Decisions, decisions. Put 'em in jail or prop up a market and reward the criminals....

[jtuck004]

It's so hard....

Can TPTB not see that the price to pay for this could drag on for decades? Can they not see the pain and tragedy that
is being foisted on people with far less in resources than the friends of government in the investment banks?

Assuming we the people don't begin to educate and organize ourselves, we are at the beginning of a period where 80% of
the people in this country will suffer far more than they have already from high prices, low income, inability to save
for the future, inability to purchase a home (which has been the prime vehicle for savings for the majority of people
- for the most part it has not been replaced by any other method). Not only does it leave us in a vulnerable state
for any disaster that might come down the pike, but we will watch as the control of our economy and lives are controlled
by a few people inside and to a greater extent by people outside this country. If recent history is any kind of teacher,
as our people lose their ability to make a living wage and commodities such as heat and food become more precious, we may well turn on each other before we start looking for the real solution. If ever.

Guest Post: U.S. Financial Markets: The Well Has Been Poisoned (Anger of the Honest Part II)

When financial markets have become riddled with fraud, embezzlement and corruption that goes unpunished, then institutional players will avoid that market as crooked: the well has been poisoned.

<snip>

This is why no institutional investor will touch private-market mortgage securities with a 10-foot pole. The U.S. government and the Fed had a stark choice: either impose the rule of law and indict and convict hundreds, if not thousands, of people who perpetrated and profited from the systemic fraud and embezzlement at the heart of the mortgage and mortgage-securities industries, or socialize the corrupted, poisoned markets and use taxpayer funds to prop up the wizened shell of a stripmined market and reward the criminals with freedom.

They chose to reward the criminals and prop up a simulacrum market with only one buyer: the Federal Reserve. You can go to the the Fed's balance sheet and see the $1.2 trillion in mortgage-backed securities it owns. There is no effort to hide the brazen socialization of what once was a private-sector, free market.

When the well has been poisoned, the only players dumb enough to drink from it are the taxpayers, who have no choice as the politico toadies of the investment banking/financial Power Elites have funneled some $13 trillion in cash, backstops and guarantees into their "partners" who fund their campaigns and write the laws via their lobbyist proxies.

<snip>

More at Zerohedge

[Bigmack]

1. kick nt

[westerebus]

2. Getting close to the time for a Mortgage Revolt.

We can write our Congresspersons and get a nice thank for your concern letter back.

We can vote them out of office and get more of the same in their place.

We can go into the streets and be ignored until we become radicals and rioters and they jail us.

Or, we can all stop payment on our mortgages.

Starve the beast!

How are they going to deal with that?

Evict all of us?

Takes us all to court?

Debtor's prisons?

Time to take them all down.

In a peaceful way.

Majority rule.

[pokercat999]

3. I agree now we just need a few million more of us. nt

[westerebus]

5. There are a million there already.

The rest will catch up real fast.

Those who are in default might get due process. It is becoming clear that the process is questionable from the beginning. This alone is going to be very costly and time consuming to right the past wrongs.

In the mean time, as the MBS/CDS fraud is exposed and prosecuted, the major banks will all be in trouble again. Along with the FED, Freddie and Fanny, the other GSE's, the bond insurer's, private capital holder's (bond funds) and the Counties and States.

Without tax revenue locally, how do you pay teachers and firemen? How will pension funds pay retiree benefits when the MBS's get cut in half? If it's only half?

Are the banks in any position to fund themselves? Who bailed them out two years ago?

The nation said: DO NOT BAIL THE BANKS OUT. Put regulation in place. Investigate and prosecute.

Did they fix the problems? Prosecute the fraud? Break them up? Put controls on them?

No.

So we are at square one again.

Americans need jobs, not statistics.

Americans want justice, not speeches.

So far the results are slim to none.

We are just going to have to do it ourselves.

[dixiegrrrrl]

4. You will be heartened, then, by Kentucky's decision.

Kenton County, Kentucky, which has the third highest volume of foreclosures in the state, has enacted a general order impacting the filing of all foreclosure complaints in its courts.

The order requires all foreclosure complaints in Kenton County to be accompanied by an affidavit certifying that the plaintiff is the owner and holder of the note and mortgage and identifying the plaintiff as the original holder or an assignee, trustee, or successor in interest of the original holder.

Kenton County foreclosure complaints must also be accompanied by a copy of the note and recorded mortgage with copies of all allonges, endorsements, and assignments necessary to document the chain of title to both the note and the mortgage.

The complaint must also include documents establishing the plaintiff as the successor in interest if any merger, change of trustee, or other transfer issue has taken place.

The order is effective for all matters filed in Kenton County on or after November 15.

http://www.dsnews.com/articles/kentucky-county-court-order-impacts-foreclosure-filing-complaints-2010-10-22

[Po_d Mainiac]

6. The Oh version of FY banksters

Homes are being foreclosed on in record numbers, amidst the housing market collapse. Tuesday is election day, and banks have had their questionable foreclosure process and robo-signers exposed. All of this adds together to create a recipe for disaster, and that is exactly what is happening.

Attorney Generals have started piling on, with Ohio being the latest. Richard Cordray, the Attorney General of Ohio released two letters today criticizing a number of banks he states are trying to paper over fraud committed in foreclosures with temporary fixes that don’t address underlying problems in the banks’ practices. Specifically, Cordray notes Wells Fargo & Co. (NYSE: WFC), Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and others as the most egregious offenders. Cordray demanded that the banks vacate any court order or motion that was based on an improper paperwork. He further commented banks would “be well-served to work out a settlement with the borrowers to modify the loans and work out payments.”

This week, several banks have re-started the foreclosure process in many states, claiming that they have reviewed their foreclosure procedures and are resuming evictions. Cordray stated that “The banks are committing fraud on the court, essentially perjury, and then saying ‘Whoops! You caught me! Here’s some different evidence and use that instead.’ I know a lot of judges are not going to take kindly to that.”

more at link, but this is the nmeat

http://www.americanbankingnews.com/2010/10/29/ohio-ag-takes-aim-at-wells-fargo-nyse-wfc-bank-of-america-nyse-bac-jpmorgan-chase-nyse-jpm-and-others/

In other words banksters, you can't undo the fraud by submitting some different papers :evilgrin: