COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary
Editor’s Note: This is the same game we played before. each estimate rises higher than the one before it. It is obvious that these figures will once again end up in the trillions. So here is the question, are we going to protect the American public or the capital structure of banks that screwed us?
11.02.10 IRIDIAN MBS ANALYSIS
the wheels of justice may grind slowly, but they grind extremely well. If we are correct in our analysis, we are not playing for 10% gains here and 5% gains there. We are playing for credit defaults and bankruptcies, for – if not a systemic risk – then at least a mortal threat to important actors within the system. And the current macro-driven investing environment notwithstanding, we believe that the market is still an effective anticipatory mechanism for specific catalysts impacting specific companies … we do not believe that we will have to wait two to three years to get paid on our ideas if we are right.
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud |
@Bob G.
http://www.zerohedge.com/sites/default/files/3Q10%20Opty%20Fund%20Quarterly%20Letter.pdf
So where is the actual Iridian MBS Analysis of 11-2-10 ???
In Stuart Smalley’s words….uh….I mean Al Franken’s words:
Debt collectors have time and money on their side, and now some are even exploiting scarce law enforcement resources to go after unsuspecting Minnesotans. Debt collection firms are preying on people with good intentions but without the time and money to figure out their rights and fight back. This is basically a David and Goliath situation, but here, usually Goliath wins.
For some people, this bad situation spirals into an even worse nightmare. The problems in the debt collection industry first came to my attention in June, when my hometown newspaper, the Star Tribune, began a series on this subject with a story about the Minnesotans who have landed in jail because debt collectors were pursuing them for a debt.
One woman who told her story, a Minneapolis resident, spent a full day in jail over a $250 credit card debt. During that day, she was treated like a criminal, groped by one inmate and offered drugs by another, and slept in a room with a dozen other women, sharing a toilet with no privacy.
And here was what she told the newspaper: “We hear every day about how there’s no money for public services. But it seems like the collectors have found a way to get the police to do their work.” And she’s right. These rogue debt collectors are gaming the system and using law enforcement resources for the sole purpose of corporate profit.
And then there was the story of a woman from Richfield, Minnesota-south of Minneapolis-who was arrested one day recently because she had defaulted on a credit card in 2006. A debt-buying company had bought up her old credit card debt and started sending collection notices, but she’d ignored them because she had never heard of that company. Next thing you know, she was stopped on the road and arrested.
Hard to imagine in this day and age. But it all goes back to money and graft. One of the worst and most notorious JDBers (junk debt buyers) are located here in MN. They also happen to be the largest lobbyists in the state. They also happen to be the counsel to the MN District Judges Association…their union. Can you say conflict of interest? It’s a sham. And the reason that this is a hugely creditor friendly state. Debtors don’t stand a chance here.
http://www.planbeconomics.com/2010/09/30/senator-al-franken-end-debt-collector-abuse/
Frankielee,
That is absolutely horrible. I thought we did away with debtors’ prisons ages ago.
Realtors have climbed our gates and process servers have yelled ugly names at us. We are prisoners in our homes. And, what is more, we are all silent slaves to this creditor-debtor system. 30 years to pay a mortgage? Give me break.
To franlielee.
Where do you live that unsecured credit card debt can get you thrown in jail?
Linda, to make matters even worse, and I know that sounds impossible, my state allows junk debt buyers to have people who have a passed due bill picked up and thrown in the pokie. I know it sounds very hard to believe. Can you imaging being out with friends when suddenly a sheriff comes up, asks you your name, and tells you to put your hands behind your back? All because of an old credit card debt….
Only through lucrative lobbying does an industry game a system so wildly in their favor. With laws on the books like that, the building of gulags can’t be far behind. I guess I shouldn’t give them any ideas.
We are trying to help people with fraudulent loans, foreclosure, problems with servicers. http://www.challengingforeclosure.com Sirak@challengingforeclosure.com
Yes. Protect the American public.
Time is overdue for a bailout of the PEOPLE who put their sweat equity into this American enterprise.
Want to redistribute the wealth? Then shell out some of those bonds you printed out today, Mr. Treasurer, and invest in our own people.
If we do otherwise, we risk half our country plummeting into third world status and we already know the implications of that. Disastrous. Ten times worse than any stale real estate market. What recourse will there be for us to get back on our feet when there are no jobs and no loans and no homes with clear title? Everyone rents from the government, ten people to a house?
Granting us our homes is a cheap price to pay in the long run. Without all our hard-earned funds going toward mortgage payments on bogus loans, we could sustain and build a strong class and stimulate the economy with our new-found purchase power…and maybe even get ahead in this country…that is supposed to be so darn wonderful!
Plus, it would go a LONG way toward restoring good will.
They tell us to go back to school….borrow more money from the Feds!
We shouldn’t have to condone criminal behavior in this country in order to get ahead. Wall Street sets the example that you have to be clever and crafty if you want to succeed. Only a handful get caught and used as token examples of what not to do. No wonder our jails are full of people just trying get their bills paid or feed their families. We are punished for trying to help ourselves! In this purportedly rich nation, we can’t even feed our own people, yet we spend trillions on nonsense and bailouts and overseas. It’s just absurd.
If you want anything done here you have to file a law suit. Then, you have to hope you have enough funds to get the right attorney who will not sell out. Then you hope that the courts are not vetted in status quo. You spend thousands on loan mod scams, then you have to chase after that to get repaid. You file BK to save your home. By the time you get decent help you have no funds left and no one wants to take your case without payment. They say things like, “Why did you wait so long?” HUH??? Legal aid is overwhelmed and most of them here in CA don’t “get it,” anyway. If all that doesn’t kill you with a heart attack, I don’t know what will.
Regarding Bailouts. The last election should tell the politicians what will happen to them if they do a bailout.
Regarding Boehner you are next if you dont head the warning.
Now Obama the Dead beat will have who to blame.