This is the second time they failed and regulators are justifiably worried.
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THE FOLLOWING ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
The 5 Major Banks once again failed both stress tests and the “living will” provisions of the Dodd/Frank Act. This means they have no viable plan to break themselves up in the event their assets need to be sold off. This is the second time they failed and regulators are justifiably worried. It also means that if they do fail again — and given the valuation of MBS as assets this is a likely outcome — the taxpayers would once again be called upon to float these monster banks while everyone else is left paying the bill.
There is a simple reason for this — in order to come up with a viable plan they must disclose their real condition, the value of mortgage backed securities, if any, and the liability arising from wrongful foreclosures and abandonment. AND then there is liability, vastly understated, to investors whose money was supposed to be put under management in REMIC Trusts and instead ended up in orbit.
My comment is the same as it has always been — that everyone should share in the loss and that nobody should escape liability. The “loan” closing documents are as worthless as the MBS that were sold using many of the same false representations.
Filed under: foreclosure |
Reblogged this on California Freelance Paralegal.
Time to start stashing your money under the bed. This is ridiculous!
It will end just as the Bible foretold, after they intentionally collapse the banks and open the door to a one world currency, one world order, one world religion led by the antichrist. We could see the collapse occur very soon, by design, not by accident. They make it look accidental in order to deceive and implement the changes under the cover of a “tragic event and world emergency” that they orchestrated. Those controlling the banking industry and the justice system worship the beast, they want to usher in the new world order. It sounds crazy but its true, and it is foretold in the Book of Revelation.
so stealing our houses isn’t enough , they want to still our bank accts too. when will this evilness end?
Actually, the bank depositors will first have a pro-rated share of their deposits converted into bank equity as in Cypress. I believe the ratio was 20% for private accounts and 40% for business accounts.
The enabling law was enacted 8-12 months ago. So next time around there will first be a bail-in from the depositors accounts and subsequently, when the totality of the losses accumulate across the derivative spectrum which totals more that the total wealth of the world, the balance of the depositors accounts will be toast as the financial institutions fail en mass.