The ink on the legislation is still drying and, already, the mortgage mill industry is trying to gut the little things that might help to hold them accountable for their bit part in the complete economic collapse of this nation:
Oh, it's just that Collins guy mouthing off again.
Actually, I was far too easy on Congress yesterday in Lawless Nation - Congress.
Here's why: HR 3808 The Interstate Recognition of Notarizations Act of 2010
The bill is the response to the events outlined in a story that Numerian scooped on foreclosure problems. The banks are in big trouble. They failed to follow the law and rules in handling mortgages. Instead of foreclosing on home owners, those upside down and under water can consider strategic defaults on the mishandled notes. Legal efforts have reached a point where there's a "tsunami of legal action against mortgage servicers" as Tyler Durden calls it.
The kings and queens of the real world monopoly (and 10 digit welfare checks) are walking away from their million dollar homes now. Via Balloon Juice:
I can’t wait to hear how Republicans try to pin this shit on black people and Fannie Mae and Barney Frank.
A little bit from the article - "Biggest Defaulters on Mortgages Are the Rich" - below the fold.
All the talk of a ‘jobless recovery’ going on gives me the heebie-jeebies. What bothers me is that people get left out of the equation. The economy becomes nothing more than Gross Domestic Product (GDP) on the idea that if it goes up, things get better for everyone. A rising tide floats all boats sort of argument.
Somehow, I suspect, that’s related to ‘trickle down,’ even though the water’s going in different directions.
originally posted 2009-04-12 21:29:02 -0500, bumped by carol
Elizabeth Warren was appointed chair of a newly created Congressional Oversight Panel (COP), which is charged with keeping tabs on the $700 billion bailout of the financial sector - including Troubled Assets Relief Program (TARP).
Warren however, has had some "Trouble" getting straight forward answers ... as she explained to the Boston Globe:
By Elizabeth Warren -- April 12, 2009
Elizabeth Warren: There's a major problem and a minor problem. The minor problem is documentation. I've spent four weeks now looking for someone who can give me the details of the stress test so that we can do an independent evaluation of whether the stress test is any good.
We get: "someone will call [you] right back." Only the call doesn't come. The major problem is ...
After Evicting thousands of Families in the last year, and enduring many gut-wrenching episodes, at the bequest of the Big Banks -- Illinois Sheriff Tom Dart, finally said:
Rachel Maddow thanks Tom Dart
Promoted. -- GH
Now she has the time to Grieve for her Son, Killed in Iraq only a short time ago, Her Reality!!
I was just sent the following:
Friday was an historic day. At 11am, Jocelyne Voltaire was scheduled to lose her home in Queens Village, the home she had lived in for the past 20 years, the home where she raised her four children. Unable to keep up her skyrocketing mortgage payments, Jocelyne watched in horror as her home was put on the auction block. This amazing video clip by American News Project brought Jocelyn's plight to our attention.