Credit Default Swaps

Flushing Out the Ongoing Bank Fraud and Financial Terrorism

The number of foreclosure filings hit a record high in the 3rd quarter: "Despite signs of broader economic recovery,
number of foreclosure filings hit a record high in the third quarter -
a sign the plague is still spreading."

And banks are keeping losses off the books as they ignore the people that are not paying their mortgages:

JUAN GONZALEZ: And William Black, where is the outrage? It
seems to me, at this stage, with the—as the foreclosures continue to
escalate in numbers, and yet we’re seeing these enormous profits less
than a year after the financial crisis. There doesn’t seem to be the
kind of outrage, even in Congress, that there was six months or eight
months ago.

WILLIAM BLACK: There’s no palpable outrage, certainly not
in Congress. The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from
the special interests.

Link the things that you’ve just been talking about. You talked
about foreclosures reaching record highs. But in fact, foreclosures,
relative to delinquencies, are quite low compared to historical ratios.
In other words, banks have tons of folks who are not paying their
mortgages on time, and they’re not foreclosing. And the reason they’re
not foreclosing is, once you foreclose, you have to recognize losses
under the accounting rules. And the banks gimmicked the accounting
rules. They put pressure on Congress, and Congress put pressure on the
accounting profession to gimmick the accounting rules now about a year
ago. Now, these bonuses, of course, are paid compared to alleged
profits.
What happens if you understate your losses dramatically? You
report much higher profits and much higher bonuses. So this is a web of
fraud, in which they are getting as much as they can before the place
goes to hell in a handbasket again.

Here we are neck deep in debt to pay off the gambling debts of the bankers and now they are completely ignoring their very real losses that are piling up at a record rate simply so they can keep the bonus money flowing into their own pockets:

The Dow is Up but Your House is Gone

So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.

But the good news is the Dow is up.

So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.

And what are these bankers with their Enron style accounting doing to help the homeowners that are on the verge of losing their homes? You can be certain that they are still out there offering ARMs to unsuspecting victims of their financial rape of the world.

And as for you? You get nothing but shafted:

Why do "Free" Markets, cost SO much?

If Free Markets are the supposed Engine of Growth,

Why do they always seem to lead to a "money grab",
a greedy "land rush", with the Tax payer ALWAYS picking up the Bill?

Why do the Rich, always manage to get richer?

While those who "play by the rules", just manage to get "pink slips" and foreclosure notices?

And an endless pile of Bills?

Hedging their bets -- about exactly WHO owns your Mortgage?

Promoted as jamess provides us with information that all of us need to know more about to help understand our current crisis - standingup

In the Olden Days (B.D. -- Before Deregulation)

1) you want to buy a House

2) you put 10-20% down and got a mortgage loan, after intensive scrutiny of your income and creditworthiness

3) you spend 30-years making monthly Mortgage Payments

4) you take Ownership of your Home, free and clear.

5) IF you fail to make Mortgage Payments, for 3 months or more, a Snidely Whiplash character would show up from the Bank, and promptly put you out on the street.

Fortunately (or unfortunately?) in these 21st century days of Investment Banks and Hedge Funds, riding herd in a "wild west" electronic economy with little to NO Oversight, you may still default on your Mortgage -- yet too often it seems, that No One really knows, exactly WHO owns your House, when you do ...