Geithner’s former Bank of New York still refuses to release data concerning the banking bail outs. Just like Bernanke hid the M3 data from us, the super-secretive, privately owned central bank that took over the US Treasury work, will not tell us a thing because they don’t fall under the FOIA rules! Time to close down the Fed, right? And the housing bail bill is attracting zillions of dead beats, many of whom refinanced their homes only 2 to 3 years ago. They want even more, cheap money. They will bankrupt America.
The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.
The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast “a stigma”
on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.
HAHAHA. What is this, the Catholic Church? Are they afraid of being a bunch of St. Theresas, with blood oozing all over? I recall, when Bernanke blasted a hole in the side of the Federal Reserve, he claimed, this ‘window’ was to be ‘tested’ to see if it might cause a ‘stigma’ and if not, then we would survive this ‘experiment’ and the banks would be ‘in a comfort zone’. This comfort zone is them raiding the public purse and the Treasury.
This is why Giethner was put in charge of the Treasury: to finish the theft. These guys love to have us believe they are shy nuns who need to be protected from public viewing. Well, NOT ON OUR DIME, buddies! I want all the names and numbers.
The bank provides “select members and staff of the Board of Governors with daily and weekly reports” on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a deposition for the Fed. The documents “include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.”
Well, put me and a host of other investigators on this list, dear lady! Susan is a nice tool, isn’t she? How many Madoffs has the PDCF bailed out? And how much did these DEADBEATS get? And how much is moving offshore to pirate coves?
The Board of Governors contends that it’s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn’
t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.
Trade secrets??? HAHAHAHA. The secret is easy to spot: how do the bankrupt investment bankers loot the Treasury? These documents show clearly, who owns the Federal Reserve and how they are looting the future tax base so they can be richer. Arrest them all.
This is just too ridiculous. I keep saying, banking is magic. The magicians work on a stage where we can’t beat them to death if they screw up their magic acts. There, they control the lighting so they can plunge the stage into the darkness and move things around. Like the St. Theresas in the Catholic Church, they can claim the bloody wounds were not self-inflicted or they could float on air like a balloon via magical powers.
The magicians need darkness and the occult powers to get rich. If we can pry into their affairs, they are often exposed as frauds. Note all the fraud cases pouring out of this economic collapse caused by these criminals! As far as I am concerned, until we get to the bottom of this, we must assume that all bankers and brokers are criminals. Until we can sort out who is truthful and honest, this collapse will worsen.
Unfortunately, these same people have thoroughly corrupted our political system. They own our politicians who pretend to be angry about all this but are really scared rabbits trying to hide in holes. They hope to fix this with a flood of funny money. From top to bottom, the flood of funny money is like the Heavens opening up in a god-driven deluge.
Vash said it took him hours to break through Countrywide’s recorded message yesterday on an 800-number. The message said Countrywide would contact the borrowers it thinks it can help, Vash said. Undeterred and unwilling to wait, he started calling Countrywide branches.
“I finally spoke to a Countrywide representative and he said ‘call back tomorrow’ because their systems were down,” Vash said. “He couldn’t even pull up my data. . . . I’m sweating bullets here. If I can’t get through, and at the very least process an application, I could lose my house.”
Millions of people who thought their homes were ATM money machines are frantic for more funny money because they are all even deeper in debt now and need to be bailed out at the expense of people who didn’t go deep in debt. Many of these deep in debt homeowners didn’t buy new houses. They ran up debts on their houses they were paying off so they could do other things. They jumped into the debt pool deliberately so they could install swimming pools, for example.
I saw an ad on TV from a bank that showed a house. Then, the roof was lifted off and a swimming pool was taken out of the house and put in the yard. ‘You have a vacation, a swimming pool or a new kitchen right inside your house!’ said the happy voice. Why should we bail out a bunch of losers who fell for this scam? They get to learn life’s many harsh lessons and perhaps, like me, live for ten years in a tent. Then we arrest the bankers who made these commercials.
Administration officials say the plan, the details of which were released Wednesday, is intended to help as many homeowners as possible and could prevent three million to four million foreclosures through loan modifications and help four million to five million through low-cost refinancing.
But it does little for borrowers who have had significant jolts to their income, or who owe more than their home’s value on loans that exceed $729,750. In boom-and-bust housing markets like Florida, Las Vegas, Phoenix or California, where values have fallen 30 percent to 40 percent, the plan leaves many in homes they cannot afford —some because they borrowed recklessly, others because they were buffeted by the market swings.
About 20 percent of the country’s 50 million mortgage holders owe more than 105 percent of their house’s value, and so do not qualify for refinancing under the plan, according toJ.P. Morgan.
“The refinance portion of the plan is set up so it provides the least help for the people who need it most,” said Christopher J. Mayer, a professor of real estate at the Columbia Business School. “We’re missing an opportunity to help many more Americans.”….
J.P. Morgan estimates that the loan modification plan will prevent 600,000 to 2.6 million foreclosures, depending on how liberally banks modify mortgages and how many borrowers default again.
So, we are bankrupting all of America to bail out less than three million debt fiends? Great. What a great deal. Of course, the money we are throwing away in this pit is small compared to the military imperial money we are draining into the sands of Iraq or the mountains of Afghanistan. But if we try to bail out all the debt freaks in the US, we will end up losing even more money than ALL our wars in the past! This is hopeless.
The magicians who created these loans OUT OF THIN AIR tried to reach infinity. Now, we are seeing if our government can borrow to infinity, too! This is madness. Sometimes, we have to ‘bite the bullet’ before the Chinese put a bullet in the back of our silly heads. We have to ‘pay the piper’ who is the demonic Pied Piper who takes our children’s lives. If we don’t pay him, he kills.
We have to put our shoulder to the grindstone and labor hard. We have to sweat bullets, we have to right what is wrong and fixing things is never easy. Preventing the destruction of things we need is better than running things in high gear until they break. Fixing messes caused by magicians is particularly hard since this is all very magical and magic things vanish in a flash. We think that money is coming out of our ears as the magician flicks his fingers and a coin appears. But he is really picking our pockets while distracting us with this magic trick.
For Mr. Moussa, the road toward foreclosure has been precipitous. He bought his home in 2005 for $2.24 million, with a down payment of more than $500,000, and monthly payments of $4,000 for the first year. But as California real estate prices plummeted, his house’
s value fell to about $1.1 million, he said. Then his income dropped by half….
People who buy mansions in particular, need to be wary. This is a typical case: a guy who thought money would pour into his silly lap forever, took on obligations that depended on an ‘up-up-up’ economy. Now, he is over-extended. And I bet, he was born overseas, too. Now, this reckless clown wants ME to take on 100 years of future debts to pay off his bets? DROP DEAD, BUDDY.
I once lost $100,000 in real estate. Cash, not debts. I bit the bullet and went on with my life. No one bailed me out. I didn’t stay in a mansion. I moved into a TENT. Got that, Mr. Moussa? You can go live in a tent in your home country. It will teach you a good lesson. You might even prosper again.
For Mark Klepper, 50, who lives in Miami, buying a big house was a way to establish credit to start a business. In 2004 he bought a home for $585,000, and watched its value rise to $1.4 million. After refinancing twice, he owes $1,064,000. But the home is now worth a little more than he paid for it, and his income has fallen by 40 percent. He stopped paying his mortgage in January. If he were to continue paying, he said, the drain would crush his business. The government’
s plan does not help him.
This is an even bigger fool. He overbought so he could go deeper into debt???? This guy didn’t have credit in the form of savings, to start a business? He wanted to start his business by going deep into debt???? THIS IS INSANE! If one doesn’t have ‘capital’, then one should not try to start a business requiring lots of capital unless one sells shares. This guy didn’t do that. He simply used bank debts to start a business. So he ran up his home debts to do this.
This was always very dangerous. In the Victorian era, many a bank bubble popped due to people using their homes to fund their businesses. Worse, they didn’t do this and when their businesses went bust, they lost their homes, anyway.
“I feel if there’s a plan out there, there shouldn’t be a limit,” Mr. Klepper said. “If the government is helping these lenders, they need to take some principal write-downs.”
YIKES! This guy wants ‘no limits’ so this dead beat FOOL can run up immense debts so he can get rich? Drop dead! I am under no obligation to fund his business ventures. Bankrupting America so this idiot can borrow infinite money is insanity. And his attitude is exactly what is wrong today and why America has to endure a collapse. This seems the only way to teach us how to behave.
We cannot have a ZIRP system that also floods the markets with free funny money! It is impossible. This is the road to Zimbabwe-levels of ruin. The balancing of the books is painful but has to be endured. We have to experience this so all the weepy idiots who are in the news, demanding we save them so they can continue to live in mansions, should end. These dead beats should crawl under a rock and die from SHAME.
This the the ‘moral hazard’ business: if we don’t punish everyone who overspent or went deep into debt for fun, then we won’t survive as a nation, a people or a society. Like the Octamom in bankrupt California deliberately implanting all those babies so she could then demand a big mansion and some big cars while not working, these people think they can do as they please and then, when caught in their own webs of destruction, demand that I and other solvent people bail them out.
HOUSING PRICES MUST DROP. They were much too high. Renters had to pay higher and higher rents because of the high housing prices! And housing needs to come down for everyone’s sanity and sakes. Homes shouldn’t be an immense drain on our incomes. They are merely places where we must live.
Posted in Stories with tags bryan jung, bubble, case-shiller, cram-down,debt, equity, equity loan, foreclosure, foreclosures, homeowner, housing bailout, housing bubble, lawrence summers, mortgage, mortgage income tax deduction, mortgages, refinance, refinancing, renter, renters, renting,timothy geithner on March 1, 2009 by marcitzTell us a story about a Really Fucked Homeowner (RFHO) (deadbeat neighbor, relative or something you read) who got in over their head and share it with others so we can get rid of the pro homeowner bias in the United States. Also please post this on other blogs and comments to articles. Read on to see why…
Homeownership is the “American Dream” – or is it YET another bubble? I’m an invisible renter (politically, financially and socially all renters are) who decided it wasn’t part of my “American Dream”yet society continues to lionize the homeowner at the expense of the renter.
An amusing site. Enjoy.
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