Here’s more bad news...
ALERT: Casus Belli - Ex-Post-Facto Law!
http://market-ticker.org/akcs-www?post=171940
Now for those of you who think the Banks can do no wrong this isn’t just all about people who did not pay their mortgages this is also about people who were taken for a ride on the pensions/401k’s, etc. by these banks (lets also not forget as a taxpayer you are also paying the price!)
Snippet...
WHERE ARE THE INDICTMENTS?
Matt Taibbi blows the door off the entire Foreclosuregate scam with yet another article.....
In one case handled by Jacksonville Area Legal Aid, a homeowner refinanced her house in 2005 but almost immediately got into trouble, going into default in December of that year. Yet somehow, this woman’s loan was placed into a trust called Home Equity Loan Trust Series AE 2005-HE5 in January 2006 — five months after the deadline for that particular trust. The loan was not only late, it was already in foreclosure — which means that, by definition, whoever the investors were in AE 2005-HE5 were getting shafted.
Why does stuff like this matter? Because when the banks put these pools together, they were telling their investors that they were putting their money into tidy collections of real, performing home loans. But frequently, the loans in the trust were complete ****. Or sometimes, the banks didn’t even have all the loans they said they had. But the banks sold the securities based on these pools of mortgages as AAA-rated gold anyway.
Continue http://market-ticker.org/akcs-www?post=171936
Denninger is great.
The best part of his critique of the Taibbi article is the last two paragraphs of your second link...
$nip>
We're beyond Banana Republic stage - this is well into the realm where the looters are now employing as many hired guns as they can find in a puerile attempt to cover their tracks and continue to cover up the original looting with more looting!
The only remaining question is why the public sits still for this obviously outrageous behavior, and when we will see the general public rise off their couches, turn off Dancing With The Stars, demand that this crap stop and the institutions involved be shut down and broken up with their executives subject to investigation, prosecution and imprisonment.
$nip>
Happy Veterans Day to all those who have served are country and those that continue to do so!