market” Over Borrowers

[Better Believe It]

Bank Disinformation III: Obama Throws Weight Behind Banks, Housing “Market” Over Borrowers
By Yves Smith
October 11, 2010

I should have expected this, Team Obama is so predictably bank friendly that it was inconceivable that the Administration would ever decide against them on anything other than the occasional sop to maintain plausible deniability. But this morning’s news stories reveal the officialdom isn’t even bothering to keep up appearances.

First, from Politico writer Ben Smith, via a newsletter targeted to policy types:

WALL STREET WARNS WASHINGTON ON MORTGAGES – The financial services industry is growing increasingly concerned as more politicians get behind the idea of a broad moratorium on home foreclosures, which banks and many outside analysts say could be good short-term politics but terrible long-term policy.

One senior Wall Street executive told Morning Money over the weekend: ‘President Obama should be very cautious about aligning himself with Congressional leaders who are playing politics with the foreclosure issue. With foreclosed properties comprising one in every four homes sold in the United States, the spreading moratorium could disrupt real estate deals in progress, slow down the process of clearing the backlog of troubled home loans and the economic recovery.’

So we are back to Wall Street calling the shots, the very same Wall Street that invokes the “give us what we demand or we’ll shoot the economy” demand whenever its pet interests are threatened. Here the securitization industry was colossally irresponsible in its conduct, and has created a mess that will be monstrously difficult to remedy….and we’re supposed to plow onward in business as usual mode?

Read the full article at:

http://www.nakedcapitalism.com/2010/10/bank-disinformation-iii-obama-throws-weight-behind-banks-housing-market-over-borrowers.html


------------------------------------------


Confirmed: Official Administration Policy Is to Continue Foreclosures
By: emptywheel
October 11, 2010

The Federal Housing Administration Commissioner, David Stevens, has joined David Axelrod in stating that the Administration sees no reason to halt all foreclosures. That’s not a surprise in itself–it was pretty clear that Axe’s statement reflected official Administration policy.

But I’m particularly interested in how Stevens justified this position in an email sent to the WaPo.

“We believe freezing foreclosures for all banks in all states, whether we have reason to believe them to be in error or not, is simply not the prudent step to take in this fragile housing market,” he said.

With approximately one in four homes sold in the second quarter in foreclosure, administration officials worry that a moratorium could have a significant impact on the economic recovery.

“While we understand the eagerness to make sure that no American is foreclosed upon in error, we must be careful not to over-reach and apply a remedy that will make the underlying problem of foreclosures worse,” he added.

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/10/AR2010101003370.html

First, note where Stevens places the benefit of the doubt. If the Administration has no reason to believe foreclosures to be in error, then it will assume they are not. That, in spite of the mounting evidence that the paperwork problem for homes sold during the bubble is systemic.

Foreclosures have been halted in places where there is an easy means (judicial foreclosures) to expose the fraud underlying the bubble era housing sales, or for companies (like Bank of America) that were pressured to vouch for the whole system. But there is no reason to believe the loans Wells Fargo acquired from Wachovia are any more sound than what BoA has on its books; on the contrary, they’re probably worse. But the Administration position is that we should just carry on with the foreclosures, ignoring the evidence of systemic fraud.

Read the full article at:

http://emptywheel.firedoglake.com/2010/10/11/confirmed-official-administration-policy-is-to-continue-foreclosures/

[stray cat]

1. And DU is against people trying to buy homes?

[Better Believe It]

4. Are DU'ers against foreclosure fraud? YES! Do you want to buy a foreclosed home now?

Good luck with that!

[MineralMan]

8. I wish I had the cash to buy one, and the energy to rehab it.

I'd do it in a second. I'd also make sure that there was a clear title to the home, whoever owned it. That's sort of the responsibility of the buyer, I think. Nothing wrong with buying a properly foreclosed home.

Oh, yes...unrecced for facts not in evidence.

[pnwmom]

10. All banks haven't been accused of foreclosure fraud.

All mortgages aren't connected with MERS.

A total foreclosure moratorium makes no sense.

[sandnsea]

14. Does every bank and credit union participate in fraud?

Is that your claim?

Good luck with that!

[Tiras De Carne Seca]

6. How in the world did you come to that conclusion?

[SammyWinstonJack]

16. Mind boggling, isn't it?

:silly:

[Vincardog]

7. Would you buy a car without a title? Only for parts

[Art_from_Ark]

112. I wouldn't ever buy a title-less car

[maryf]

2. No surprise here...

regarding what the OP says, and the fact that my rec still shows you with a 0 count, thanks for posting...K&R

[truedelphi]

83. This is the eightieth comment - yet zero recs? Zero?

Oh well, Party loyalists wil accept anything that is served them as fair.

I prefer principle to Party.

[maryf]

85. Me too...

without the unrec button, this would be at 50 I bet, shame that, well we can kick anyway...:kick:

[FiveGoodMen]

3. How many dimensions of chess is this again?

[pnwmom]

5. There IS no reason to halt all foreclosures.

MERS isn't involved in all foreclosures. All mortgages aren't part of mortgage derivatives. All financial institutions haven't been accused of fraudulent practices.

Instead of "throwing his weight" behind all borrowers going through foreclosure -- no matter whether the individual borrowers deserved it or not (some, for example, were investors with the means to pay their mortgages who made a business decision to go through foreclosure rather than lose money) -- instead of that, he is "throwing his weight" behind the health of the economy in general, and the country as a whole.
And the country as a whole will not be better off if the entire foreclosure process shuts down for an indeterminate period of time.

[Better Believe It]

11. So how will you immediately set aside and freeze all the "bad" ones from the "good" ones ....

without halting all foreclosures? How would you accomplish that national seperation of tens of millions of mortgages in a few hours?

[pnwmom]

17. Why do we need to do anything in a few hours?

Foreclosures take months, not hours.

[Better Believe It]

26. Many people are only days, if not hours, away from losing their homes because of bank fraud.

Thousands are foreclosed on everyday.

We need compassion for the victims, not the criminals who engaged in massive fraud.

[pnwmom]

39. Then those mortgages are the ones that should be actively investigated

for fraud right now.

That doesn't mean we should stop the process for all foreclosures everywhere, no matter whether they're part of MERS or not.

[Vincardog]

12. MERS fraud is the reason the foreclosure fraud must be exposed. How do you make TRILLIONS of $ of

derivatives out of millions of $ of bad mortgages?
That is the fraud that brought about the crisis.
That is the crime that must be prosecuted.

[pnwmom]

18. MERS isn't involved in all mortgages or foreclosures. n/t

[Vincardog]

28. Which ones exactly are fraud free? How did ANY sub prime mortgages become AAA+ securities?

[pnwmom]

37. Are you suggesting until we can prove there's no fraud anywhere

we should have a moratorium on all foreclosures?

Not all mortgages are part of MERS. There's no reason to halt foreclosures on non-MERS mortgages.

[Vincardog]

42. It has been shown that tens of thousands (AT LEAST) of bank's mortgages were fraudulently obtained.

The records of title transfer have been broken.
Until you can prove title you can not sell.
get it?

[pnwmom]

45. So? That's still not a justification for halting ALL foreclosures,

including ones that have nothing to do with MERS or the implicated banks.

[Vincardog]

50. How do we just stop the fraudulent ones? Better that 100 guilty men go free than 1 innocent man go t

jail. What is the harm with making those who have defrauded people prove their right to the property?
Why do you want us to be responsible for proving every single one of them is good or bad?
It is on record that the legal procedures were ignored.
What is the harm is stopping actions that harm people until the Banksters prove that they have the right to do what they want to do?
I maintain that forcing them to prove their case would expose their fraud.
I maintain that anyone who fights making them prove their case is complicit in their fraud.
If you maintain differently please make your case.
Why is it better to let the fraud go uncorrected?

[pnwmom]

54. Based on your reasoning, we should let 100 bankers guilty of mortgage fraud

go free to protect the one who is innocent. The 100 guilty bankers all agree with you.


OTOH, I see no reason for a general moratorium on foreclosures, since not all mortgages are involved with MERS and not all banks have been implicated in fraudulent practices. Let's concentrate on the situations where we know we have problems.

[Vincardog]

58. Bases on your reasoning it is better that 100 families be thrown out of their houses fraudulently

than that one Bankster have to reveal the fraud behind his illegal million in bonuses.

[pnwmom]

63. You were the one who set up the analogy, not I.

I don't want anyone thrown out of their house fraudulently and I'd love to have fraud revealed behind bankers' bonuses.

[Vincardog]

67. How do you want to reveal the fraudulent ones without stopping all of them until they can prove thei

paperwork is valid?

[pnwmom]

68. You don't have to stop all of them. You examine the paperwork

of the ones closest to being foreclosed and work backwards. And you concentrate on those that are actually involved with MERS.

[Vincardog]

73. I will get right on that

[sandnsea]

9. "all banks in all states"

That would be ridiculous.

God it is sad that people have just clean lost the ability to think.

[catgirl]

13. The title comes from a BLOGGER who is full of shit

Wall Street warns Obama=Obama is against borrowers?????

And the Washington Post??

This BS is the response we get after Obama vetoes the latest foreclosure bill.

[Better Believe It]

19. Can you present a credible critique of the article or would you rather engage in a personal attack

on the writer?

I'm listening.

[catgirl]

97. Give me a credible (non-BS) title first

...then I'll talk yo you.

[girl gone mad]

103. What's wrong with the title?

Yves Smith is an extremely credible writer. She's a Harvard graduate 3 decade Wall Street professional who has been invited to meet with the administration on more than one occasion. As far as we know, you're a nobody posting on a message board, so I think she wins this round. Sorry.

[Bluebear]

110. ftw

[Name removed]

21. Deleted message

Message removed by moderator. Click here to review the message board rules.

[girl gone mad]

99. Like OMG!! a BLOGGER!!!!11!!

Noooooo!

Not a BLOGGER!!1!!1

Oh noes!!!111!

:eyes:

[OregonBlue]

15. There are valid foreclosures and we really don't want to crash the housing market. It would not be

good for the country.

[pnwmom]

20. But think how much fun it would be, watching the banking system collapse!

:sarcasm:

[Tiras De Carne Seca]

24. Yeah, let's just watch the little folks get scammed instead.

[pnwmom]

32. Not every investor facing foreclosure is a "little folk."

Not every mortgage being foreclosed is connected with MERS.

Not every financial institution has been involved in fraudulent practices.

There is no reason for a blanket moratorium.

But if we DID have a collapse of the US banking system, millions of "little folks" would suffer.

[Tiras De Carne Seca]

35. Millions of "little folks" are already suffering and the banks are still standing.

[pnwmom]

40. If the banks collapsed the suffering would vastly increase.

[girl gone mad]

104. Not this nonsense again.

Can you at least roll out some new lines for TARP 2.0?

[Better Believe It]

22. And the question is how do we sort this out without a freeze on foreclosures?

We can't just permit the banksters to foreclose on properties where they have engaged in criminal fraud.

I'm sure there must already be hundreds of thousands of fraud victims. We can't allow any more.

[pnwmom]

33. How would we sort it out WITH a freeze on foreclosures?

For one, we'd sort out the mortgages that had nothing to do with MERS. There's no reason to put a moratorium on them.

[OregonBlue]

34. If they have the documentation, they are valid. Many do you know.

[ClarkUSA]

23. That's unfair. If a bank's mortgage practices aren't fraudulent, why should it be penalized?

[DJ13]

47. And how do you determine which arent without freezing the process to investigate?

Should we take the banks word that their mortgages have no fraud?

Isnt that kind of thinking how we got here ion the first place?

[ClarkUSA]

52. That's not necessary.

I can tell you that my own mortgage papers are legit and not fraudulent, for example. If I chose to default on my mortgage, there is no legal reason why my bank should freeze their foreclosure proceedings against me unless it's to re-negotiate terms.

There's a reason why banks that have paperwork problems have instituted their own moratorium. They aren't doing it out of the kindness of their heart. They are doing it because they don't want to be sued for each and every case of a foreclosure with bad paperwork.

There is no reason why foreclosures with perfect paperwork should be stopped. If creditors that have perfect paperwork cannot foreclose, that will kill the housing market and hurt the economy (and no creditor in their right mind would issue a mortgage in such an environment).

Foreclosures with imperfect paperwork should absolutely be stopped. But they are being stopped by banks, because now that lawyers have caught on to their fraudulent activity, banks don't want to be bankrupted by civil lawsuits and criminal investigations by state AGs.

In cases where a servicer continued with bad-paperwork foreclosures even after it has been shown that they are using bad paperwork, state attorney generals should open a criminal investigation on that bank (and in many states they are). You will get a self-imposed moratorium very quickly.

The only reason we might need a national moratorium is if it turns out most foreclosures have bad paperwork AND most servicers when confronted with this refuse to stop (even after threatened criminal investigations and civil suits). But this has not happened yet -- banks do not want to be prosecuted or bankrupted.

[pnwmom]

69. +100. n/t

[EFerrari]

80. That's right. Let's let the banks, that have conducted thousands of bad foreclosures

police themselves.

[ClarkUSA]

82. Well, several megabanks did so & have voluntarily frozen millions of foreclosure proceedings.

Thus, my reasoning has been played out in real-time already.

More sound reasoning here:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9295263&mesg_id=9295924

[EFerrari]

88. Yes, your reasoning is being played out to an extent.

That it will be in anyway fair to homeowners is another thing entirely.

[pnwmom]

71. You don't need to freeze all foreclosures. Concentrate on

the ones associated with MERS. Check the paperwork of those closest to foreclosure and from there, work backwards.

[blindpig]

25. Capital uber alles

The business of America is business.

Sucks, doesn't it?

[ClarkUSA]

27. No, it isn't. What is wrong with what David Axelrod said? Not all banks committed mortgage fraud.

[blindpig]

86. The point is....

finance has become the largest sector of our economy and the power that brings over our government is immense. Is it not obvious?

[pnwmom]

49. This isn't the Marxist underground. This is the Democratic underground.

And there are plenty of people here who aren't anti-business.

[Luminous Animal]

57. Capitalism is not democracy.

[pnwmom]

66. And it isn't anti-Democratic either. nt

[truedelphi]

84. The style of twenty first century capitalism is damned

Nearer to socialism for the rich than any type of real capitalism.

People are now being foreclosed up on even though they had NO mortgage -they paid cash for the house. And with the revelation last week that Congress passed by voice vote a bill that would allow the robo signers to keep on signing,we see greed being able to ALMOST overwhelm the Fifth Amendment (Which states no one can be deprived of their PROPERTY unless they have a legal remedy to address charges against them) Only by storming the WH with calls, did people see to it that Obama didn't sign that bill.

[blindpig]

87. So?

And there are some who are not. Haven't seen where one has to sign an oath of loyalty to the US Chamber of Commerce in order to post here.

There can be no democracy in a capitalist economic system, the interests and power of Capital preclude it.

[earth mom]

29. Did anyone really expect any different from Obama?

Is Geithner still working for Obama? Is Geithner in charge of everything Elizabeth Warren does?

Yes and Yes.

'Nuff said.

:puke:

[pnwmom]

44. No, I expected this. He'd make reasonable, prudent decisions

no matter what the extremists among us might advocate.

[Name removed]

48. Deleted message

Message removed by moderator. Click here to review the message board rules.

[pnwmom]

51. It is an extreme position to advocate for the halt of all foreclosures

in this situation.

Not all mortages are connected with MERS. Not all banking institutions have been implicated in fraud.

[Luminous Animal]

55. It looks like B of A is taking an extreme position, then.

[pnwmom]

64. Why? They haven't advocated that every foreclosure in every banking

institution across the country be stopped.

They have simply decided to investigate their own practices, based on information that has come forward.

[AndrewP]

59. +1

[Name removed]

72. Deleted message

Message removed by moderator. Click here to review the message board rules.

[pnwmom]

75. Right. And he IS doing his job and keeping his promises.

He never pretended to be a far left-leaning DUer. It was always clear that he was a moderate. Some people, however, projected their own fantasies on him and saw him as something else.

[earth mom]

77. Moderate?! ROFLMAO!

:rofl:

And FYI-I was never fooled-not for a minute.

[tammywammy]

30. Not all foreclosures are fraudulent. n/t

[Lance_Boyle]

36. I suspect it will turn out to be a small minority that are.

A bunch of people see the evidence of SOME fraud as a golden ticket to a free house. Fraud should be prosecuted where it is found. Stopping legit foreclosures because there has been some fraud is wrong.

[OregonBlue]

38. You are correct and it would be very bad for the economy to stop all forclosures becasue some may be

fraudulent. Very dangerous right now when we are trying to recover the housing market.

[truedelphi]

113. Actually the more foreclosures, the lower the housing prices.

And then those who are paying their mortgages begin walking away as well.

And even the Big Mortgage companies that scold us little people for doing this "walk away" - well, Jon Stewart took the time to have one of his intrepid "news reporters" go and check out a major mortgage firm that had purchased a seventy million dollar building several years ago. They now rent a place a few blocks away - having walked away from the building in question.

[maryf]

41. Oh come on...

"A bunch of people see the evidence of SOME fraud as a golden ticket to a free house"... there might be some that look for a "free" house, but the vast majority of folks were just lead to believe in the American Dream, and planned to be able to pay...so many lives were ruined...

the legit banks likely have a lot fewer foreclosures...

[pnwmom]

46. "the legit banks likely have a lot fewer foreclosures." So why involve

the "legit banks" in a general moratorium on foreclosures?

[Lance_Boyle]

60. The non-NINJA borrowers have a lot fewer foreclosures.

Lots of people KNOWINGLY lied to get into homes they could not afford, and they KNOWINGLY gambled on the housing bubble not bursting in time to catch them out. It's these people who now see some evidence of fraud in some cases and scream for a nationwide moratorium on foreclosures. They still want their gamble to pay off - they still want their something for nothing.

[spanone]

31. politico?

[Imajika]

43. How would a complete foreclosure freeze help anything?

Isn't it just delaying the inevitable, and artificially preventing the housing market from healing?

I can understand a freeze on foreclosures from banks that have obvious problems, but all banks do not have these problems.

There are a lot of people that simply can not afford the homes they've purchased, and any kind of broad foreclosure freeze just prevents someone who can afford the home from buying it and moving in.

You just can't keep people in homes they can't afford. In many cases, they simply should not have bought those homes in the first place.

[taught_me_patience]

53. It's giving some DUers hope that they won't be foreclosed on

even if they don't pay their mortgage. They're hoping for the ultimate free ride.

[Pathwalker]

56. Which DUers are hoping for the ultimate free ride?

Nice slur-not! Apparently you think you know a lot about DUers that they haven't posted, so please tell us which DUers are hoping for the ultimate free ride.

[taught_me_patience]

65. Sure looks like that is the hope

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9292960&mesg_id=9292960

The other advice is if being foreclosed upon, even if you’ve not been paying your mortgage or they’ve saddled you with insane penalties and fees — challenge it in court. Demand they produce every piece of original documentation they are required to do by law. And demand they show the judge (or gov’t administrator) your original wet-ink signatures on the mortgage contracts. At the worst, you might delay these parasites a few months and keep your property that much longer; at best, you might find yourself suddenly in full possession of your home, free and clear.

[Pathwalker]

70. I support this moritorium, and my house isn't in default at all.

Totally current. 28 year record of NO late payments. My mortgage co. - one of the top 5 - just offered us the chance to refinance at a lower rate. We refused because their 43 page document was so full of dangerous crap,including allowing them to foreclose even if we weren't late for payments, that we decided to keep our original 6 page loan, which the current bank purchased, despite the higher payment. The current co. calls us once a week, still wanting us to refinance. I wonder why...

Not everyone fits your stereotype.

[Better Believe It]

61. The banksters have been given a "free ride" for far too long.

[Imajika]

78. And that means what?

How is a general foreclosure freeze, to include banks that aren't doing anything wrong, good for the economy?

How hard is it to accept that LOTS of people are simply in homes they can't afford and should not have bought in the first place? Whether you blame the buyers or the banks for this is besides the point. If someone can not afford their home, eventually they are going to have to leave and make way for someone who can afford it. Delaying the inevitable simple draws out the amount of time it will take for the housing market to get back to something resembling normal.

And if we're just going to freeze foreclosures and find ways to cut interest and/or principal, why wouldn't everyone try to get in on the deal? Lots of people ARE making their mortgage payments but struggling mightily to do so. What do they get? Where would this end?

[Better Believe It]

79. Open up the banks books to inspection! "Innocent" banks have nothing to fear.

And all of their foreclosures will be quickly unfrozen if they are not guilty of fraud and have the proper legal paperwork.

Now what's so difficult about that?

It seems to me that "innocent" banks will rush to place a voluntary freeze on their foreclosures until their books pass public inspection.

[pnwmom]

93. I don't know what you mean by "public inspection" but the government

can audit the banks' books any time it wants.

[EFerrari]

81. Project much?

Do you know how many people are in the process of modifying their mortgages and how banks are taking advantage of the process to simply grab the properties? It has nothing to do with a free ride for consumers.

[Catherina]

89. Absolutely vile. n/t

[TBF]

100. And why were they in those homes they "couldn't afford"?

Because mortgage bankers making commissions/bonuses put them in houses they couldn't afford (and that sometimes included falsifying documents). This should all be sorted out before more people are thrown out of their homes.

[Better Believe It]

62. Foreclosure freeze meets Wall Street opposition

Foreclosure freeze meets Wall St. opposition
By NISHAD MAJMUDAR and TOM KEENE
Bloomberg News
October 11, 2010


NEW YORK — Calls for a total freeze on foreclosures ran into opposition from Wall Street and the White House amid predictions that clearing up faulty paperwork and resuming evictions may take as little as two weeks.

A complete halt would be "catastrophic" for the U.S. economy and hurt home sales, said a statement from President Tim Ryan at the Securities Industry and Financial Markets Association, Wall Street's biggest lobby. A day earlier, David Axelrod, a senior adviser to President Barack Obama, also said a moratorium would damage the housing market.

"It would be catastrophic to impose a system-wide moratorium on all foreclosures and such actions could do damage to the housing market and the economy," said New York-based SIFMA. "The mortgage market, investors and the health of the economy are all inter-related."

SIFMA, which represents Wall Street securities firms, banks and asset managers, said a moratorium would "unjustly" create losses for housing market investors, including workers with pensions, retirement accounts or mutual funds, and "further constrain consumer credit and spending" because of uncertainty in the securitization market.

Read the full article at:

http://www.chron.com/disp/story.mpl/business/7241763.html

[ClarkUSA]

74. So what? They're right to do so. Even a broken clock is correct twice a day.

[Autumn]

91. Certainly not a surprise there,

I'm sure Wall Street is looking out for us. K/R

[Angry Dragon]

76. Then let the banks

guarantee the mortgages if they want to let the foreclosures go through

[Catherina]

90. Like this is a surprise anymore. Rec'd n/t

[RC]

95. I just tried to rec'd this and still 0

I guess that (D) by his name makes him sacrosanct to some. We need to elect a actual Liberal next time.
This center-Right as being liberal because the republicans are so far to the right has got to end.

[Better Believe It]

92. White House to America: We Won’t Stop Foreclosure Fraud

White House to America: We Won’t Stop Foreclosure Fraud
By: masaccio
October 10, 2010

Banksters have been cheating people on foreclosures for months, maybe years. David Axelrod says he’s just sure the Banksters will correct this aberration, and the White House is working closely with them on this important project. Axelrod expects them to “reconstruct their paperwork” quickly, and get back to the important business of evicting people from their homes.

No doubt he speaks for the boys on the White House economics team, Geithner, Summers and Bernanke, when he says the administration doesn’t support a national moratorium on foreclosures.

I get a sinking feeling hearing that the White House is encouraging a bunch of liars and cheats to “reconstruct” paperwork. I thought that was the big problem: banksters and their hired guns are making up documents and lying in affidavits and directly to courts, not to mention stonewalling customers while extracting their last few dollars in the vain hope of a mortgage modification.

http://seminal.firedoglake.com/diary/75964

[TBF]

101. America to White House: time to shut down wall street. nt

[Blue_In_AK]

94. I rec'd this, too.

I think you've been swarmed.

[KoKo]

96. I have to believe your post is getting Massive UnRecs...it's sad to see this here on DU

where the very name "Underground" would lead some Dems to Believe that this is a place for Democrats to DISCUSS THEIR DIFFERENCES..and not be influenced by Pollsters, Trolls and Rahm Emmanuel type CENTRIST MONGERS.

It's distressing....

[SarahB]

105. If you read the DU poll questions, you understand what this place really is. nt

[girl gone mad]

106. This place runs smoother than an internet cafe in Beijing..

If you know what I mean.

[TBF]

98. Recommended, not that it matters now that the DLC has taken over. nt

[mmonk]

102. If siding with the lenders is throwing weight behind the market,

then I as a Realtor am in the wrong business. Working out troubled mortgages would stabilize the market, not foreclosing on them.

[OnceUponTimeOnTheNet]

107. Rec. nt.

[HughMoran]

108. Unrec

[apocalypsehow]

109. UnRec. n/t.

[Greyhound]

111. Any time a bankster says, "...should be very cautious about..." it is simply another

extortion scheme brewing.

They are a bit worried that this latest evidence of their sanctioned looting might get out of hand, so out of hand that the government can't stop the tsunami of anger that is still rising in the hearts of the American people.

Look for another "reform" to come out of the cesspool...
:kick: & R