The derivatives will be activated. I just want to tell you why. Courts won’t keep acting this way forever, and when they stop, that will make the derivatives very, very important.

Does the Comptroller of the Currency really confuse notional value with actual dollar value, or is it Tauke?

“It gets worse. The equally-infamous credit-default swaps that bankrupted AIG will come roaring back with a vengeance as the foreclosure process grinds to a halt. Credit-default swaps are financial instruments called derivatives, which are assets with values determined by other assets. WHEN A MORTGAGE ISN’T REALLY A MORTGAGE, A DERIVATIVE BASED ON THAT MORTGAGE IS SUDDENLY CALLED INTO QUESTION. Banks own trillions in derivatives. They also own derivatives of derivatives. Amazingly, they even own derivatives of derivatives of derivatives. The total dollar value of all derivatives in the American financial system is listed by the Office of the Comptroller of the Currency at an absolutely incomprehensible $233 trillion. And much of that will simply vanish into thin air, crashing major banks into the ground.”

Can THIS be the real reason DOJ isn’t moving on fraudulent FC issues? Better to keep on screwing homeowners and destroying the middle class than crash the system.

THE USA needs to have an ethics taught in schools, because even the Robosigners are at fault for not knowing any mumbo jumbo legalese, such as what the term mortgage means, and for signing forged documents in other people’s names, when documents clearly state they are signing that they read all of the documents pertaining to the foreclosures. The banks hired people to forge… so do you throw them all in jail. (I say yes, there are people in jail who did less)

Felix, when I read the story , it was difficult to see any partisanship, because it was a bank bashing article. What I saw it was an indepth compilation of what I had been reading on many sites and I felt as though I was reading the truth. Is it a sign of things to come?

There does have to be a time when both sides come together for the people, because that is who vote them into office and who they are to be working for, but as we all know the money talks and lobbyists are what keep so many dishonest.

They did have a consencus…3808, the bill rushed through senate and congress even though it had been languishing for years. (BTW johnhhaskel, it is not passed yet as the President refused to sign and it was sent back)

“Interstate Recognition of Notarizations Act of 2010” doesn’t read likea fix. Perhaps because the notes had been electronically generated and traded around the cyber world, this act seemed like a good idea. (or perhaps was written to make a loophole? hopefully not)

I suppose if an electronic copy of the original note was given a dispensation for trading hands and felicitate trades, then they were probably going to make it stick as a fix, but how? It needed a signed notary and seal… Oh yeah… so did some of the other forged documents…

http://www.govtrack.us/congress/billtext .xpd?bill=h111-3808

The banks created the monster. Why should tax payers again be on the hook to bail them out?

Of course, there’s another solution – go after the banks, and bankrupt them for the phantom note MBS problem (if it is indeed a widespread problem)… does anyone view that outcome as highly likely? ($1.3B won’t cover it!)