The Market Ticker – Gee, The Banks Are (Still) Insolvent?
My gosh, how did that get out into the media? You wouldn’t know it from the market today….
“If we do not see a meaningful recovery in home prices by the end of the year, we may need to contemplate impairment charges on first liens owned by banks and wholesale write-downs of second lien exposures. This implies solvency issues for BAC [BAC 11.675
-0.015 (-0.13%)
] , WFC [WFC 28.19
0.05 (+0.18%)
Solvency issues eh? You mean mark-to-market suspension was just another way to lie?
Yep.
Exactly as I’ve noted – this sort of lying is not only pernicious it’s ridiculously dangerous, as eventually the truth always shows up. When you get to the point that you can’t pay the light bill any more the lies are not only exposed but the damage you allowed to accrue by pretending and dissipating further value during that time makes the eventual losses worse.
Everyone remembers that Committee Meeting in 2009 with Kanjorski, right? I sure do. It marked the bottom in the stock market nearly to the day.
And if, as I have repeatedly said I believe since, it proves to have been nothing but a pack of BS and game-playing for the benefit of those banksters, then the former value at 666 was in fact too high as the dissipation since will have to be accounted for as well.
Buckle up folks.
~
I have some respect for free market theories. That being said I also understand we don’t have a free market, and probably never have. It has always been crony capitalism masquerading as a free market. This is to introduce a quote from Ayn Rand.
“You can evade reality, but you can’t evade the consequences of evading reality.”
Why is it that the minority of GOOD attorneys, who DO have some ethics, are not up in arms over the slurs and damages to their own reputations being done by the crooked lawyers and judges who have turned a blind eye and ear to the banksters’ frauds. It should by now be an EASY task to find a lawyer to defend us homeowners.
Do these good attorneys not know their own livings are being threatened in a major way if the fraud is not exposed and stopped? Does ANYONE “get it” that this is a scandal, sure, but it MUST be exposed, rooted out and killed quickly now, or this country is just one legal step from becoming like a third-world country, where ONLY graft and corruption count? Do our country’s leaders have absolutely NO leadership ability? WHY must we protect these banksters? They got themselves into their troubles, let them get themselves out! Or suffer the consequences for their ill-gotten gains.
couldn’t find an atty who would fight either..hmmm judge covers his ears. hmmm
What is still amazing is that the Judges in Florida still pretend to not “get It”. Maybe we should start calling the judges the “pretend judges” – to go along with the “pretend lenders”. It fightens me to think of what is coming down the road when the crash really does happen. More people will be fighting the banks — I hope. Will the Pretend Judges finally decide to “get it”. I doubt it. The more evidence the more they stick their heads in the ground.
The books of all of these foreign owned and operated multinationals are cooked JUST LIKE WHAT ENRON DID AND BERNIE MADOFF DID. SAME CRIMINAL BUSINESS MODEL. Fannie and Freddie are probably the most egregious accounting fraudsters. Tell them to eat their losses. OUR HOMES ARE PAID FOR FREE AND CLEAR BECA– USE OF THEIR PONZI SCHEME. They made hundreds of trillions of dollars off the BIGGEST PONZI SCHEME SWINDLE AND HEIST IN HISTORY.. THEY HAVE TRILLIONS HIDDEN IN OVERSEAS BANKSTER ACCOUNTS AND OTHER FOREIGN INVESTMENTS PLUS, THEY TOOK THE TRILLIONS IN BAILOUTS. THEY STOLE OUR WEALTH AND SPREAD OUR WEALTH AROUND THE GLOBE, THESE NEW WORLD ORDER BASTARDS. THEY ARE INCREDIBLY GREEDY. THE ONGOING ROBBERY RAPE AND PILLAGE OF AMERICA MUST STOP TO COVER UP FOR THEIR ONGOING PONZI SCHEME. THE HO– USE STEALING MUST STOP. What these CRIMINAL PONZI SCHEMERS HAVE SOWN, THEY SHOULD REAP. MAKE ALL OF THE CRIMINALS WHO ROBBED AMERICA PAY AMERICA BACK AND EAT THEIR LOSSES..
Amen!
I second that Amen!
They are definatly going to have some of those especially when thier told the American people are not going to finance anymore bailouts{solvency issues}.Put the money back,give people thier homes back with free and clear titles ,admit that you all are a bunch of high handed under achievers that set out with malice of fore thought to ruin lives and our country and maybe we will let you continue to exsist.The only good banker is a dead banker!!!!
Q3 has already started…
“There is no doubt that this is Ben Bernanke and Treasury Secretary Tim Geithner’s plan, and they have voiced as much to Washington confidents in recent weeks. The beauty of this plan is that it has no government fingerprints on it. They are getting private investors to do the heavy lifting for them. That will make them immune from attacks from anti-interventionists, like the Tea Party, and anti-Federal Reservists, like Ron Paul. Bernanke can just sit back and let natural market forces do his handiwork for him…
…Keep in mind that the next Recession will be far worse than the last one. None of the problems of the 2008-2009 debacle, like too big to fail, the real estate collapse, and the burgeoning bad debts on bank balance sheets, have really been solved. The can has merely been kicked forward. The only difference will be that there will be no TARP and no bail outs next time. The chips will fall where they want.”
http://www.zerohedge.com/article/qe3-has-already-started
First lien impairment charges? Are they saying that — *gasp* — home prices have fallen? That makes it almost as if the whole refusal to mod and foreclosure fiasco is because the banks didn’t want to recognize the losses they insisted that everybody else recognize. Only a matter of time until they start to whine more that they need more government money because, unlike the families they’ve thrown into homelessness, they’re too big to fail.
Free markets are great .. for everybody else.
So $20 trillion of so later and we’re right where we should and would have been had we just let the notes be auctioned off to vulture investors who could renegotiate them at a few cents on the dollar, pumping gobs of liquidity into the economy and allowing the banks — the most culpable players in this whole fiasco — to finally fail and be replaced by smarter bankers.
Somehow I’m guessing they’ll announce that about thirty seconds after they’ve computed their 2011 bonuses.
I found out that the pretender lender of my commercial loan swapped bad loans with an out of state loan servicer down in Fla. after the foreclosure lis pends was filed because the pretender can’t fraudclose because they don’t have the note, the clear chain of title or the deed to fraudclose. The fraudclosure was filed a year ago. The new pretender lender was never assigned this debt at the ROD or on title.. They are now filing motions to try to get the judge to go along with their out of state assignment of the debt and out of state notarization of assignment of leases and rents. These criminal sheisters are acting more and more like a dying beast, that just won’t die. Fraud on top of fraud is all they have and no proof of ownership because of all of their attempts to cover up all of their fraud. and their Ponzi Scheme..
I believe the banks with the residental loans like Bank of America are trying to do the same thing to muddy up the water. I warned a customer of mine to become informed and get on the internet to save his threemillion dollar home He and his wife were actually walked off their property over a year ago, foreclosed on and the home sold at auction, when hwent to an attorney whom wrote up a simple notice of wrongful foreclosure and sale at auction, equity loss and debt dispute. He received a letter six weeks later recending the foreclosure, and the sale at auction , with a statement the pretender lender would put the house back in his name if he would sign an agreement he acknowledged the pretender lender owned his mortgage. His attorney told him to sign it and he told the attorney to go to H!!!!!!. Walked out and moved back into his home. Until the last two weeks he had heard nothing from the pretenders. All of a sudden Bank of America sent him a notice they had transferred their pretender loan to another cjompany. And he is back int eh fight to save it again. He has gone to seven attorneys. I am going to have him check out Pam Edwards attorney in Seattle and send a copy of a notice of Cancelation of deed of trust and notice of lawful Seisin to him to record I am no lawyer and am a scared Pro Se trying to save my own home after trying to get help by over a half dozen Seattle area attorneys. This man would have been out of his home if it were not for this internet and great attorneys and people trying to get the word out.
I should have added he and his wife carefully watched who purchased the house at auction, and it was the fraudforecloser of course pretending to do a public auction. That was part of the complaint..
The evil and deception by these criminal entities is beyond belief. I can’t find an attorney who will fight for me either. What a bunch of cowards. I wish you and your client all of the luck in the world in your fight. We all have to keep fighting the good fight!!