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jrswriter
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Joined: 28 Nov 2007
Posts: 245

PostPosted: Fri Oct 22, 2010 2:54 pm    Post subject: FYI Reply with quote

For Your Information (FYI)


Foreclosure-gate

The corporate mind control apparatus is squashing revelations about the tsunami of criminality and corruption endemic within the foreclosuregate and fraudgate scandals. I have been telling SCOOP USA readers for years the economic implosion is the result of massive and systemic fraud, criminal conspiracy and collusion amongst the banks, insurance companies, bond rating companies, brokers, real estate appraisers, media and government that make the Bernie Madoff, the Savings and Loan and Enron scandals upon which they copied, look like toddler’s play. Thank goodness Philadelphia had a Sheriff like John Green ( he recently retired) who refused to rubber stamp foreclosures and made the two parties sit down to attempt to resolve the situation via a mediator to stop the massively callous gobbling up of people’s homes by the banksters. Now it is coming to light the Sheriff of Cook County Illinois has also put a moratorium on foreclosures.
This scandal is so pervasive it calls into question the legality and legitimacy of the whole capitalist system.
Quote:
“The documentation problems surrounding mortgages originated during the housing boom just get uglier and uglier. One of the most recently surfaced worries is also one of the most serious. Bank analyst Josh Rosner envisions a doomsday scenario where banks would have to stand behind most private label mortgage-backed securities (MBS) that they had believed they had no exposure to. This would be disastrous. The background here gets complicated, so I'll try to simplify. Basically, when creating a MBS, the bank who originally provides the mortgages to borrowers sells those mortgages to a trust through a legal process called a ‘true sale.’ The trust then sells bonds to investors, which are secured by those mortgages. Due to sloppiness, that true sale may never have been legally executed in most cases. Why is this so bad? The investors who hold that MBS might be able to claim that the bonds they hold were not created properly, contracts were breached, and the bank that originated the mortgages needs to buy back the bonds. This, of course, would require many billions of dollars in capital in excess of that banks have lying around. And remember these aren't pretty bonds. They are mostly toxic and full of losses. Those losses would then be passed on to the banks.” www.theatlantic.com/business/archive/2010/10/foreclosure-gates-doomsday-scenario/64533/


It is not just the banks and mortgage companies who created the loans and turned them into bonds they sold around the world (including to local pension funds which were seeking higher yields and returns on their money but got suckered into buying toxic junk) , it’s the bond rating companies that gave these junk bonds triple A rating; meaning they knowingly misrepresented them because AAA bonds are of the highest reliability that will be paid back in full and on time! These securitized debt obligations (bankereze for scam and con) contained mortgages that were sold to working class and middle class folks alike (using exotic sounding gimmick loans like Interest Only, Adjustable Rate etc) who the brokers knew could not afford the house and who would in all probability default on the loans. The brokers did it for the commissions, the bond rating agencies did it to hold on to the investment banks who are their primary clients, the media and government did it to prime the pump for additional suckers and marks to keep the debt based housing bubble going.

When the scam unraveled in 2008, Wall Street ran to their sock puppets in Congress and worked out a scam that stuck the US tax payers for trillions to get themselves off the hook and out of hock; an action most taxpayers still oppose. But Congress voted for it anyway and now here we are in the throes of another major scandal and economic meltdown. The Attorney Generals in all fifty state have come together to investigate the implications of this in their particular state because it is a national scandal. Look for Obama and the federal government to intervene to make it a federal court issue so they can sweep it under the rug and save the CEOs of the banks, bond rating companies, insurance companies, mortgage brokers, appraisers etc from going to jail. After all Christopher Dodd, Barney Frank and the other Congress critters don’t want the people giving them trillions in campaign contributions and special favors (bribes) to end up in jail like common criminals. They can’t have that because in the ongoing class war the Kleptocrats have to look out for their own.

The Ongoing Attack on Social Security

Under the disingenuous rhetoric of fiscal reform the Wall Street kleptomaniacs are tying to “restructure” Social Security and steal the money for themselves. The agenda of the international banksters is to do to the US what they’ve done in Europe . That is, after putting the governments in hock up the whazo, under the bogus rubric of fiscal recovery and austerity they are going to drain the remaining wealth of the people, siphon it into their coffers and cut the social safety programs the people currently enjoy. This is why they are rioting in Greece, France Iceland and eastern Europe.

A recent report shed new light on the banksters scheme to privatize Social Security.
Quote:
“ The Joint Economic Committee has released a report that shows that Republican proposals to make changes to Social Security would result in benefit cuts for millions and put the program's solvency in jeopardy. The report shows that two aspects of GOP plans — privatizing and progressive price indexing — would cuts the benefits of millions of middle-income workers and put nearly 50 percent of seniors at risk of living in poverty without Social Security benefits, compared with 10 percent who face poverty under the program...The report, ‘Unnecessary Risk: The Perils of Privatizing Social Security,’ focused its analysis on recently revived Republican proposals to privatize the program by allowing future retirees to divert a portion of their payroll taxes to individual investment accounts. Under GOP proposals, according to the report, private accounts are unlikely to provide a guaranteed retirement annuity, indexed for inflation, as the current Social Security system provides. The report also found that allowing current contributors to divert funds out of the general Social Security fund into private accounts will ‘exacerbate the shortfall in revenues for current and future retirees as well as for current and future recipients of disability and survivors insurance. As an example, the report showed that an annuity purchased by a worker who retired in 2008 would replace only 40 percent of their final income, down from 87 percent replacement just two years earlier So a worker expecting an annuity of $867 per month in 2006 would have received $399 per month if they retired in 2008.’” http://thehill.com/blogs/on-the-money/budget/125309-panels-report-rebuts-gop-proposals-for-changes-to-social-security


Obama is in on this too, so don’t think it’s just a Republican initiative. His bogus fiscal reform commission is also talking about redoing Social Security, Medicaid and Medicare. Revealingly enough, neither they nor the Republicans ever say anything about cutting or gutting the trillion dollar wars that are draining the economy and sinking us deeper into debt. This whole thing is just one more scam and con to fleece us of our money. FYI.
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