It’s Time for Sharia Law for Bankers

So how’s that deregulated, free-market banking industry working out for ya’? If you’re one of the saps who can’t pay your mortgage – in many cases because of the financial crisis wrought by crappy loans from crappy banks on stupid bets – not so good.

Apparently, the nation’s largest banks can’t figure out how to properly foreclose on homes. Although, you’d think they had enough practice to do it in their sleep.

Oops, I forgot. These are the financial wizards who claim the collapse was a huge surprise to them. The ones who’ve claimed foreclosure is the “moral” thing to do. The ones who break into homes to change locks before the home is even in foreclosure.  I guess the light from their sky-high bonuses blinded them to reality and civil behavior.

Robbie the Robo-Signer
In a demonstration of the alleged efficiency of the private sector, Bank of America and others used “robo-signers” – people who sometimes sign as many as 6,000 foreclosures a week -  to OK them without even looking at the paper work. The problem has reached such epic proportions B of A has decided to stop all foreclosures until they can get their house in order. Several other banks are set to join them soon.

Harry Reid’s (D-Dipshitvada) response was to “thank Bank of America for doing the right thing” – which is like thanking a drunk driver for only maiming you because he hit the brakes and would’ve otherwise killed you.

Closer to the proper analysis is Tom Domonoske, a lawyer and consumer advocate in Virginia. Domonoske says the foreclosure experience is much like the predatory lending schemes that tanked the economy. “It’s the same process, falsifying documents to make them look acceptable to someone. They’re falsifying foreclosure documents so judges will look at them and say, ‘Here’s an affidavit. It’s signed.”

All the worse is that a bipartisan bill (finally bipartisanship!) making foreclosures much more difficult on homeowners comes across the President’s desk soon. He promises to veto it.

It’s not that there isn’t plenty of blame to go around for this mess. Many homeowners stupidly took on more debt than they could pay or believed slithery predatory lenders when they said being in debt ass over teakettle was all the rage. “Hey, it’s trendy! Everybody’s doing it!”

Wing-Tipped Wolverines
But despite the banks and government trying to foist the whole sad adventure onto the homeless and soon to be homeless, they look more like the super jackwads. Republicans never saw a regulation they liked. Bushbama never saw a regulation they’d enforce. And, Congress never saw a reason to nip these crapweasels in the bud during their “irrationally exuberant” phase. Everything had to collapse – something any mouse with a human brain saw coming long before it got here – for them to do anything.

And when they did something, it was to the banks’ benefit.

Here’s the thing. Government wouldn’t have to regulate banks (or any other industries) if the industries stopped doing stupid, disingenuous, and dishonest things. Most of the regulations we already have were put there to corner the wing-tipped bastards like wolverines in rut.

Now the answer everyone looks for is more regulation – regulation that gives the wolverines a nice feather bed to lay upon. We don’t need no more stinkin’ regulations, we need to enforce the ones we have…with extreme prejudice.

Since Sharron Angle thinks Sharia law is taking over the country, lets do Mohamed proud. Any banker caught breaking the rules should have his hand cut off for stealing and we should keep hacking body parts until they look like Monty Python’s blood-spurting knight.

That way, it’ll be a lot easier to run from them when they try to steal the shirt off your back.

Cross posted at The Omnipotent Poobah Speaks!

It’s Time for Sharia Law for Bankers

So how’s that deregulated, free-market banking industry working out for ya’? If you’re one of the saps who can’t pay your mortgage – in many cases because of the financial crisis wrought by crappy loans from crappy banks on stupid bets – not so good.

Apparently, the nation’s largest banks can’t figure out how to properly foreclose on homes. Although, you’d think they had enough practice to do it in their sleep.

Oops, I forgot. These are the financial wizards who claim the collapse was a huge surprise to them. The ones who’ve claimed foreclosure is the “moral” thing to do. The ones who break into homes to change locks before the home is even in foreclosure.  I guess the light from their sky-high bonuses blinded them to reality and civil behavior.

Robbie the Robo-Signer
In a demonstration of the alleged efficiency of the private sector, Bank of America and others used “robo-signers” – people who sometimes sign as many as 6,000 foreclosures a week -  to OK them without even looking at the paper work. The problem has reached such epic proportions B of A has decided to stop all foreclosures until they can get their house in order. Several other banks are set to join them soon.

Harry Reid’s (D-Dipshitvada) response was to “thank Bank of America for doing the right thing” – which is like thanking a drunk driver for only maiming you because he hit the brakes and would’ve otherwise killed you.

Closer to the proper analysis is Tom Domonoske, a lawyer and consumer advocate in Virginia. Domonoske says the foreclosure experience is much like the predatory lending schemes that tanked the economy. “It’s the same process, falsifying documents to make them look acceptable to someone. They’re falsifying foreclosure documents so judges will look at them and say, ‘Here’s an affidavit. It’s signed.”

All the worse is that a bipartisan bill (finally bipartisanship!) making foreclosures much more difficult on homeowners comes across the President’s desk soon. He promises to veto it.

It’s not that there isn’t plenty of blame to go around for this mess. Many homeowners stupidly took on more debt than they could pay or believed slithery predatory lenders when they said being in debt ass over teakettle was all the rage. “Hey, it’s trendy! Everybody’s doing it!”

Wing-Tipped Wolverines
But despite the banks and government trying to foist the whole sad adventure onto the homeless and soon to be homeless, they look more like the super jackwads. Republicans never saw a regulation they liked. Bushbama never saw a regulation they’d enforce. And, Congress never saw a reason to nip these crapweasels in the bud during their “irrationally exuberant” phase. Everything had to collapse – something any mouse with a human brain saw coming long before it got here – for them to do anything.

And when they did something, it was to the banks’ benefit.

Here’s the thing. Government wouldn’t have to regulate banks (or any other industries) if the industries stopped doing stupid, disingenuous, and dishonest things. Most of the regulations we already have were put there to corner the wing-tipped bastards like wolverines in rut.

Now the answer everyone looks for is more regulation – regulation that gives the wolverines a nice feather bed to lay upon. We don’t need no more stinkin’ regulations, we need to enforce the ones we have…with extreme prejudice.

Since Sharron Angle thinks Sharia law is taking over the country, lets do Mohamed proud. Any banker caught breaking the rules should have his hand cut off for stealing and we should keep hacking body parts until they look like Monty Python’s blood-spurting knight.

That way, it’ll be a lot easier to run from them when they try to steal the shirt off your back.

Cross posted at The Omnipotent Poobah Speaks!

Ruth Madoff Declared Homestead in Florida to Protect Herself From Creditors Before Scandal Broke

She's officially changed her primary residence to Florida, and as such she can declare an <span style="font-weight: bold;">unlimited</span> homestead on her $9.4 million home in Palm Beach.

This would protect this home against civil litigants, though I'm not sure what it would do against the Federal prosecutors who have already filed their intent to seize this home, though it clearly is now more difficult than their New York penthouse.

This is not surprising.  What is surprising is that the Feds haven't filed some sort of conspiracy charges over this, because if this were a drug case, they would have already done so.

on edit]I should have read the fine print more carefully, she, "applied for the tax exemption Sept. 18 and received it Jan. 12, according to the appraiser's office."

The scandal broke on December 10, which implies that someone behind the change in residence knew that the house of cards was collapsing, and made the move to save the house.

Cross posted from 40 Years in the Desert.

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Trust the experts?

Twelve to 18 months ago, the biggest problem in the real estate market was owners "trapped in their homes".

http://www.miamiherald.com/news/southflo rida/story/893769.html

"[T]he housing boom" of the past few years had an unintended effect on homeowner's tax bills. Because the rate of "increase in a home's assessed value" for property tax purposes was slower than the rate of increase in the home's market value, property taxes on long term homeowners were artificially low. Any long term homeowner moving or down sizing would face tremendous increases in property taxes on their new residence.

http://www.miamiherald.com/news/southflo rida/story/893769.html

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Kicking the Wall Street Habit

By Zach Carter, TMC MediaWire Blogger

As Barack Obama readies himself to lead the United States through what appears to be a scathing recession, he faces a choice between feeding the political sphere's Wall Street addiction and investing in economic progress. Two key former Clinton cabinet officials could determine which course he takes.

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