Sunday, October 10, 2010

Ah, yes. Now, two years later there is a real ponderance of what actually happened when Paulson gave $350 billion to his own corporation and his cronies. Isn't there?

...Attorneys general (click title to entry - thank you) in about 40 states may announce as early as this week a joint investigation into potentially faulty foreclosures at the largest banks and mortgage firms, Bloomberg News reported on Oct. 8, citing a person with direct knowledge of the matter. The investigation may center on claims that employees at home lenders and loan servicers signed court documents without ensuring the information was accurate....

This action by the State Attorney Generals is fairly easy to understand.  The paperwork to reprocess mortgages was so complicated that people applying for them were losing their homes before the process could be completed.  Basically, the bankers that defrauded the 'process' designed by Lawrence and Giethner failed to bring about real results.

It wasn't like the ORIGINAL corporate bailout of the banks that had NO terms attached to them.  Not at all.  People were allowed to suffer the consequences of failure that the investment banks never did.  Just that simple.  The process to refinance failing mortgage borrowers was so complicated many lenders participating 'ON THE GROUND' with people attempting to save their homes, couldn't get everything processed in time, so the lenders simply undercut the process.  Does that mean the refinancing went to borrowers able to handle the new loans?  No.  It meant PERHAPS the people refinancing their home(s) MIGHT be able to handle it.

Has everyone forgotten there are Christians in the USA that have strong values mired in Democracy and Free Market?

That isn't really the point.  I remind in 2008 the populous of the USA was lead to believe that a bank bailout WOULD prevent any economic downturn. 

No to Fast Track Banking Bailout:
Let free market capitalism run its course. (click title to entry - thank you)

Published by Publisher September 22nd, 2008 in Breaking News and Culture.

Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

It's Sunday Night
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"The Way We Were" sung by Barbara Streisand. Witten by Alan and Marilyn Bergman and Marvin Hamlisch

Mmm. Mmm.
Light the corners of my mind
Misty watercolor memories
Of the way we were

Scattered pictures
Of the smiles we left behind
Smiles we gave to one another
For the way we were

Can it be that it was all so simple then
Or has time rewritten every line
If we had the chance to do it all again
Tell me - Would we? Could we?

May be beautiful and yet
What's too painful to remember
We simply choose to forget

So it's the laughter
We will remember
Whenever we remember
The way we were

So it's the laughter
We will remember
Whenever we remember
The way we were

I know what I want to present tonight.

However.  I believe I mentioned my Father is very ill.  We have out of town guests at the house and I don't want to be rude and excuse myself.


I'll compose what I want to present, but, it will be after things settle down around here.

Until later.

See, for me it is all about money. Wall Street money.

So, let's see.  Bush ignites the flame that burned in the housing market by a bill passed in ? 2001 ? that appropriated $8.1 billion.  I think that was the deal.  The bill was to finance first time home  buyers that were paying rent and employed in one way or another.  It was supposed to take a 'rental lease' and turn it into a 'mortgage payment.'


So, fast forward to 2008.

The Wall Street investment banks eventually bought BUNDLES of mortgages without really documenting their purchase, that translated to an understandable partner with the person paying the monthly mortgage. 

They basically gave each other permission to break the law and streamline transactions only to have "Hank," Treasury Secretary, cut a 'real deal' in DC to get them off the hook so they couldn't be FINED or IMPRISSONED. 

Not bad.

The idea was to somehow 'bailout' all the investors that were watching the housing market grow in leaps and bounds, knowing appraised values would eventually plummet.  In bundling the mortgages the investment banks thought they could shield themselves from financial hardship. 

You know, so what if a few of every 100 mortgages failed, the profit would still 'be there' so long as they all didn't fail.