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By: hsvkitty Tue, 13 Sep 2011 02:56:10 +0000 I had a huge post… but the site reloaded as I wrote, luckily for all of you… but most of it was just disgust for the 2 bankers (Danny Black retired and Y2kurtus who is a banker at a small “honest” bank) and their duplicity.

Black is praising MERS, which hid most of the mortgage securitiztion mess. It is a computer program, Danny, not an entity… but typical of you to praise how it “streamlines.” There were also vast numbers of notes not properly conveyed.

…And Y2k says it is necessary for banks to break the law in order to oust the owner expediently by whatever means possible.

There is no longer a justice system in America. It and the Government seems to have been captured by the bank.

Thank Goodness for Credit Unions!

Here is an excerpt from the book, The Monster: How a Gang of Predatory Lenders and Bankers Fleeced America, and Launched a Global Crisis

By: intrigue Mon, 12 Sep 2011 04:08:03 +0000 It can’t be said that Fannie and Freddie were completely innocent though . . . didn’t they themselves package bonds into similar securities in the early 2000s(which they are currently getting sued for by the SEC?)How could they not know the risk of the securities that they were buying from private banks when they had been manufacturing similar bonds only years earlier? I sympathize for individual investors that were mislead, but not fannie and freddie. Am I off base?

By: Danny_Black Thu, 08 Sep 2011 14:54:41 +0000 By the way you know the FHFA wrote a press release specifically because idiot journalists were misrepresenting the case: itStatement9611.pdf

via Alea.

By: QJOA Wed, 07 Sep 2011 06:57:41 +0000 I’ve just learnt that to talk about the Statute of Limitations for Fannie and Freddie, there is a specific Law written in 2008. (see page 91, under “statute of limitations” in the 2008 law)  /HERA/HousingandEconomicRecoveryActof20 08-asenacted.pdf
It’s not true that the lawsuits were filed because the Statute of Limitations expires three years after Conservatorship, because all the securites sued were originated after September 2, 2005, therefore the clause (II) should apply.
The Law says “ in the case of any tort claim (fraud), the longer of:
(I) the 3-year period beginning on the date on which the claim accrues (the day Conservatorship began); or
(II) the period applicable under State law.”

And the longer period for securites issued after September 2, 2005 is clause (II): the period applicable under State law (6 years since the MBS was issued), not clause (I) as the press continues to say.

The clause (I) should apply if there was a security issued before September,2005, because the longer the period would have been the 3-year anniversary of Conservatorship.
But there aren’t securities issued before September 2005 sued. All those fraudulent securites, because of the statute of limitiations in the 2008 Law, now can’t be sued because we will be 3 years after Conservatorship on Thursday!! Neither the clause (I) nor (II) can be applied after 3-years of Conservatorship.
We know that the bad mortgages were originated from 2004-2007.
The FHFA has just one day left to file the lawsuits in court for the fraudulent securities issued before September 2005. The FHFA must do its duty.
Could you please investigate this issue?

By: CrazyMajority Tue, 06 Sep 2011 16:31:32 +0000 First of all, I don’t think anyone will ever convince me to feel sorry for Fannie and Freddie. If there was ever an entity that should have been able to analyze what they were buying, it was these two. Second, it is obvious in retrospect that subordination levels and correlation assumptions were too low, but investors were buying into those assumptions too at the time. Finally, while I recognize the unstoppable impulse to impose new regulations after a crisis, I think the pace and ambiguity is an embarrassment. I have always felt that the blame for the housing bust could legitimately be placed on almost all parties; originators, packagers, investors, regulators, rating agencies, homebuyers, etc. Time to stop crippling the banks!!!