The Securitization Debacle – A U.S. Pension Shortfall: $3.4 Trillion+ [$3,400,000,000,000]

By Sydney Sullivan

looting the pension fundsShortfall. Unfunded. Underfunding. Sounds like a minimal pension issue – however, it is anything but that. You may have heard the words “shortfall” when your state refers to it’s government budget or pension plan; and, if you are young (say, under 40), you’ve probably not given it a second thought. Just so you know “shortfall” is defined as “a failure to come up to expectation or need” and at 40 it seems like there will be plenty of time and ways to make up a shortfall… not so much when you are 60.

If you’re like many Americans, you’re worried about retirement. Maybe before the new century securitization scheme was launched, a “shortfall” might have been more easily explained and handled. But after 2000, the Wall Street securities system ramped up and took deficits to a new high while lining the pockets of Wall Street traders. How did this happen? Continue reading

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Chart: The Epic Collapse of Deutsche Bank

Deutsche Bank on Verge of Collapse?

Deutsche-Bank-Image

Posted on by Neil Garfield

“there is no such thing as a soft landing in a cornered marketplace…

Despite claiming $52 TRILLION “notional” value in derivatives (nearly all the money in the world) DB has posted a shattering loss and according to the IMF poses the most serious systemic loss to the financial system. Reports indicate that 29 DB employees were at the root of manipulating the LIBOR index which is used as the primary index for variable rate loans. Nobody has addressed the issue of whether adjusted payments should be scrutinized even while knowing that the index was rigged.”

See http://www.visualcapitalist.com/chart-epic-collapse-deutsche-bank/

Nothing equals nothing. The fact is that Deutsche Bank allowed itself to be window dressing on bogus REMIC Trusts as though the DB trust department was managing the money for investors. Other than ink on paper, the trusts did not exist and neither did any assets of the purported trusts. DB led the way as a principal party in creating the illusion of “something” when in fact there was nothing at all. READ MORE HERE

Continue reading

Libor Lies Revealed in Rigging of $300 Trillion Benchmark

the Lie in LIBORNo – we’re not making this up.

According to Bloomberg By Liam Vaughan & Gavin Finch – Jan 28, 2013: “The benchmark rate for more than $300 trillion of contracts was based on honesty. New evidence in banking’s biggest scandal shows traders took it as a license to cheat.” Graphic: Bloomberg Markets Continue reading

Fannie Mae Seeks $800 Million In Libor Manipulation Suit

Justice League logo Reblogged from Justice League:

Fannie Mae is staying on the offensive against Wall Street.

Fannie Mae is reportedly suing nine banks for a total of about $800 million over alleged manipulation of the benchmark London interbank offered rate (Libor), the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. Continue reading

New York Fed Chief Levels Explosive Charge Against Big Banks

morally bankruptAmerica – we have a crisis. A moral decay that stems from decades of deceit and the acceptance of lies, fraud, and morally bankrupt behavior. We’ve allowed politicians, bankers, attorneys and judges to disregard ethical values and operate under a morally bankrupt code of conduct. It is time to demand that the culture change and it has to start at the top.

Our children have no respect for authority and frankly, how can they when Presidents, politicians and bankers lie – all in the name of money. We’ve set the bar so low that by the time the next generation arrives they won’t be able to recognize the truth. Huffington Post’s  reports the NY Fed Chief’s opinion is that the problems need to be address. Finally maybe, yeah?     Continue reading

Weekend Reading: Calm Before the Storm

The New York Times with an insightful review.

stuck_in_customs2WEEK IN REVIEW NOVEMBER 1, 2013  BY ERIC OWLES

[Editors’ note: Please do not read this if you are a junior banker at Goldman Sachs.]

Sit back and enjoy eating your children’s Halloween candy. Looking ahead to next week, we face possible settlements for JPMorgan Chase and Steven Cohen’s hedge fund as well as Twitter’s initial public offering. Continue reading

Grotesque Plan for Detroit: Fleece Working People to Save the Banks

Hands-off-our-Pension-June-10Municipal workers could be robbed of pension funds to pay big banks for payments due on interest rate swaps.

The Detroit bankruptcy is looking suspiciously like the bail-in template originated by the G20’s Financial Stability Board in 2011, which exploded on the scene in Cyprus in 2013 and is now becoming the model globally. In Cyprus, the depositors were “bailed in” (stripped of a major portion of their deposits) to re-capitalize the banks. In Detroit, it is the municipal workers who are being bailed in, stripped of a major portion of their pensions to save the banks.

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Securitization is NOT a “Traditional Mortgage Loan” Operation

patent-hero-size-100019219-gallerySecuritization is a relatively new innovation given the operation of the traditional mortgage loan industry over the last 70 years.

What is routinely overlooked is the fact that this entire new process and product development has been patented in the USTPO extensively by the banks. The loans that were sold at the turn of the century through present day are NOT traditional mortgage loans. This fact is further complicated because there was no meeting of the minds when the contracts were formed. Additionally, there are multiple defects that should literally void documents or cause defective products to be recalled. Continue reading

REMIC Armageddon on the Horizon?

explosionIt’s about time somebody recognized it.   and Brad Bordon posted a dynamic review of the most recent ‘slap down the banks’ cases of Saldivar and Erobobo and the potential impact on the [failed] REMIC tax shelters in REFinBlog.

David Reiss writes: “Brad Borden and I have warned that an unanticipated tax consequence of the sloppy mortgage origination practices that characterized the boom is that MBS pools may fail to qualify as REMICs.  This would have massively negative tax consequences for MBS investors and should trigger lawsuits against the professionals who structured these transactions. Courts deciding upstream and downstream cases have not focused on this issue because it is typically not relevant to the dispute between the parties. Continue reading

DEFICIENCY JUDGMENTS – Is your Court a Collection Agency for Crooks? Class Action Filed in Hawaii.

final judgmentDeficiency judgments are another dark corner, if not the darkest corner in foreclosure. The Dubin Law Offices filed a Class Action Complaint in Hawaii United States District Court today [4/29/13] because of the injustice of deficiency judgments.

It’s not bad enough to lose your home to the banksters that fraudulently inflated your appraisal, filed fraudulent robo-signed fabricated documents in your state recordation offices and in court, rigged your LIBOR interest rate, lied, cheated and stole your home getting away with everything; but then they turn around and sell your home to themselves for half price and then sell it again for less than you owe to someone else. Lord (and DeMarco) only know, why they won’t sell it back to you for the lower price. But they don’t. Continue reading