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The fact that Wall Street is so intent on doing this can only indicate one thing: they intend to do it again. Wake up America!


Note: One of the things that Warren brings out in the video is that the disclosure forms come much too late in the process. The obvious effect is that besides being confusing  on their face, there is very little time for consumer to study or get help understanding the disclosure statements. Early rendition and delivery of the disclosure statements would add to the barrier of committing consumer fraud. By requiring early delivery, the “lender” would not be able to argue later that the borrower was informed of the terms and signed anyway, even when the consumer never had any real opportunity to look at those forms. Now we have to argue that the delivery of the forms was under circumstances where the consumer was meant not to understand the transaction. Warren’s goal addresses that head-on.

EDITORIAL COMMENT: The only wrong with this editorial from the NY Times is that they seem to limit it to Republicans. I’ll agree that Republicans are leading the charge, but many Democrats are in the pack racing for ways to please Wall Street which is throwing money around like confetti. By making it a Republican vs. Democrat issue, the editorial diverts us from the point — that the Dodd-Frank bill is under attack and they intend to chip away at it in pieces by denying appropriations and otherwise tangling up the works so that it doesn’t work.

Who Will Rescue Financial Reform?

In what passes for self-restraint these days, House Republicans have been insisting that they do not intend to repeal last year’s Dodd-Frank financial reform law.

Not in one fell swoop, anyway.

A direct assault on Dodd-Frank would be so blatantly biased toward banks that it would be sure to provoke a public backlash. So the Republican plan is to delay and disrupt reform. The effort is partly ideological — an insistence that regulation is unnecessary, no matter the evidence to the contrary. It is also a campaign fund-raising ploy, because Wall Street will reward the opponents of reform. Of course, Democrats are themselves not indifferent to Wall Street campaign cash, which raises the question of how effectively they will counter the Republicans’ aims. Here are areas to watch.

DERIVATIVES Budget cuts could cripple the Securities and Exchange Commission and the Commodity Futures Trading Commission — which share the vital task of regulating the multitrillion-dollar derivatives market. The budget impasse in Washington has already frozen the agencies’ budgets, even as their rule-writing duties have exploded. Worse, prevailing Republican rhetoric, adopted in part by Democrats, portends more budget cuts, which would leave the agencies unable to enforce current rules, let alone new ones. Settling for less than President Obama’s requested amounts for the agencies would be acquiescing in the derailment of Dodd-Frank.

CONSUMER PROTECTION The Consumer Financial Protection Bureau, arguably the most innovative of the reforms, has been under constant attack by banks — and Republicans. Most recently, a House hearing on the bureau that was billed as an oversight session was instead a hazing of Elizabeth Warren, the Harvard law professor and consumer advocate chosen by Mr. Obama to set up the agency. Republican objections boiled down to charges that the agency — and Ms. Warren — have too much power. Ms. Warren’s rebuttals were clear and persuasive. Mr. Obama could define the debate further — and demonstrate his professed support for the bureau — by going on the offensive and nominating Ms. Warren as its official director. Senate Republicans have said that they would object, but it is their own credibility that would be at risk in opposing so qualified a candidate.

REPEAL BY ANOTHER NAME House Republicans have unveiled several bills to undo Dodd-Frank piece by piece. One would rewrite the law so that the C.F.P.B would be run by a five-member bipartisan board, rather than one director, a recipe for delay and division. Another would exempt an array of derivatives users from the new rules, perpetuating the deregulated market.

Yet another bill would repeal a requirement for private equity firms to register with the S.E.C, in effect ignoring the systemic risks in leveraged pools of private capital. And one would repeal a requirement that publicly traded companies disclose the ratio of a chief executive’s pay to that of a typical employee, a move that would deprive analysts of data to detect bubbles that correlate to skewed pay. The list goes on.

Dodd-Frank is no cure-all, but properly implemented and enforced, it would close dangerous regulatory gaps. That won’t happen if Republicans get their way — and they will, unless the fight is engaged in no uncertain terms. Democrats in Congress need to unite behind the law and Obama officials should denounce the antireform effort for what it is: an attempt to weaken Dodd-Frank on behalf of those who brought us the financial crisis.

17 Responses

  1. Confirmed Whistle blower report: US Senators calling both State and Federal judges to press on with foreclosures. It is an immediate continuation.. .
    Guess which fence builder is urging and forcing the issue ?

  2. MN AG Lori Swanson is going to have her hands full going up against this bunch of nare-do-wells. They are usually represented by Messerli and Kramer, a notorious law firm that was sued by Swanson’s predecessor Mike Hatch. Even with a ton of law and attorneys at his disposal, Hatch lost.

    There’s a good old boy network in the judiciary in MN that makes it more like country club than court rooms. Kangaroo court. If you’re a member, you don’t lose. If you’re not a member, you’re considered the enemy.

    That’s how and why Mers got a 6 to 1 supreme court ruling in MN to go forth and pillage. They’re club members. No, I won’t capitalize supreme court, as I don’t respect them enough/at all. They’re despots.

  3. Tuesday 29 March 2011

    This only goes to show one thing, and one thing only, it is each man/woman for him/herself in getting wrongs righted. I have not believed in the
    “system” that I chose to abandon over a decade ago, and I have not been dissappointed.

    There ain’t gonna be no safety net from politicians or the gov’t. All of this has been done with a wink
    and a nod from the regulatory agencies, and the money involved is so huge that no politician, and
    few judges will stand in the way.

    Take the best of the information out there, and 1,000
    thank you’s to blogs and others like this that have served as a clearing house for gathering “how-to” information and cases, and use it to your best advantage.

    Are the rules fair? Never have been, never will be.
    The Federal gov’t is as dirty as Wall Street, and the people are pawns that remain duped and in the dark.

  4. Deb: I don’t know, but thanks for letting us know. Hopefully, they will be back up & running soon?

    Everyone: Don’t forget that today is national call in day to your AG. Go to banksterusa blog to find out details. I not only sent one to my AG, but to Tom Miller in IA. There is a link to his e-mail on the banksterusa site.

  5. Listen a bit off subject
    foreclosureblues wordpress blog site has Been removed
    what’s going on anyone know why

  6. TODAY, we call upon our Attorneys General to hold the big banks accountable for their crimes.

    The 50-state Attorneys General have a choice – they can either provide justice for millions of homeowners and restore our economy by delivering a strong settlement against the big banks, or they can give in to pressure from the big banks and their lobbyists to weaken a middle-of-the-road settlement.

    Tell New Jersey Attorney General, Paula T. Dow, the time is now to side with us, and not the big banks.

    Hold Big Banks Accoutable!Call your Attorney General now at
    Demand nothing less than a strong settlement against the big banks. Tell them:

    “My name is [________] and I am a resident of [STATE]. The Attorney General must come out in support a settlement that provides justice for millions of homeowners and holds the big banks accountable for their crimes. Nothing less is acceptable.”

    Our goal is to generate 10,000 calls and send a clear message to our Attorneys General that we need a strong settlement with the big banks. Will you be one of the 10,000 calls?

    Call 866-200-6444 now, post it on Facebook and Twitter, and let us know how the call went >>

    Thanks for all that you do,

    Showdown in America

    Connect with us

  7. but that report by Abby posted is still, when you read it, just negotiating deals, it’s still under the table you might say and still covers up the fraud, that is the bottom line. That is what Neil is saying, the mortgage industry is all fraud since securitizing. And I would add credit cards, car loans, any other loan securizatized.

  8. That report on the AG settlement boils my blood…. when I read that the politicians aren’t at all outraged over the borrower abuses, just the fact that Warren et al are involved. I instinctively reached for my pitchfork, axehandle, and walking boots. I believe it’s time. Think Matewan.

  9. Ian–but of course I have read Missal Report.

    and, if you look for the investor lawsuits against NCM you will see something labelled ‘CW’ and that means Confidential Witness….read what they say they did…they were the ones who typed in the fake incomes to make a person qualify for a loan.

    I called the attorneys for the investors in NCM stock and the attorney said the CWs were employees of NCM and Home123 Corp.

    I hope you know that several months back those same investors got over $125 million in cash from the New Century bankruptcy. Think it was in Aug. 2010.

  10. Well, when do we move on Washington? That is the only way something will change to help middle class Americans. As long as they can get away with it, they will. Burmese8@yahoo.com

  11. Abby- I am sure you have read re: New Century ‘Missal Report’, wherein the cw (confidential witnesses) described the “cut and paste department” and the “income (bogus) inflation department, where New Century employees would boost prospective borrowers’ incomes by, on average, $16,000 per month. You know the routine. And this, by Americas’ largest subprime ‘lender’, the darling of Wall Street.
    So now we are prosecuting people who lied on their loan applications, which was at best 5% of the problem,if that, and that should have been caught by originators adhering to federal underwriting standards. Oh well.



  13. 3/28/2011 11:45:51 AM

    Officials at five major banks involved in home-loan-service settlement talks have been summoned to Washington for a face-to-face meeting with state and federal regulators, the first since proposed settlement leaked out.

  14. “…provoke a public backlash”

    I so doubt that. America is asleep and completely indifferent to the rape and pillage taking place all around them. I believe the banksters and their Fools on the Hill could get by with hanging deadbeat fellow Americans in front of the capitol with impunity.

    As long as it’s only the neighbor or an uncle or a school chum who is being equity stripped, bankrupted, and tossed into tent cities and steadily emptying food shelves across America, why complain? Maybe they DID bite off more than they could chew?

    It’s a truly disgusting setup right now in America and the oligarchy that is reigning supreme, but I’m equally disgusted with the silence of the masses.

    Only when the problems get much worse will public backlashes occur, and it remains to be seen if at that late stage, the damage at that point might be so severe as to be irreversible. By that time no one will be home, the houses will all be raised, and derivatives will be traded on how long society has before vanishing altogether.

    Remember the banker talking to his shareholders at their final meeting:

    “Although we believe the end of the world scenario to be filled with unbelievable anguish and pain for all of humanity, there exist several profitable trading strategies for those well positioned on the way down!”

  15. Look the Afghani’s are more American than we thought


    This is what we are doing in Afghanistan.

    G-d Bless America

  16. […] Source: Livinglies’s Weblog […]

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