Rob wants to be the next govenor.

Naked Capitalism began a Death Watch for BOA recently I would short the stock if I had the cash but I fear Obama will use my SS and Medicare money to bail them out again.

Yep, so true. Calif. is now issueing debt cards for UI it’s on a card from bofa.

New demands for refunds on soured loans from the two government-sponsored enterprises are coming “in numbers that were not expected based on historical experience,

The banks math models were tweaked to justify bad loans by saying that such high levels of defaults could never happen.
After the bank bailout the banks kept doing what they were doing gambling not writing off their bad loans or unloading them they should have updated their models to include the banking crisis.

They only went back to 2008?

Deeds and Deeds of Trust must be recorded together on the same date, minutes apart at the Registar of Deeds Office. I’ve said this many times, but since BOA and its subsidiaries were more interested in throwing families out into the streets I guess they never noticed that some laws just don’t hide under the rug.

I was just wondering if they “set aside” enough money in all their deficit panic to bail out BofA.

LOL! 707!

If you do nothing to fix the economy or save homeowners homes then the banks which loan to companies that sell stuff to consumers and the bank loans which went to home owners will go bad Cause and Effect I guess is not taught in business school.
Sure the Obama/GOP plan is to use a Shock Doctrine to lower American wages and that will increase exports in theory but in the Real World we are the world’s biggest consumer market if we don’t buy the rest of the world’s economy suffers.
How many Ipods are sold in low wage countries we export jobs too? Thomas Friedman argues free trade creates jobs he forgets that in the real world jobs are not being created and that low wage workers don’t buy the high tech goods he argues that America will make as we export these jobs.
Never mind that we are now exporting high tech jobs like making Ipods and cars to low wage countries.

New demands for refunds on soured loans from the two government-sponsored enterprises are coming “in numbers that were not expected based on historical experience,” the Charlotte, North Carolina-based bank said yesterday

Did these ass-clowns go to the same school of “data evaluation” as those economists who are “surprised” month after month at how bad the unemployment numbers are?

I don’t care if the AG wants to run for governor, but I do thank God for his actions against BofA and hope that other AG’s will follow suit against that bank and other banks and banking institutions to begin to break up the system.

God forbid that there should ever be any more bail-outs for BofA or any other bank.

Blessings

True. If Obama knew whats was good for him he would kick out all the bankstas from his administration and immediately start a giant public works program in every state. He should also put a stop to all foreclosures because economic conditions do not allow people to fulfill their mortgage contracts and that is the fault of Washington and all its oversight boards!

They failed America. It is not Americans failure to pay back, its the decline of the country!

I’m with ya. I hope they turn their sites on JP Morgan Chase too!

I wish there was some way to investigate if the States are selling information about people on Unemployment rolls to these banks. I’ve had three friends and two relatives that were suddenly notified that their mortgages had been sold to JP Morgan Chase about 5 months after their lay-offs. They were not in default, but it seems like the banks are chasing the ambulances here.

OTOH, it could be GOOD news for them, if the seller of the mortgage was as FUBAR as is likely: they won’t be able to be effectively foreclosed upon.

Washington and New York AGs going after BoA now to be accountable. They did not pay a ton of fees either to counties (59 in CA alone. All of the state and local governments are cash strapped so the momentum is to get all they ca. Medicaid cuts will be very painful. The deficit reduction will further depress local and state economies. Debt hawking may become a target itself.

True! I think people should research squatters rights in their states. There are no jobs now and none on the horizon. Economic conditions warrant alternative means to keep shelter.

I have no faith in the system any more. They’ll find a way out. Either bailouts or the conservative courts. If they do actually go down they’ll figure out a way to screw as many of us as possible and then bail out on golden parachutes.

Of course, within a year or two we see many of them pop back up at other financial institutions. Because their such financial geniuses, don’t you know.

Not sure if you caught the S&P dude on Anderson Cooper last night, but his reasons for downgrading was lack of revenue and not touching entitlements. I thought to myself, he has be chained to the NeoCons to say that in the camera. It makes no sense!

If the US is so bad off that they have to downgrade us, what does it say if the US defaults on its own social insurance program? The downgrade is purely political if you ask me.

Washington Mutual, Seattle based, lost all of its stock value…the employees and stock holders lost their retirement. Boeing, the huge Seattle employer lost possibly 500,000 jobs when Airbus won the big contract for Europe this summer. The North West’s timer industry went the way of the housing industry almost shutdown and some lumber towns will be devastated.

Deed in Trust Act? Uncomfortably close to Dead in Trust Act….

Fannie Mae and Freddie Mac have a load of foreclosed homes they have to dump on the housing market soon…further depressing existing home values.
Rents are rising rapidly as demand exceeds supppy, all these foreclosures force people into the already full rental market. Many have opted to live on the streets in RVs or campers illegally.
Where is all the excess cash that banks have?

If you call ReconTrust’s number on a notice of Trustee Sale in CA, you go directly the BofA’s foreclosure dept.

After I discovered that I was puzzled about the conflict-of-interest between the loan servicer (and possibly lender) and the trustee’s role.

Interesting.

Not to worry though, I’ve just discovered the broker of on of the largest real estate franchise chains in my area is doing deals with agents not in his brokerage with have the strong feel of fraud on the banks.

Not that I have any sympathy for the Banks. However, it’s hard to do business honestly when others are dishonest, or causing dishonesty.

They have it in Treasuries at 2.7%, borrowed it for free. This is Bernanke’s plan to rebuild their balance sheets.

This and all other egregious acts are part of a much bigger picture….cui bono?

Tyranny can come from the left or the right. To me as a mere observer, without any defined affiliation, Treason is being committed by those we have elected and those who hide in the bushes.

This is a going on across the world as we fight for resources, and the tighter they clamp down the more we wake up.

What I don’t understand is why set fire to the house you live in, or shit in your kitchen.

This would be defined as psychotic behavior in psych 101.
And since psychopaths have very limited creative ability, make that none and in the end very bad judgment. They could blow up the world and go oops as they ride Charon’s boat across the river Styx

Someone, something is working in the background. It is obvious that the captains of industry are raking it in, I just think there is an even deeper source for this. It is question physical, philosophical, and spiritual.
So..cui bono.

Just some of what this made me think of as I watch millions of lives being willfully destroyed.

Headline on Michael Moore a couple nights ago, in big red letters: “Who knew?” Followed by: “After years of relentless attacks on the middle class, giant media companies discover that making their customers poor is bad for business.”

Who knew?

mort gage — from the old French for death pledge

That comes from the IMF’s 10 Commandments

Rep. Marcy Kaptur in Ohio has been telling her constituents for almost 2 years to stay in their homes- do not leave.

I was in WA a year ago visiting relatives when there was a job fair in Silverdale for a couple of hundred jobs. Ten thousand job-seekers showed up.

Maybe the same school as the reporters who are talking about how things are improving because there were 117,000 jobs created last month. (That’s just the first report; I’m sure it will change for the worse.)

I don’t mean to change the subject too much, but talking about these numbers of foreclosures makes me think. Where have the people gone after they were evicted and their credit ruined? Is anybody doing doing an objective survey to account for these people and how many of them are literally homeless at this time? Where are they living now? Doubled up with other family? Shelters? Tents? This worries me.

Yes he does, but he has less carisma than Harry Reid, and many people in Washington are furious with them for joining other GOP AGs and suing over healthcare reform without any support from most people in the state.

Getting real numbers we can trust on what BOA owes is beyond my net skills remember the banks were all doing fine they said until the bank crisis hit then it was all unexpected no historical experience of this ever happening, nobody could have foreseen etc.
But we and Naked Capitalism did :)
Gotta go bye

As lomg as he’s serious.

BofA did little wrong – except for buying Countrywide Mortgage in 2008. What you hear about is almost always Countrywide practices and the activities of former Countrywide employees now working for BofA.

The rescue of Countrywide by merger was one BofA walked into willingly – and one of the worst moves ever made.

In any case that is where the 2008 date comes from.