Russian Roulette: Taxpayers Could Be on the Hook for Trillions in Oil Derivatives

Deadly Clear:

The Sheeple are in Washington – Congressional Sheeple.

Originally posted on Justice League:

Another  shenanigans by Wall Street — aided and abetted by politicians owned by Wall Street. Never bothered to understand the definition of derivatives in which derivatives are not just a financial product…

The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and the FDIC could be liable, following repeal of key portions of the Dodd-Frank Act last weekend.

Senator Elizabeth Warren charged Citigroup last week with “holding government funding hostage to ram through its government bailout provision.” At issue was a section in the omnibus budget bill repealing the Lincoln Amendment to the Dodd-Frank Act, which protected depositor funds by requiring the largest banks to push out a portion of their derivatives business into non-FDIC-insured subsidiaries.

Warren and Representative Maxine Waters came close to killing the spending bill because…

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Morningstar: True cost of Ocwen settlement far exceeds $150 million

Originally posted on Justice League:

If Ocwen Financial (OCN) thought that its regulatory troubles were over now that it settled with the New York Department of Financial Services for $150 million, the beleaguered company has another thing coming, according to Morningstar.

In a note to clients, Morningstar analysts say that the real cost of the NYDFS settlement will definitely be more than the $150 million Ocwen must pay to homeowners in New York.

In Morningstar’s analysts’ opinion, Ocwen’s real losses may be the loss of soon-to-be former chairman William Erbey, who is being forced to resign as part of the NYDFS settlement, as well as settlement terms that require ongoing monitoring of corporate governance and a ban on acquiring mortgage servicing rights until certain process and technology improvements are implemented to the satisfaction of the NYDFS.

“The real cost of compliance with the terms will undoubtedly be greater than the $150…

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Opinion: Break up Citigroup — now

Deadly Clear:

And while you’re at it – repeal and rewrite UCC 3-301. At least take it back to the original (New York) version for now!

Originally posted on Justice League:

WASHINGTON, D.C. — America’s presidential campaign is already well under way. The election is not until November 2016, and very few candidates have formally thrown their hats into the ring, but the competition to promote and develop ideas — both behind closed doors and publicly — is in full swing.

Earlier this month, Citigroup C, -0.20%  took advantage of this formative political moment by seizing an opportunity to score a tactical victory — but one that amounts to a strategic blunder. Using legislative language apparently drafted by Citigroup’s own lobbyists, the firm successfully pressed for the repeal of some of the 2010 Dodd-Frank financial reforms. The provision was then passed after it was attached to a last-minute spending bill, a tactic that ensured little debate in the House of Representatives and none at all in the Senate.

At a stroke, Citigroup executives demonstrated both their continued political clout in…

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SMBC to buy Citigroup’s Japan retail business in October: sources

Originally posted on Justice League:

Sumitomo Mitsui Banking Corp (SMBC) will buy Citigroup Inc’s (>> Citigroup Inc) Japanese retail banking operations in October for about 40 billion yen ($330 million), people with knowledge of the matter said on Wednesday.

The Sumitomo Mitsui Financial Group Inc (>> Sumitomo Mitsui Financial Group, Inc.) unit will announce the long-awaited purchase on Thursday, the sources said.

Citi’s Japan consumer banking business has been hurt by weak loan demand and falling interest margins in a market where the U.S.-based lender has operated for over 100 years.

Spokesmen for the two banks declined to comment on the deal.

Read on.

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Ocwen CEO unveils company’s new direction: Exit agency servicing, increase mortgage originations

Originally posted on Justice League:

Now that the dust is beginning to settle on the $150 million settlement between Ocwen Financial (OCN) and the New York Department of Financial Services, the company has unveiled its plans for the future.

First and foremost, the company will be without departing chairman William Erbey, who was forced to resign as part of the NYDFS settlement. But in a conference call with investors, Ocwen Chief Executive Officer Ron Faris revealed Ocwen’s four-part plan for the future and said that Erbey’s departure isn’t the only big change for the nonbank.

Faris told investors that Ocwen is planning to exit agency servicing. “We are going to focus our servicing business primarily on non-agency servicing,” Faris said.

Faris said that Ocwen plans to sell off its entire portfolio of agency servicing. “We estimate the difference between our $1.1 billion book value and fair value of our agency MSRs is between $400…

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PRICELESS! JFK IS FIT TO BE TIED

This is priceless! (2 JFK phone calls on July 25, 1963)

A livid (and nearly fit to be tied) John Kennedy talking with Air Force General Godfrey McHugh after the President discovers that a story has been leaked to the press regarding the rather large amount of funds that were spent for a suite of hospital rooms prepared for the First Lady, Jacqueline Kennedy, when Jackie gave birth to the First Couple’s third child, Patrick, in August 1963. (Baby Patrick, sadly, died just two days after his birth.) It gets better… Continue reading

BOA Ordered to Pay $1 Million to Homeowner for Robo-Calls

Deadly Clear:

Yes indeed, the system is in need of a change and judges with the ability to handicap a horse race… And not be first concerned with the value of their mutual funds. That, however, may well happen with the next crash as all pensions could experience a haircut to non-existent status and not because of homeowners who want to pay but can’t get modifications because foreclosure is more profitable for the banksters.

Originally posted on Livinglies's Weblog:

For further information please call 520-405-1688 or 954-495-9867

————————-

Just back from Orlando where I had a 4 hour trial scheduled for five minutes. Of course nobody except the court knew that. Needless to say the trip to Orlando was a bust. Neither counsel — Plaintiff and Defendant — was pleased. The system is badly in need of change. Now we are told that it might be 2016 until we get a judge who can give us 4 hours.

Meanwhile, the Orlando Sentinel reports that Florida is back to #1 in foreclosures, even though major “lenders” are giving people a “break” from wrongful foreclosures by not pursuing evictions during the holidays. see http://www.orlandosentinel.com/business/os-orlando-foreclosures-december-20141210-story.html

But in the meanwhile, BOA and Ocwen has been cited for not following the rules of the “settlements” that stopped criminal and civil prosecutions from the US Department of Justice. see BOA Fails tests: They still don’t…

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LA Community Leaders Gather at OneWest Bank HQ to Denounce Multi-Billion FDIC Subsidy

Originally posted on Justice League:

FDIC HAS ALREADY PAID $1 BILLION TO ONEWEST, ESTIMATES IT WILL PAY $1.4 BILLION MORE

December 16, 2014- Pasadena, CA: At a press conference today, LA community leaders will release new data that has not previously been shared with the public about the amount of money the FDIC has paid to OneWest Bank under two controversial shared loss agreements. OneWest is part of a proposed, Too Big To Fail bank merger with CIT Group, a merger that over fifty organizations are opposing.

After the CEO of the bank refused to disclose how much money the bank received from the FDIC, the California Reinvestment Coalition (CRC) filed a Freedom of Information Act (FOIA) request with the FDIC. According to data provided to CRC, the FDIC has already paid out over one billion dollars ($1,028,404,397) to OneWest Bank. The FDIC estimates it will pay out an additional $1.4 billion to OneWest…

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Mortgage Recording Requirements: Tiny Technical Defect Strikes Again

Deadly Clear:

Good to know.

Originally posted on Bankruptcy-RealEstate-Insights:

Rogan v. U.S. Bank, N.A. (In re Partin), 517 B.R. 770 (Bankr. E.D. Ky. 2014) –

A chapter 7 trustee sought to avoid mortgages on three properties using his “strong arm” powers, arguing that they were improperly recorded and thus did not provide constructive notice to a purchaser or lien creditor.

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H.R. 4681 Passes Congress –Rep. Justin Amash Calls It: “One of the Most Egregious Sections of Law I’ve Encountered During My Time as a Representative”

Deadly Clear:

Tulsi Gabbard, Hawaii where are you?! Somehow our leaders forget, “do unto others as you would want done unto you.”

Originally posted on Justice League:

Liberty Blitzkrieg blog:

Decency, security, and liberty alike demand that government officials shall be subjected to the same rules of conduct that are commands to the citizen. In a government of laws, existence of the government will be imperiled if it fails to observe the law scrupulously. Our government is the potent, the omnipresent teacher. For good or for ill, it teaches the whole people by its example. Crime is contagious. If the government becomes a lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. To declare that in the administration of the criminal law the end justifies the means — to declare that the government may commit crimes in order to secure the conviction of a private criminal — would bring terrible retribution. Against that pernicious doctrine this court should resolutely set its face.

–  Louis Brandeis, Supreme Court…

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