Moe:
I say, blah…blah….blah…….. Why? Because it’s the same old regurgitated BS that has been coming out for months.
The joint public-private steps announced yesterday follow a round of intensive meetings between Mr Paulson and company executives and stakeholders, but did not include any new money. Mr Paulson warned that the initiative would not be a panacea for the difficulties in negotiating mortgage work-outs between borrowers and pools of investors who often have conflicting interests.
“I am not announcing we have solved this problem. What we have achieved is an important step towards a necessary goal,” he said.
Moe:
So I’m confused Mr. Paulson? What steps were taken? Baby steps sir. Another damn meeting with the crooks and thugs that are holding our great country at bay. With the puppet masters who are controlling an entire nation. What’s that going to do? Oh wait, more meetings and baby steps. America needs action and BIG GIANT steps. No more fricken meetings with the thugs and crooks.
Then you have the servicers who you all know I love say:
“While industry groups unveiled new initiatives to better communicate with distressed borrowers and co-operate with counselors, they will not be able to follow through on their pledges without new public funding, Michael Heid, head of Wells Fargo Home Mortgage, said.
Mr Heid, representing mortgage servicers, which collect loans, conceded that the industry’s record since the Bush administration unveiled its national foreclosure prevention campaign has been less than exemplary. “We have not been as successful as we believe we can be,” he said. “
Moe:
Less then exemplary? More like completely despicable is more like it.
Then you have the investors who started this whole mess chime in:
Investors yesterday insisted that loans continue to be evaluated on a case-by-case basis, a laborious and expensive process that some experts say has created a logjam. “We do not support across-the-board modification of subprime loans,” said Greg Medcraft, global head of securitisation at Société Générale.
The chairman of the American Securitization Forum said his members – which include most major investors in the mortgage-backed securities market – would instead encourage mortgage servicers to use existing rights to fund counseling for borrowers from loan payments.
Moe:
Ok, what did we all get from this informative post? A whole lot of the same old BS and fluff for the press. There are just too may chiefs that are muddying the waters and these stupid meetings will go on forever because they all tend to agree on disagreeing.
How productive is that?
Attention: Paulson and Bush, Moe says, just take the fuggin ball from the ball hoggers and take it to the end zone.
Read the whole CNBC story here.
Way to go, Moe. Great car insurance analogy — this makes things clearer for those who do not understand that their lenders, brokers, etc. cannot loose, only the poor homeowner.
AND taxpayers!
If these guys were doctors providing the same level of care, loyalty, and dilligence in their practice, the malpractice suits would be through the roof. THEN, their insurance companies (Doctors) would CANCEL them, and put them out of bussiness.
I guess there is a major double standard??
Anthony
Thanks Anthony! Yeah, talk about a double standard. They seem to think they are untouchable. The attorneys I work with and several that have contacted me are VERY interested in what I am writing because it ALL makes perfect sense.
Did I hear, class action?
I’m all for fixing this mess without litigation, but that seeems to be no other alternative.
YES, you are hearing class action, loud and clear!:)
Ok, MOE – tell me – are you Loansafe? with broker outpost
This is very interesting stuff. So many legal issues come to mind. The insurance companies would have a good case for not paying out on the policies if it can be shown that the lenders were not using diligent efforts to make sure the loans were of the risk level they were represented to have. The ratings agencies would be liable for not doing their part in rating these securitized tranched investments. The lenders who sold (transferred) these exploding ARMs like they were playing hot potato with a grenade would also be on the defendant side of suits.
- Paul J. Molinaro, Esq.
http://www.fransenandmolinaro.com
It tis me.
Yes Paul. I am an investigative blogger on the biggest story since ummmm..well ever. Think about all we have spoken about and my various posts that makes perfect sense. Well, they can play DUMB and say, “Well we don’t rate these bonds, rating agencies do and at the time they had stellar performance ratings.”
Yes, in my eyes they are all defendants and a court of law will decide who is left holding the burning hot, over done potato. I feel like you said, they will all face the music when this is all said and done and they should due to their complete disregard to fixing this mess that we are in.
I think we have a serious LENDRON on our hands and there will be many CEO’s who might not have such a tan anymore once their locked up in a 6X9 with no sun, let alone windows.
Thanks, Paul, for a qualified opinion here. I would like to be in the middle of the opposing sides!
Lender due dili and liability may allow the insurance companies to deny claims, I suspect, if proven that the cavalier underwriting standards used were not covered under E & O.
I am going to call Marc DAnn’s office and ask for a meeting. He is the Ohio AG in the news lately, and his office when he was a practicing attorney was 10 miles from my home. He actually opened a sattelite office in the Federal Building in Youngstwon, Oh recently.
I will let you know what comes out of it.
Thanks again
Anthony
“LENDRON”
Anothe good one, Moe! And it looks like the lights will be turned out in our houses again!
krimutinok 65 post
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Well the problem alot of people don’t understand is that this lending practice called fractional lending allowed by the Federal Reserve as an example now I quote ” 20 to 1 and 7 to 1″ lending meaning for every dollar the banks held, they were allowed to loan out 20 or 7 more dollars and it was backed by the Reserve was a plan put in place 30 years ago with the creation Opec and the contract we made with them to buy there oil as long as they invested back into our treasuries was in fact a plan put in place for this current situation we in to unfold.