“For a city to create its own public bank owned by the People and accountable directly to them, is to create an entirely new financial system on the People’s terms, which is the logical end-game of divestment. …
“By bringing banking under public control, so that the bankers that have the responsibility over our financial sector are accountable public servants rather than private casino gamblers, we can finally make progress towards a system that is legitimately, rather than superficially democratic.” Continue reading →
The Hawaii legislature in 2018 started off wanting to make it a “Felony” if you rented a room in your home short term without the required licensing. Most folks are all for the necessary permit and, of course, paying the taxes. But making a vacation rental violation a felony – well, that went a bit too far.
Sometimes it feels like state and federal legislators don’t have a clue about what real-life Americans face every day. Legislators have always had a paycheck, even during the 2008 meltdown. While many folks were losing their homes, banks offered sweet refinance and payoff deals to legislators all over the country. Average homeowners couldn’t get a refinance or modification from 2008 through 2012 because the banks told them to miss 3 payments to qualify for HAMP and then denied homeowners the opportunity to reinstate their loan – because they were unknowingly in DEFAULT.Continue reading →
The Securities and Exchange Commission (SEC) has recently announced it is discontinuing their enforcement program requiring admissions of wrongdoing and the prosecutorial approach they were supposedly taking after the 2008 financial crisis. Steven Peikin, co-director of the SEC’s enforcement division, said the SEC would drop the “broken windows” strategy of pursuing many cases over even the smallest legal violations, and may also pull back from trying to make some companies admit to wrongdoing as a condition of settling with the SEC.”
“The two public funds designed to meet the future pension and health care needs of government employees and retirees are a combined $25 billion in the hole with a growing shortfall….
The deficit in the ERS pension fund rose to $12.93 billion in the fiscal year ended June 30 from $12.44 billion in the previous fiscal year, according to one of the reports. The funded ratio — what is needed to meet future obligations — improved slightly to 54.9 percent from 54.7 percent a year earlier….
Similarly, the EUTF shortfall for all employers rose to $12.15 billion in fiscal 2017 from $11.78 billion in fiscal 2015, the last year it was reported. Its funded ratio improved to 12.8 percent from 6.7 percent because the cost of health care didn’t grow as fast as had been anticipated and because employers made more contributions to pay down the unfunded liability than required. The EUTF report has been coming out every two years but will be switching to an annual format… Continue reading →
SIGTARP QUARTERLY REPORT TO CONGRESS I JANUARY 27, 2016
SIGTARP’s concerns over servicer misconduct contributing to homeowner redefaults in HAMP have been borne out. Treasury’s findings in its on-site visits to the largest seven mortgage servicers in HAMP over the most recent four quarters show disturbing and what should be unacceptable results, as 6 of 7 of the mortgage servicers had wrongfully terminated homeowners who were in “good standing” out of HAMP.
These staggering findings clearly show that servicer misconduct is contributing to some homeowners falling out of HAMP. Homeowners were wrongly terminated from HAMP by their servicer despite making timely mortgage payments, putting them at risk of losing their home. These homeowners were forced out of HAMP through no fault of their own. Mortgage servicers did not give these homeowners a fair shot. As these instances were found through sampling, Treasury does not know how many other homeowners were also wrongfully forced out of HAMP. Continue reading →
If you are wondering why Fannie Mae and Freddie Mac (GSEs) are slithering through the swamp looking for a path to release them from the bondage of Conservatorship, let this Plaintiff GREEN TREE SERVICING LLC, amended to DITECH FINANCIAL, LLC case begin to open your eyes to the corruption racket behind scenes since 2008.
Illegal actions aren’t limited to just Green Tree. These are standard business practices among the banks, known – and it appears generally accepted by, the GSEs. Continue reading →
This will be one of several posts on the future of Fannie Mae and Freddie Mac. Your thoughts and your owns stories are welcome in the comments section.
Nearly a decade ago, in September 2008, US Treasury Chief Hank Paulson unveiled his historic government takeover of twin mortgage buyers, putting the government in charge of the mortgage giants and the $5 trillion in home loans they back. The plan eliminated the top executives which were out and replaced with Wall Street titans.
The House Oversight and Government Reform Committee held a hearing on the financial collapse of Fannie Mae and Freddie Mac, their takeover by the federal government and their role in the financial crisis. The video below is a 4 hour review of a planned response to the crisis in the housing and mortgage markets at the time of the economic meltdown and crash of 2008.
The titans that replaced Freddie CEO Richard Syron and Fannie CEO Daniel Mudd were two Wall Street finance veterans and were charged with restoring the mortgage magnates to health. Herb Allison formerly served as president of Merrill Lynch was Continue reading →
In May 2017, US Secretary of Treasury, Steve Mnuchin, confirmed GSE Sweeps May Have Funded Obamacare. The meaning of this significant confirmation went virtually unnoticed by homeowners, their attorneys, and lawmakers for several reasons. The top of the list is the mainstream media suppression.
No matter what side of the political aisle you stand on, if you are a homeowner in or facing foreclosure – or if you lost your home since 2008, or are an investor in the Government Sponsored Enterprises (GSE), Fannie and the Treasury Continue reading →
Just days after Jamie Dimon proclaimed that “Bitcoin is a Fraud!” and he would “Fire any trader that worked for him that bought Bitcoin”…JP Morgan Securities LTD in Europe was the 4th largest buyer of the “Bitcoin Tracker One” ETF!!! Not exactly sure about the legality of this, but I don’t think the CEO of the world’s largest “Too Big Too Fail” bank is legally allowed to participate in market manipulations on what he deems a “fraudulent asset!”