Wisdom Succumbs to Wise Guys

It is difficult to imagine anything more obvious than splitting the risk taking core model of Wall Street from the risk averse core model of banking. The dilution of Glass-Steagel over the years and its eventual repeal is exactly how we got into this mess. Coupling that with deregulation and non-transparency created a context in [...]

Don’t Get “HAMP”ED Out Of Your Home!

By Walter Hackett, Esq.

The federal government has trumpeted its Home Affordable Modification Program or “HAMP” solution as THE solution to runaway foreclosures – few things could be further from the truth.  Under HAMP a homeowner will be offered a “workout” that can result in the homeowner being “worked out” of his or her home.  Here’s [...]

From July CNN: Merrill and Others Knew they were selling junk at Triple AAA ratings

securities consultant says Merrill Lynch knew or should have known the securities they brought to market where overrated (From her website: “She wrote the first letter the SEC posted in February 2007 in response to its proposed rules for the credit rating agencies; she made the case that the NRSRO designation for the rating agencies [...]

American Meltdown: 3AM or 8PM—Emergency vs Urgency

Thomas Friedman, in Michael Moore -like frankness, doesn’t make a case, create a sound bite, or try to get elected. Here he simply tells the facts. 
If all Americans could compare Berlin’s luxurious central train station today with the grimy, decrepit Penn Station in New York City, they would swear we were the ones who lost [...]

Mortgage Meltdown Still in Progress and Getting Worse

 

Somehow, the housing trouble has to at least flatten out. As long as that is going on, I think the pressure on the credit system is going to persist. It is kind of the leading indicator. It is where the trouble started. We have to underpin the consumer. That is why this is different. That [...]

Mortgage Meltdown and Credit Crisis: News and Comment 4-2-08

U.S. economy in ‘very difficult period,’ Bernanke says

By Greg Robb
Last update: 9:30 a.m. EDT April 2, 2008

WASHINGTON (MarketWatch) – The outlook for U.S. growth has worsened since January and the possibility of a recession can’t be ruled out, Federal Reserve Chairman Ben Bernanke said Wednesday. “It not appears likely that real gross domestic product will [...]

Mortgage Meltdown: A New Perception of Risk Changes American Economics

Whether Krugman is right in today’s New York Times, predicting a massive bailout between $450 billion and $3 trillion at taxpayer expenses, or the “free marketers” have their way and let everyone collapse, or some people finally get it and move toward a consensus of policy that forgives everyone their transgressions but keeps them in [...]

Mortgage Meltdown: J Pierpont Morgan, Where Are You Now?

Bear Stearns Deal and What it Means
In the absence of someone filing the leadership vacuum now, we must use the rules of civil procedure to slow down the foreclosures, evictions and bankruptcies. We need breathing room if we are to avoid a depression, or if one is coming anyway, to at least keep it as [...]

MORTGAGE MELTDOWN REMEDY: SEND THIS NOW TO YOUR STATE SUPREME COURT AND LOCAL COURT SYSTEM

The problem for homeowners is that however many ideas are put forward they won’t be effective in time to save most people, they won’t be in time to save the economy, and they won’t be in time to save our currency from further wrenching devaluation. It is the fierce urgency of now that cannot even [...]

Mortgage Meltdown Movement: Start Now, Obama

OBAMA MOVEMENT IS LAST CHANCE FOR ECONOMY AND HOMEOWNERS.

CHANGE THE RULES OF CIVIL PROCEDURE REGARDING FORECLOSURES OF ALL TYPES.
As we have have repeatedly pointed out, there is no time for stimulus packages, legislative bailouts, or executive orders. 
The evidence is mounting because [a] the situation is as bad as it looks and it is getting worse [...]