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Ear to the Ground

Bank of America Ends Foreclosure Ban

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Posted on Oct 18, 2010
Flickr / Michael Gray (CC-BY-SA)

Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.

Reuters:

The bank said it would lift the halt on foreclosure sales in the 23 U.S. states that require a judge’s approval for foreclosure.

In the remaining 27 states, Bank of America’s foreclosure halt will continue, though it projects that less than 30,000 foreclosures will be affected in those areas.

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rico, suave's avatar

By rico, suave, October 20, 2010 at 5:55 am Link to this comment

fearno:

Wrong guy. Haven’t been through ORD in about three years.

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 9:25 pm Link to this comment

No you don’t know me - ID’d you and even told you so, in the ORD International
concourse one week ago - if it wasn’t you, it was your twin and I was fooled -
clear skies, old boy.

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rico, suave's avatar

By rico, suave, October 19, 2010 at 7:29 pm Link to this comment

fearno:

When?

Do we know each other?

The only people I knew were crewmembers, none of whom could be bothered with progressive politics.

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 5:19 pm Link to this comment

R: again, apologies - “ODR”? - I meant ORD, where I ran into you

Got the “AB” (whatever that is) from Princeton.
Missed the PhD creds though.

AB is short for ABD = All But Dissertation - not uncommon, for grads to take a
fellowship or a job, with all PhD requirements nailed down except the
Dissertation, then finish it up some years later - in WGT’s case, he took a
Fullbright Fellowship, then didn’t return and to submit any of his books for
defense before a Princeton Dissertation Committee (actually 7 books - I was
wrong on that too) - all books on global economics/politics - some might
niggle over his PhD vs ABD status - a small matter if you’ve actually read many
Doctoral Dissertations - as mentioned, only about 1 in 10 actually measures up
to his books.

I recommend them but expect them to anger most, e.g. “Obama the Post
Modern Coup, The making of a Manchurian Candidate,” (2008) “George Bush,
The Unauthorized Biography.” (1992)

read more here - http://tarpley.net/

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rico, suave's avatar

By rico, suave, October 19, 2010 at 3:06 pm Link to this comment

samo:

Come on now. Lift it up a notch. Silly post.

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By samosamo, October 19, 2010 at 2:59 pm Link to this comment

****************


Except, Bunkum of America, there is a Sheriff not
forclosing for you because you, bunkem of
america, don’t know shit about what you are
kicking people out homes for except for shits
and giggles. Hopefully, this will become a broader
idea by law enforcement that has gone far
beyond the call in protecting the crooks from the
people.

http://content.usatoday.com/communities/ondea
dline/post/2010/10/sheriff-takes-hard-stand-
against-foreclosures/1

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rico, suave's avatar

By rico, suave, October 19, 2010 at 2:40 pm Link to this comment

fearno:

Got the “AB” (whatever that is) from Princeton.

Got the MA from Skidmore.

Got the language affinity and the Italian conspiracy book.

Missed the PhD creds though.

And where is “ODR”?

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 2:28 pm Link to this comment

Freddy, old chap: thanks for the correction - yes, it’s Mark to Model or “Myth” as
you’ve chosen to update it - as for my ignorance or ill-education, perhaps we can
all meet for coffee and compare C.V.s.

As for a free markets and punishing criminals, where to draw the proverbial line…
seriously, caveat emptor forever? Made bloody good sense in the Middle Ages.
Is that the preferred model?

If it makes one a better American to say he has a good nose for a swindle,
I should have probably never come back from my first extended exodus.

And, Rico, before you correct me, yes that was ORD, not ODR…
just docked a UA international, a week ago today, right?

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Fat Freddy's avatar

By Fat Freddy, October 19, 2010 at 11:58 am Link to this comment

Correction, they do when a ‘bubble’ pops - question: What’s fair, Mark to Mark or Mark to Market? Think about it, do you believe in the Market?

What is mark to mark? Do you mean mark-to-myth?

You really have no idea what you are talking about, do you?

As for your other question, I believe in a free market, not one that is manipulated by the government, and the central banks.

I think people like you are looking to punish the big greedy bankers for any little thing, when it’s completely obvious, that if they were already rewarded for bad behavior, and bailed out. Why start now?

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 10:57 am Link to this comment

So what’s next? Another BAIL OUT, or MARKET DISCIPLINE?
Again, who’s a believer? Had enough Free Market Catechism
to believe in a genuinely ‘Level Playing Field’ - Discipline for one,
Discipline for all… gaging on this rhetoric yet?

Bank stocks keep falling as mortgage fears mount

Fears about depth of mortgage losses ripple through markets;
no one knows what loans are worth

~~~~~~~~~~~~~~~~

Daniel Wagner, AP Business Writer, On Friday October 15, 2010, 5:26 pm EDT
WASHINGTON (AP)—Lurking mortgage problems left over from the collapse of
the housing market sent bank stocks tumbling for a second day Friday and the
cost of buying protection for bank debt, now perceived to carry new risks,
climbed steadily higher.

Bank of America Corp.‘s stock hit a 52-week low and Wells Fargo & Co.
tumbled nearly 5 percent. Shares of JPMorgan Chase & Co., Citigroup Inc. and
other major mortgage players slid as well.

The big banks had recovered strongly from the crisis that ensued when home
loans began to sour during the real estate bust that started in 2007.

But recent revelations about mortgage fraud and flawed foreclosure paperwork
fueled doubts about the health of major banks and the how quickly they will be
able to put the mortgage mess behind them.

Standard & Poor’s downgraded Bank of America stock to “Hold” from “Strong
Buy” Friday. S&P analysts said the nation’s biggest bank may not have set aside
enough cash to cover losses on fraudulent loans that were resold to investors.
They also are concerned about costly legal bills after the bank agreed to review
paperwork for thousands of foreclosures that may have been done improperly.

http://finance.yahoo.com/news/Bank-stocks-keep-falling-as-apf-2507545776.html?x=0

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 9:55 am Link to this comment

RE: ...assets don’t just disappear, they get sold or auctioned to another bank, or
investor, to pay off liabilities…

Correction, they do when a ‘bubble’ pops - question: What’s fair, Mark to Mark or Mark to Market? Think about it, do you believe in the Market?

But more pertinent, exactly whom gets the pay off when the line of ownership is broken? It’s a matter of
contract law. Contract law is the foundation of so-called Free Enterprise. Obey it our you
loose.

Zombie banks, in their spend-thrift wisdom, hiring derivatives funds managers from, oh
say, University of Phoenix, Thunderbird School of Global Management, National College of
Business & Technology, for example, are probably getting what they pay for.

In some cases they’ve extended their penny-pinching strategies to actually shredding the
original notes, rather than paying to warehouse them, through reasoning (or lack thereof)
that a cheap electronic trail will stand up in court as assuredly as a good old-fashioned
paper.

If the average citizen were to screw up his paperwork as bad as these pathetic sods have
done, say on taxes or insurance premiums, for example, and it ended up in court, most
judges would simply say, “Sorry, you’re out of pocket. Hope you’ve learned your lesson.”

Isn’t it time the bankers learned a lesson? Wouldn’t you love to see an army of poor home-
buyers, on the verge of becoming homeless, put these banks on their knees for a change?

Show me the note, or get lost, Mr. Moynihan!

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fearnotruth's avatar

By fearnotruth, October 19, 2010 at 9:26 am Link to this comment

Rico, old boy: ...anybody can get a PhD these days?

...sure, University of Phoenix,  Thunderbird School of Global Management, 
National College of Business & Technology - on the other hand: AB Princeton
1966, summa cum laude, Phi Beta Kappa; Fulbright Scholar, University of Turin,
Italy; MA Humanities, Skidmore College… lingual fluency: Italian, German,
French, Latin, Russian. WGT moved on from Princeton (ABD), and after publishing
the first (Chi ha ucciso Aldo Moro? Who Killed Aldo Moro?, a study
commissioned by a member of the Italian government and published in Rome
in 1978) of his 6 books to date, he didn’t return to the paper chase. Why should
he? Any of his books outweighs 9 out of 10 dissertations, defended anywhere,
any year.

But, this is so boring - we’re far more interesting - next time I run into you at
ODR (I know that was you), we should chat over coffee - let’s start carrying OUR
C.V.s - something for show and tell.

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Fat Freddy's avatar

By Fat Freddy, October 19, 2010 at 5:05 am Link to this comment

At the end of the day, the fact remains, people are in houses they can not afford. Even if the zombie banks were “allowed” to fail, there would still be a mortgage that needs to be repaid. When banks fail, the assets don’t just disappear, they get sold or auctioned to another bank, or investor, to pay off liabilities. And yes, even HAMP modifications need to be repaid. If you want to blame somebody, blame the Congress for skipping over the question of a Resolution Trust Authority, in the Financial Reform Bill, to split up the big, zombie banks. Instead, we get Elizabeth Warren to send the banks to bed without any supper.

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rico, suave's avatar

By rico, suave, October 19, 2010 at 4:15 am Link to this comment

fearno:

Which only goes to show that anybody can get a PhD these days.

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fearnotruth's avatar

By fearnotruth, October 18, 2010 at 9:13 pm Link to this comment

Rico: Please accept an apology that we can’t all be endowed with brain power
equal to yours. Moreover, please allow us to defer to one whose far surpasses
us all:

Webster G. Tarpley, Ph.D.
http://tarpley.net/
October 11, 2010

In the last phase of the election campaign, an issue has emerged which allows
voters to separate Wall Street stooges in both parties from real advocates of the
middle class. The issue is the massive campaign of foreclosures against the
American middle class being carried out by Wall Street zombie bankers who
owe their very existence to taxpayer bailouts. Since the world derivatives panic
began in 2007, millions of homes each year have been seized by the Wall Street
predators, sometimes under the legal color provided by adjustable rate
mortgages and, as has now been revealed, often using completely illegal
paperwork to throw average Americans and their families out on the street and
frequently into poverty and destitution.

The fact that so many foreclosures have been illegal as well as immoral and
antisocial has now brought the foreclosure reissue to critical mass. The deeply
flawed paperwork used by many bankers in their attack on working people’s
homes is now a scandal which is bringing out the populist pitchforks
everywhere. Even title insurance companies are now declining to be a part of
this swindle. This past Friday, Bank of America, the largest US bank, stopped
foreclosures in all 50 states because of the threat of counter-suits and public
backlash. Previously, JP Morgan Chase & Co., Ally Bank’s GMAC Mortgage unit,
and PNC Financial had halted foreclosures in the 23 states where the consent of
the judge is required in order to seize a home.

The current chaos in home foreclosures is once again the direct responsibility
of the zombie bankers themselves, who have neglected all traditional legal and
accounting standards concerning the necessary paper trails in their frenzied
desire to securitize mortgage loans and make them into toxic derivatives in the
form of asset-backed securities and mortgage backed securities. The zombie
bankers, already the recipients of $24 trillion of public largess in the form of
the various bailouts, have turned out to be incompetent even in the technical
aspects of their own thieving racket.

But the chaos in the bankers’ filing systems is nothing compared to the chaos
created by the millions of foreclosures they have engineered, based on
adjustable-rate mortgages and similar misleading contracts which never should
have been legal in the first place. For some time, it has been evident that the
defense of the American middle class requires a blanket, orderly, federal freeze
(or moratorium) on all foreclosures on primary residences, similar to the New
Deal protections offered to family farms by the landmark Frazier-Lemke Act of
1935-1949 during the previous depression.

Desperate to avoid defeat at the hands of crazed Tea Party fanatics, top Dems
are starting to grasp the explosive potential of this issue and calling for
stopping foreclosures: “Senate Majority Leader Harry Reid )D-Nev) …. urged
five large mortgage lenders to suspend foreclosures in his state until they
establish ways to make sure homeowners don’t lose their homes improperly.
Attorney General Eric Holder said that the government is looking into the
matter, and Democratic lawmakers urged bank regulators and the Justice
Department to probe whether mortgage companies violated laws in handling
foreclosures,” according to AP.

Speaking on Fox News Sunday earlier today, “Rep. Debbie Wasserman Schultz
(D-FL), a top House Democrat, said she backed a foreclosure moratorium and
government talks with the banking industry to concoct ways to let lenders
reshape troubled mortgages. She said the foreclosure problem has been
‘extremely vexing’ in her state” of Florida, AP reported.‘extremely vexing’ in her
state” of Florida, AP reported.

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rico, suave's avatar

By rico, suave, October 18, 2010 at 6:55 pm Link to this comment

eir:

How much brainpower did you put into that post?

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By robert puglia, October 18, 2010 at 5:39 pm Link to this comment
(Unregistered commenter)

it appears that the same speed-reading, limber-wristed
notaries to whom were attributed the inappropriate,
rapid fire discharge of so many foreclosures were also
charged with conducting the investigation there of. it
was over as soon as it was begun. nice for them.

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By eir, October 18, 2010 at 4:58 pm Link to this comment

Oh, those poor banks with their record profits.  Well it looks like the banks are going to need some more “help.”  To the rescue comes the Chief of the Banking Cabal aka “THE FED” with the mild-sounding measure of “QE2.”

Rolling Stone’s investigative reporter, Matt Taibbi tells us all about the Back Door Bailout officially known as QE2 that is coming to a neighborhood near you (shhhhhhh! It’s code for INFLATION aka “you’re all going to be a new brand of homeless millionaires”.  You always wanted to be a millionaire right?).  You’ll have to wait for the unveiling of this project till after the elections of course, and after more calls for “austerity and sacrifice” from both parties from the lesser people.  But don’t blame the oligarchy.  “They gotta fight for their right to party” to quote other Beastie Boys.

Matt Taibbi with MSNBC’s Cenk Uygur

Just a little story about hyperinflation that may interest a few people who are drawing some parallels about how barbarity comes to a once stable, and civilized nation.

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