Mortgage Crisis

Time Magazine: The Truth About The Bail Out

Forbes, just yesterday, let the truth slip out about how the bail out would artificially keep your cost of living higher. Today, Time Magazine tells you to your face the facts about a bail out:

Let Risk-Taking Financial Institutions Fail
By Ari J. Officer and Lawrence H. Officer

Follow the money. Average Joes and Janes are not the holders of the other side of complicated, over-the-counter derivatives contracts. Rather, hedge funds are the main holders. The bailout will involve a transfer of wealth — from the American people to financial institutions engaging in reckless speculation — that will be the greatest in history.

Rescuing financial institutions is not the best solution.

Information and facts are the only things that will protect you from any attempts by the government to take your money and hand it over to the support the lavish lifestyles of these corrupt, reckless and foolish bankers.

Bailing Out the Oil and Energy Markets

I know you just got whiplash saying "WTF???" when you read that title BUT...

You do realize we are talking about bailing out the OIL and ENERGY MARKETS too?

Did they mention the hand outs to these criminal bankers would have you paying for it at the pump? Or for the food you eat? Your electric bill? Oh... They didn't mention that part to you, did they?

As the Fed prints more money from their magical money tree and bails out these banks there is a legitimate concern with people's investment portfolios... BUT there is a huge flip side to this Bush league manufactured crisis that comes in higher prices for real things you need everyday (not scraps of paper with zero value designed to make bankers rich on commissions) coupled with a devalued dollar.

On re-registering to vote after foreclosure in Connecticut

I had figured, based on previous attempts, that it would be relatively easy in this town even if New Milford, CT used to be a very "red" part of Connecticut. This town actually voted for Lamont instead Joe neocon Lieberman in the last election... Just to give you an idea how it may have changed recently.

As for actually re-registering after our foreclosure, it was as hassle free and simple as filling out some paperwork out front of one of the local grocery stores. Local libertarians had set up a voter registration booth there on a busy afternoon.

Countrywide legal troubles growing exponentially

Legal problem after legal problem getting piled higher and deeper for Countrywide in the last couple of weeks...

Countrywide Chairman and CEO Angelo Mozilo might just be in some very big trouble:

SEC Begins Formal Probe Of Countrywide
The Securities and Exchange Commission escalated its scrutiny of Countrywide Financial Corp. into a formal investigation, according to a regulatory filing by Bank of America Corp.

The document didn't specify what aspect of the lender the SEC's probe is focused on, although regulators launched an informal inquiry into Countrywide Chairman and CEO Angelo Mozilo's stock trades last fall.

Representatives for Charlotte, N.C.-based Bank of America and Countrywide declined to comment beyond the filing Friday.

Please note the privacy issue story at the end of this because Countrywide's legal troubles just keep getting piled higher and deeper:

Bank Lobbyist Serves as Advisor to McCain on Mortgage Crisis Policy

Yet another lobbyist problem for McCain:

Republican presidential candidate Sen. John McCain’s national campaign general co-chair was being paid by a Swiss bank to lobby Congress about the U.S. mortgage crisis at the same time he was advising McCain about his economic policy, federal records show.


Olbermann reported on this story Tuesday night, noting that Gramm served "as a lobbyist dealing specifically with legislation regarding the mortgage crisis as recently as Dec. 31, 2007."

If you are currently stuck in a foreclosure battle...

usually roxy's day for the site, but she's off, so I am stepping in to promote -- cho

Do you think the judge should know about this:

Yesterday, the FBI disclosed that it has launched criminal investigations against 17 companies “in the fallout of the subprime mortgage collapse.” Two Justice Department officials have confirmed that Countrywide Financial is one of the companies under investigation.

Ya know... Courts might not want to be rushing to judgments in these foreclosure cases.