COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary
HOW MANY TIMES DO TAXPAYERS PAY FOR THE SAME LOSS?
EDITOR’S COMMENTS: DO THE MATH. IT DOESN’T ADD UP. $13 TRILLION IN MORTGAGES. $8 TRILLION IN LOSSES ALREADY REPORTED AND NOW WE ARE HEADING INTO THE SAME TERRITORY AGAIN. In order to believe this we would have to believe that everyone defaulted on their mortgages and no property was worth anything. We already paid for fictitious losses once with TARP and trillions more from the Federal Reserve and US Treasury purchases of worth less mortgage bonds. We’ve been there and done that.
With this kind of math, it is no wonder that Wall Street is doing well, despite reports of losses from their off-balance sheet transactions. Ron Paul is right. We need a full, fair and complete accounting from a source that has no agenda to favor anyone. Without that, read the writing on the wall, Wall Street will have successfully created an infinite supply of new cash from US taxpayers.
Washington Post
Mortgage giants could cost U.S. plenty; J.P. Morgan to resume foreclosures;
Fannie Mae and Freddie Mac, the mortgage firms operating under federal conservatorship, may cost taxpayers as much as $685 billion as the United States covers losses and overhauls the housing-finance system, Standard & Poor’s said Thursday.
Costs for resolving the companies could reach $280 billion, including $148 billion already delivered under a U.S. promise of unlimited support, S&P said in a research report. The government may spend another $405 billion to capitalize a replacement for the two companies, which own or insure more than half of the U.S. mortgage market.
“It appears unlikely in our view that housing and mortgage markets will be able to operate normally without continuing and substantial government involvement,” S&P said, citing the companies’ growing portfolio of unsold homes, a sluggish economy, high unemployment, rising foreclosures and billions in legacy losses.
The Federal Housing Finance Agency, which oversees the companies, said last week that they could need as much as $363 billion in taxpayer aid – including funds already delivered – through 2013. The actual total cost to the Treasury would be $259 billion, because almost 30 percent of the funds would come back to Treasury as dividend payments on its holdings of senior preferred stock.
S&P’s estimate included projected outlays from Treasury to Fannie and Freddie, but did not factor in the dividend payments.
– Bloomberg
J.P. Morgan Chase set to resume foreclosures
J.P. Morgan Chase plans to resume foreclosures in a couple of weeks, a company official said Thursday.
Charlie Scharf, chief executive of J.P. Morgan’s retail financial services unit, said during a conference with analysts in Boston that the company’s review had found some issues such as “robo signing” and that it is being very stringent in double-checking documents. However, he said, the bank risks the loss of millions of dollars for each month that foreclosures are delayed, so it hopes to begin refiling soon. J.P. Morgan froze foreclosures in 40 states affecting about 127,000 loans.
Bank of America recently began restarting some foreclosures, and Ally Financial has been unfreezing foreclosures on a case-by-case basis as individual files are cleared.
– Ariana Eunjung Cha
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud |
THE A MAN,
You’re on the right page social networking, combine that with online petitions. Hope you read my apology. >
http://livinglies.wordpress.com/2010/11/06/developer-in-the-shadows-be-careful-of-what-you-ask-for/
I feel so so exausted. Don’t give up.
GOD BLESS YOU AND YOUR FAMILY
hey Kim, are you the Kim Thomas v. Wells Fargo Kim Thomas? asked before but never saw the answer.
Actually I dont think they can pay the interest they owe the investors without a bailout.
I pity the fool who gives a bailout to the banks.
They are advertising that they are resuming foreclosures before their stocks go to Zero, and to fend off the Investors that want their principal back. The only problem is that they sold the same loan multiple times. They dont have the money to pay principal only interest.
NEVER AGAIN
BE STRONG AND COURAGEOUS.
The most affective way to spread the word is through Social Networks and through the Local and National Newspapers. They all have a comment section.
Huffingtonpost is getting the message across.
and if Neil Garfield had a Facebook page that would be awesome.
These robo signed documents are fraud, fraud because there is no real enitiy or the entity has gone out of bussiness. When will they see that they bought a box of empty crackers. There is nothing secured to this forgery assembly line. They cannot create a new document to replace a fraudulent document to begin with, the contents are fraud not just the forgeries.Pull your money out of these “Banks”. We are going to see a revolution in this country again very soon.
The offender-pretender-lenders are definitely above the law.
Here we go again. Creating new crises to their advantage.
The public needs to be trained in how to recognize the psychological techniques and scare tactics used on them by the perpetrators in order to get their way.
These guys are so predictable. They don’t even bother to hide their transgressions anymore. They come out and tell us what is going to happen to us and that is supposed to pass for transparency. I really think there must be a secret Handbook of Handy Tricks somewhere and they are just going by the book. It’s been going on since at least Roman times, don’t you think?
Perhaps it’s time for us to put our own numbers on the page.
They are throwing around billions like it’s water……and what the homeowners know is this is dirtier water than the Gulf. Why are we letting these crooks get away with this?
I protested in front of a Chase bank yesterday. Do you know that most people have no clue that QE2 just happened? I only talked with one man who knew about these back-door bailouts. Most people just averted their eyes……but I did get some honks, some people yelled out to protest BoA. There is anger out there, people. We need to make it come to the surface. We all need to protest VISIBLY, as well as to our government officials.
I have a meeting scheduled with Maria Cantwell (Senate), Jeanne Kohl Wells (Washington StateRep), and Reuven Carlyle (Washington State Rep) . People, not only do you need to write, but you need to demand face time. They, as your elected officials, are obligated to give you this. So, stand up for your rights and do so.
FULL COURT PRESS.
yes and zurenarrh, just as nobody outside of the small circle gets to see the ultra-secret account books of the Fed, there’s ZERO transparency for the real books of account for Fannie and Freddie. Yet, a publicly released audit was not even a condition of “unlimited support” of taxpayers’ dollars for Fannie and Freddie. It’s disgusting. The IRS went after Al Capone, but it won’t go after Fannie and Freddie and all their “partners,” because the US government has “taken over” their businesses.
HOW MANY TIMES DO TAXPAYERS PAY FOR THE SAME LOSS?
As many times as the American Public lets it! With a key to the vault and being a crook. What will be the result. Its like a drunk being left in a liquor store.Do you thing they will take booze and drink it? What happens is people are so busy complaining or ignoring to write to a Congressman, Senator, Attorney Generals, White House! etc. Folks this is your future, your chilren and the grand children.Get on board.
Ron Paul is right and has been for some time. This is all totally ludicrous–it’d be laughable if it weren’t so deadly serious. I mean, unlimited support for Fannie and Freddie? Yet Fannie and Freddie are still supposedly private companies? I wish I could have a “private company” in which taxpayers absorbed all my losses!