• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    blueberry on Serial: Yes, innocent people i…
    Monster from the Id on Serial: Yes, innocent people i…
    Monster from the Id on Serial: Yes, innocent people i…
    katiebird on Serial: Yes, innocent people i…
    r u reddy on The Neuroscience of Creat…
    riverdaughter on The Neuroscience of Creat…
    Mr Mike on The Neuroscience of Creat…
    katiebird on The Neuroscience of Creat…
    riverdaughter on The Neuroscience of Creat…
    Sweet Sue on The Neuroscience of Creat…
    riverdaughter on The Neuroscience of Creat…
    Bob Harrison on The Neuroscience of Creat…
    katiebird on Who could have predicted?…
    katiebird on Who could have predicted?…
    Mr Mike on Happy Hanukkah!
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama big pharma Bill Clinton Chris Christie cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean Joe Biden John Edwards John McCain Jon Corzine Karl Rove Keith Olbermann Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare occupy wall street OccupyWallStreet Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    December 2014
    S M T W T F S
    « Nov    
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • Exchange Rates 101
      In light of the collapse of the Ruble I think it’s worth revisiting what controls exchange rates. Supply and Demand. Yeah, if you know something about the subject you’re probably shaking your head. Supply and Demand doesn’t set prices in many cases in the way that an Economics 101 course tells you. Such texts will [...]
  • Top Posts

Bipartisan BOHICA



Every time you hear how “the Republicans are worse” you should think about this story from Moneynews:


A bill that homeowners advocates warn will make it more difficult to challenge improper foreclosure attempts by big mortgage processors is awaiting President Barack Obama’s signature after it quietly zoomed through the Senate last week.

The bill, passed without public debate in a way that even surprised its main sponsor, Republican Representative Robert Aderholt, requires courts to accept as valid document notarizations made out of state, making it harder to challenge the authenticity of foreclosure and other legal documents.

The timing raised eyebrows, coming during a rising furor over improper affidavits and other filings in foreclosure actions by large mortgage processors such as GMAC, JPMorgan and Bank of America.

Questions about improper notarizations have figured prominently in challenges to the validity of these court documents, and led to widespread halts of foreclosure proceedings.

The legislation could protect bank and mortgage processors from liability for false or improperly prepared documents.

The White House said it is reviewing the legislation.

“It is troubling to me and curious that it passed so quietly,” Thomas Cox, a Maine lawyer representing homeowners contesting foreclosures, told Reuters in an interview.

A deposition made public by Cox was what first called attention to improper affidavits by GMAC.

Since then, GMAC, JPMorgan and others have halted foreclosure actions in many states after acknowledging that they had filed large numbers of affidavits in which their employees falsely attested that they had personally reviewed records cited to justify the foreclosures.

Cox said the new obligation for courts to recognize notarizations of documents filed by big, out-of-state companies, would make it more difficult and costly to challenge the validity of the documents.

[…]

“Constituents” Pressed For Passage

After languishing for months in the Senate Judiciary Committee, the bill passed the Senate with lightning speed and with hardly any public awareness of the bill’s existence on Sept.27, the day before the Senate recessed for midterm election campaign.

The bill’s approval involved invocation of a special procedure.

Democratic Senator Robert Casey, shepherding last-minute legislation on behalf of the Senate leadership, had the bill taken away from the Senate Judiciary committee, which hadn’t acted on it.

The full Senate then immediately passed the bill without debate, by unanimous consent. The House had passed the bill in April.

The House actually had passed identical bills twice before, but both times they died when the Senate Judiciary Committee failed to act.

Some House and Senate staffers said the Senate committee had let the bills languish because of concerns that they would interfere with individual state’s rights to regulate notarizations.

Senate staffers familiar with the judiciary committee’s actions said the latest one passed by the House seemed destined for the same fate.

But shortly before the Senate’s recess, Judiciary Committee Chairman Patrick Leahy pressed to have the bill rushed through the special procedure, after Leahy “constituents” called him and pressed for passage.

The staffers said they didn’t know who these constituents were or if anyone representing the mortgage industry or other interests had pressed for the bill to go through.

These staffers said that, in an unusual display of bipartisanship, Senator Jeff Sessions, the committee’s senior Republican, also helped to engineer the Senate’s unanimous consent for the bill.

Neither Leahy’s nor Session’s offices responded to requests for comment Wednesday. (emphasis added)


Hey Mr. Leahy! In the immortal words of Richard B. “Dick” Cheney:



“Go fuck yourself!”


To which I add “And the donkey party you rode in on!



_____________________________________________
UPDATE:

(From WCMB in the comments)

They are obfuscating because the problem isn’t the foreclosures themselves. The problem is all the mortgage-backed securities that spun off of those original notes – all the “side bets” that leveraged the original mortgage up to many multiples of the first note. Those are sitting on the big banks’ and hedge funds’ fake balance sheets of “assets” like big ole stinking turds.

The law required due diligence, and that non-performing loans did not get bundled into those “assets”. And the banks all winked and nodded and proceeded to pile garbage by the truckload into those “baskets” of derivatives, not bothering with the paper trail that was legally required. They were making money hand over fist on this Ponzi scheme, and figured they would never get caught because the housing bubble would never pop.

It’s not the foreclosures that will blow the whole thing sky high, it’s the side bets. Hillary knew this, which is why she wanted to actually unwind the MBS market, identify the toxic assets, and put them in a federal “bank”, a separate “pile” to isolate them from the rest of the system. Isolate them FIRST, leaving the banks healthy, then make decisions as to solutions for the toxic pile.

Our corporate govt is going to write a law, give a waiver, whatever they have to do to make sure that all that shaky leverage the banks took on is never exposed. Because if the banks are forced to take their real losses, many of them implode immediately.

The 700 billion bailout did NOTHING to clean up their balance sheets. Not one goddamn thing. They are as insolvent in reality as they were when this shit started, no matter what their fictional balance sheets say.

Making them eat their losses in a structured, organized way, with some help from the treasury so that the whole system didn’t go down, would have been a difficult time for the economy. It would have sucked for the country. But we would have come out of it with clean accurate balance sheets and a solid foundation to rebuild.

Instead, we spent 700 billion papering over the theft, only to wind up now right back where we started, with the rot still lurking there underneath, threatening at any moment to go kaboom once again.


Open Thread: John Nichols Smacks Down “Whiner in Chief”

Please don't hurt my feelings!

Please don't hurt my feelings!

This morning at The Nation John Nichols sternly reprimands the Obama administration for its attempts to control “left of left” bloggers with humiliating “off the record” remarks from anonymous administration sources, as well as its childish “war” with Fox News Network

Nichols writes:

…before the president and his inner circle go all Spiro Agnew on us, they might want to consider three fundamental facts regarding relations between the executive branch and the fourth estate

Next, Nichols discusses three main points about WH-media relationships: 1) media outlets have always been partisan; 2) “Presidents are supposed to rise above their own partisanship”; and 3) Obama is asking for trouble by “trying to ‘whip’ relatively like-minded” media sources “in line.”

Here are few salient exerpts from Nichols’ pithy piece:

Fox hosts do go overboard in their savaging of Obama and the Democrats — sometimes ridiculously so. But their assaults on the president are gentle when compared with the battering that Benjamin Franklin Bache’s Philadelphia Aurora administered to John Adams (appropriately) or the trashing that Colonel McCormick’s Chicago Tribune gave Franklin Roosevelt (inappropriately).

Obama should be better than [Dick] Cheney. But aides are not helping the president prevail in what ought to be an easy competition.

Cheney saw newspapers such as The New York Times and news channels such as CNN as little more than branches of his Democratic opposition.

…bloggers should…take [WH] criticism as confirmation that they are right when they suggest that this administration is increasingly out of touch with the progressive base that secured Obama the Democratic nomination and ultimately propelled him to the White House.

The fact is that the results of the 2008 election did not reveal “a closely-divided country.” Obama arrived at 1600 Pennsylvania Avenue with the most muscular mandate accorded any Democrat since Lyndon Johnson’s 1964 landslide.

Please read the whole thing, and then come back here and discuss.

digg!!! tweet!!! share!!!

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to FurlAdd to Newsvine

Add to: Facebook | Digg | Del.icio.us | Stumbleupon | Reddit | Blinklist | Twitter | Technorati | Furl | Newsvine

Follow

Get every new post delivered to your Inbox.

Join 472 other followers