Fri 2010-10-08 21:11 EDT

4ClosureFraud Posts Lender Processing Services Mortgage Document Fabrication Price Sheet >> naked capitalism

Yves Smith

...document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those states, the mortgage, which is the lien on the property, is a mere ``accessory'' to the note). The pooling and servicing agreement, which governs the creation of mortgage backed securities, called for the note to be endorsed (wet ink signatures) through the full chain of title...Evidence is mounting that for cost reasons, starting in the 2004-2005 time frame, originators like Countrywide simply quit conveying the note. We are told this practice was widespread, probably endemic. The notes are apparently are still in originator warehouses. That means the trust does not have them (the legalese is it is not the real party of interest), therefore it is not in a position to foreclose on behalf of the RMBS investors. So various ruses have been used to finesse this rather large problem...We finally have concrete proof of how widespread document fabrication was...This revelation touches every major servicer and RMBS trustee in the US...The story that banks have been trying to sell has been that document problems like improper affidavits are mere technicalities. We've said from the get go that they were the tip of the iceberg of widespread document forgeries and fraud...

4ClosureFraud Posts Lender Processing Services Mortgage Document Fabrication Price Sheet; naked capitalism.

Mon 2010-03-08 09:41 EST

Truthdig - Calling All Rebels

Chris Hedges

There are no constraints left to halt America's slide into a totalitarian capitalism. Electoral politics are a sham. The media have been debased and defanged by corporate owners. The working class has been impoverished and is now being plunged into profound despair. The legal system has been corrupted to serve corporate interests. Popular institutions, from labor unions to political parties, have been destroyed or emasculated by corporate power. And any form of protest, no matter how tepid, is blocked by an internal security apparatus that is starting to rival that of the East German secret police. The mounting anger and hatred, coursing through the bloodstream of the body politic, make violence and counter-violence inevitable. Brace yourself. The American empire is over. And the descent is going to be horrifying...

called; rebel; Truthdig.

Sun 2010-02-28 13:32 EST

GEAB N°42 is available! Second half of 2010: Sudden intensification of the global systemic crisis -- Strengthening of five fundamental negative trends

Marie-Helene Caillol

LEAP/E2020 is of the view that the effect of States' spending trillions to <<; counteract the crisis >> will have fizzled out. These vast sums had the effect of slowing down the development of the systemic global crisis for several months but, as anticipated in previous GEAB reports, this strategy will only have ultimately served to clearly drag States into the crisis caused by the financial institutions. Therefore our team anticipates, in this 42nd issue of the GEAB, a sudden intensification of the crisis in the second half of 2010, caused by a double effect of a catching up of events which were temporarily <<; frozen >> in the second half of 2009 and the impossibility of maintaining the palliative remedies of past years...The sudden intensification of the global systemic crisis will be characterised by the acceleration and/or strengthening of five fundamental negative trends: . the explosion of the bubble in public deficits and a corresponding increase in state defaults . the fatal impact of the Western banking system with mounting debt defaults and the wall of debt coming to maturity . the inescapable rise in interest rates . the increase in issues causing international tension . a growing social insecurity.

2010; available; fundamental negative trends; GEAB N°42; Global systemic crisis; strengthen; Sudden intensification.

Clusterfuck Nation Sun 2010-01-31 11:40 EST

Marching Toward Zombieland

James Howard Kunstler

...The questions lately revolve around whether the nation is destroying itself by inflation or deflation - by the willful destruction of the value of our currency to evade the repayment of debt, or by the hapless destruction of households, companies, and governments by default and bankruptcy. It's a fire-or-ice debate. Either way the nation is going down as a viable enterprise. The fiction that we can return to a Crate-and-Barrel credit card orgy has sustained the false of heart and mind for some months now, but even that pleasant reverie will come to an end as the foreclosures mount. Only remember, men living in their cars who have lost nearly everything else will still have guns.

Clusterfuck Nation; March; Zombieland.

Mish's Global Economic Trend Analysis Fri 2009-12-18 09:52 EST

China Faces Crash Scenario

Michael Shedlock

Problems in China continue to mount. Money supply is growing rampantly out of control, property prices are in a bubble, exports are weak, commodity speculation is pervasive, and GDP growth is more of a mirage than real...I side with Andy Xie who states ``China's asset markets are a Ponzi scheme''...Various Chinese asset bubbles are guaranteed to pop, but as I have said many times, the timing of such events is unknown. In this case however, I am more apt to believe sooner, rather than later.

China Faces Crash Scenario; Mish's Global Economic Trend Analysis.

Fri 2008-11-07 00:00 EST

naked capitalism: "Fears mount in Japan over complex yen products"

power reverse dual currency notes (PRDC) sold concealing hugely complex structures with ``multiple points of pain''

complex yen products; fears mounting; Japan; naked capitalism.