A Must View Video – CNBC: How Deep Does It Go?

The Market Ticker…

Discussion about the true issues related to Foreclosuregate – gee, we bloggers were in front of this, but finally, after hammering on the issue for more than a year with MERS, and more than three and a half in total, we are getting some mainstream media coverage.


My only question: What the hell took you so long?  Sticking your head in the sand at the direct behest and perhaps orders of your corporate backers – until you couldn’t any more?


Now add to this that it is being reported that JP Morgan/Chase – one of the founders of MERS – has walked away from it.  If the legs under that stool get kicked out all of the MBS trusts created using this mess are recognized as being invalid and over $6 trillion dollars of this crap, including a whole lot of Fannie and Freddie paper along with virtually all private-label MBS – all blows up at once.

No, The Fed can’t contain that, and neither can the Government.  Not in their wildest dreams can they put a cork in the litigation alone, say much less the rest.

We have to fix this folks, and I’ve put forward a way to do it.  But we damn well better get started and do it right damn now, along with dropping injunctions on the lot to prevent it from being detonated before we can dismantle it, because it doesn’t take much of the support for this system to be kicked out before you get a chain reaction, much like the old experiment in a room with a thousand set mousetraps into which one tosses a couple of ping-pong balls.

There are speculative investors out there who will trigger this intentionally (and make a hell of a lot of money doing it too) if we don’t put a cork in this, even if putting that cork in it requires that we “resolve” the big banks (and it does.)

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5 Responses to “A Must View Video – CNBC: How Deep Does It Go?”
  1. Phred Maldanaldo says:

    Here’s a thought. If your home has been securitized with the probability that you won’t get your original note back when the mortgage is satisfied (because it was destroyed), why are you paying premium dollars for property that you can’t sell because it has a toxic title? In other words, how much value has your property lost due to a toxic title?

    The ‘deadbeats’ may be clueless, but they’re ahead of the game by getting out before they poured a bunch of real money down a rat hole.

    What the talking heads were intuiting but not completing the thought is that every securitized loan has to be audited to verify the state of the original note, or lack thereof.

    This would be a good time to request a certified copy of your original note if you don’t know where it’s been.

  2. PJ says:

    Fear not, and be brave! There is always a quite before the storm, the quite was Hope & Change, HAMP etal.

    It is apparent with all that is going on the American people have or soon will awaken up to the true threat the Ideologue’s in DC and their financiers on WS pose to this great Republic.

    In fact the state AG’s in their action today have proved that, and they should be applauded. Stand beside them, and shout the fleccers of the American pocketbook DOWN, and VOTE OUT their BFF’s in DC!

  3. dianacessna says:

    WHAT??!!! HUH????!!!! WHAT??!!!

    Did Chase just publicly announce that “there are issues with the system properly being able to prove the ownership of mortgages”

    Did they just give everyone their home for free? Of course they didn’t!!!! WTF???

    What kind of back room shananigans are going on? Why would they make this public admission? It may be a lot more than just Mr. Geitner with the check book again. I’m pretty scared to find out. I’m quite sure we “can’t handle the truth”

  4. housemanrob says:

    One might think strides are being made………..but………………..THERE IS NOT ONE WORD ABOUT THE MOST IMPORTANT ISSUE………………F R A U D ! !

  5. R Robinson says:

    Laughing my head off.
    The banks and mortgage companies are up to their neck in criminal fraud and non-disclosure, and they are FINISHED!!!

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