Weekly News Wrap-Up 2.10.12
By Greg Hunter’s USAWatchdog.com
The big news, this week, was the $25 billion mortgage settlement with the five biggest banks in the country over allegations of mortgage and foreclosure fraud. It has been reported that $13.5 trillion of potential fraud is going uninvestigated and unprosecuted. This settlement is a travesty of justice and a total rip-off of America. This deal is being spun that delinquent homeowners are getting a bailout, refinancing and debt forgiveness and that it was the government’s fault because it forced the banks to loan money to people who couldn’t pay it back. I don’t think the government forced the banks to sell liar loans and package those loans into mortgage-backed securities, selling the toxic junk to unsuspecting investors.
Then, when it all blew up, I don’t think the government forced the banks to commit foreclosure fraud and forgery to take back the houses. The government did turn a blind eye to all the fraud and is still doing so today. Not a single financial elite has been prosecuted for these alleged crimes, and I don’t think they ever will. There will still be lawsuits, but the Federal government looks like it will turn a blind eye to criminal charges now that this deal is done. Don’t look for the housing market to get better. This deal shows prices have a lot further to fall as more homes are taken by the banks.
Let the foreclosure flood gates open again so the banks can make some more money to stay afloat. There was also a $170 billion Greek debt deal this week. More cuts are coming to wages, pensions and public services. You wonder why there are more strikes and demonstrations going on in one of the world’s oldest democracies. Is this a glimpse of what’s in store for America? Things in Syria are heating up, and it is looking more and more like a full blown revolution that the west is covertly supporting. It was reported, this week, the U.S. military is looking at its options in the region, as if possible war between Israel and Iran is not enough to consider. See all these stories and more from Greg Hunter and USAWatchdog.com in the Weekly News Wrap-Up.
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About the Author
Greg Hunter
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.
Greg, the “deal” was a bailout for the banks. As I wrote in past, the large banks like Bank of America are spending millions of dollars each month defending all the lawsuits pending in both state and federal court. It doesn’t take long before they have eaten a half of billion in just legal fees and that does not take into consideration paying off any judgments. Therefore, they get this deal which is way less if the system played itself out and get a green light to foreclose on more home right away bringing in some more cash. Make no mistake about this deal it was a bailout for the banks no matter how the administration or the Attorney Generals try to spin it; its chump change. Remember you are talking about banks who spend literally tens of thousands of millions if not billions on CEO’s bonuses and marketing each year for public relations, etc. When all is said and done, after there are 50 difference forms to fill out and three years of process what you will find is that only about 2 percent of the people who were harmed will get that big $2,000 dollars and a few homeowners will get their mortgage reduced. The banks begged for this deal, do you hear any of them complaining?
Its back room fine brandy and cigars time for Bank of America.
This settlement could be the biggest bailout ever. I’m sure that any of us would love to settle our actual and potential liabilities for far less than a penny on a dollar, considering that many analysts estimate the potential civil liability alone is in excess of $10 Trillion. I wonder how the Administration is going to deal with the 50 million homes registered under MERS that have no legal chain of title? And what about the billion or so due the various county courthouses around the country for the non-paid recording fees?
As for possible criminal indictments, don’t hold your breath. The statute of Limitations will run out soon. It’s interesting that even robo signing is now being spun as a necessary evil to fasttrack the foreclosures because of course it was always the borrowers’ fault by buying more than they could afford.
AndyB,
This will have an unintended consequence and that is home values will plunge as foreclosures explode! Thank you for weighing in on this outrage.
Greg
Greg:
This is what I don’t understand about this whole mortgage mess.
Say I have an income of $50,000 dollars and with that, I bought a house “worth” $600,000 dollars that I could not afford.
Now, I’ve been laid off and I”m working part-time and my income has dropped to $25,000 dollars. I simply cannot afford to pay the mortgage (I could never really afford it, but with interest only payment “deals”, I played the game & was able to pretend and extend for two years)
In this situation, which is what I believe most people are under (i.e. they are either unemployed, under-employed & simply don’t have the cash) how will a “deal” like this help them?
Greg:
Why can’t Obama and the banks understand that people simply don’t have the money? by the time most are done paying for the basics (food, gas, utility bills, health insurance etc,etc) — they have very little left.
I told you before that the only solution is to change the bankruptcy laws and allow people to discharge their credit card debts, student loan debts, etc in bankruptcy because the truth of the matter is this: Just like government, consumers will NEVER be able to repay their debts. Wages are not rising and the jobs are fleeing off shore. Do the banks understand this?
Greg, here is some facts about the fed most of your readers already know, but just how many that know nothing is probably very high & if it gets passed on to others by the readers of this site, would this not be a good thing? Waking up the masses is a huge task & will be challenged by the status quo! No wonder DR Paul has been called all sort of names & his views twisted by the progressives who support the fed for many reasons, greed & power just to name a few! http://wwww.silverbearcafe.com/private/02.12/vampire.html
Now the ‘deal’ is a joke & a big slap in the faces of Americans, what happen to State’s AJ’s working for the best interest of the people of the State? I know I was not the only one who wrote the State AJ & opposed any deal with these crooks & never received a reply, but I complain about the unfair property tax rates increase & I get a quick reply to contact my county tax assayer, wow! At least I don’t have to pay both city & rual property taxes, but that is not my point, the people have less & less say so on what congess & our State AJ’s do, no matter how much input we attempt toward the subject in any matter! I am running late & I have plenty more say on this weeks wrap!
As they say, we are in this together in one way or another!
M Smith,
Thanks for the comment and content for our readers!
Greg
Greg, this blog says alot about world events the MSM has not said a word about. http://taluis.wordpress.com/2012/02/01/the-coming-war-economy/. To the left there is articles on silver, the cashless society & more, I hope it adds for the lack of MSM coverage!
Have a great week end!
Thank you M Smith for the comment and content.
Greg
Let this banking spectacle show to us what happens when the government attempts to replace the rule of law with “regulation”…………….
brian,
I am with you man. Watch the price of real estate sharply decline!
Greg
You gotta love it! They act like there is no longer a thing called a “credit check” before buying a home. It’s very clear, at least to me,the Government/CEO’s acted together to change our laws, stacking the deck against us. Of course then for our entertainment, point the finger at each other with the help of their complicit media.
I can hardly wait for spring when the bulk of our 99% return with their new friends.
My wife and I greatly enjoyed marching last spring and summer. What fun it is to have a demandless/leaderless protest with it’s main goal pointing out how corrupt Government/CEO’s are.
They hate not being able to control it.
Enjoy the weekend and all you do family!!!
Jim H,
Good point!
Greg
Greg,
I was sent the link to your website by like minded friends that follow the crisis the nation and world is currently in. I posted a comment on your editorial from 1/8/2012 and hope you find the time to follow up on the the article written by David Wilcock. The title of his story is “FINANCIAL TYRANNY: Defeating the Greatest Cover-up of All Time and is posted on his BLOG page.
The content of the material you wrote is very similar and factual. I follow this financial crisis everyday. It is only a short matter of time before the US Dollar falls and another faction will step in to amend it. However, it can’t and won’t be from those within our own country! The reason we are in this crisis to begin with is from those that in power that made it so!
As for the truth behind it all, I’m posting a link in this comment reply for you to research on your own. It is a posted link with documents disclosing a lawsuit that will expose those in high places to the truth about it all. The actual legal files can be found at the New York State clerk of court if you care to validate it, but once you take a very close look at the article mentioned above, you will know why this country is heading for financial collapse.
I predicted it 5 years ago.
http://divinecosmos.com/media/Keenan_complaint_11-23-2011_SDNY.pdf
http://www.divinecosmos.com/start-here/davids-blog/1023-financial-tyranny
The above links will take you directly to what the rest of the world should see and take their own opinion from it.
Keep up the great writing!
Thank you Ben Davis for the comment and content!
Greg
Greg
If history teach us something, it is that “big” events do evolve thanks to a master plan.
What is happening in US happened in Mexico(Fobaproa 1994).
In few words, I see the “longa manu” of the ELITE maneuvering MSM, Wall Street, Mexico, USA, EU, Iran, Syria, Oil, Pharmaceuticals, War etc.
I am sure you are aware of this. We all appreciate your efforts to inform the events truthfully.
Luis Chavez
Queretaro, Mexico
Thank you Luis Chavez for you participation. We need international perspective and you help supply it.
Greg
== The Truth Does Indeed Hurt (So Why Devote News Space to It? — Tacit Motto of Mainstream News Media) ==
My insider land-records source in the circuit court of a major city in Virginia tells me that, a few days ago, her office logged 11 home foreclosures — whereas the average daily number of these actions during the past several months has been about 2.
This hard evidence of the growing U. S. economic implosion cries out for some investigative reporting by the mainstream press corps. What are these folks fearing and loathing — the Truth? — Larry W. Bryant (10 Feb 12)
Thank you Larry Bryant for the front line reporting. I predict that now this $25 billion mortgage fraud settlement is now finished foreclosures will spike. Your info begins to confirm my view.
Greg
NM,
The deal really helps the banks who control our elected leaders. America has bag-men not statesmen.
Greg
Wife & I thought we were smart in making mortgage payment + a principal payment each month decades ago to clear the property debt ASAP. Well, guess that was stupid of us according to the “new order of non-responsibility”. Now we get to pay for some more mortgages of places we don’t even know about ! ARRRRggghhh !
For the insanity topping of the Obamanomics week, we now pay a few billion for 12.5 million humans to have FREE cell phone service ! ! ! ARGGHHHHHhh!!!! , GGGrrrrrr !
Today I see even more OBAMA 2012 bumper decals on the interstate. Whaaaa ?????
To the farm, close the main gate, get to the barn and the beer frig….listen to the creek & the wind. Peace.
This is just a deal to help the banks, the government could care less about the people of this country. I bought a house I could afford and payed it off recently, stupid me, it’s worth 160k less now but my property taxes magically keep rising every year. This country makes no sense anymore, and i’m getting tired of our government parties taking turns ripping us off.
Thank you for your news service!
I will spread the word to others.
Thank you “Rome” for watching the Weekly News Wrap-Up!
Greg
Why do you think this deal will increase the number of foreclosures?
NM,
The gloves gome off because the banks paid off the Fed Justice Dept and state AG’s. They got a pass on forgery and fraud and have got the green light to basically do all they want now.
Greg
My bet is Larry Summers orchestrated this abomination with the banks. His middle name is fraud. He IS STILL floating behind the scenes of the Treasury Department working his evil and showed up twice in the past week on MSM as this pile of dung was made ready for public consumption. Just the thought of him makes me want to vomit. He should be hung in disgrace from the highest tree for his Economic Treason along with his collaborators, Robert Rubin, Alan Greenspan, and Timothy Geithner. Instead these men are still working the levers at the White House and gutting every penny they can out of the American people to “cover the bets” of their crimes.
It is now apparent that the rule of law has completely broken down in the United States. With this deal just completed with the government giving the banks another get out of jail free card, Obama is now openly supporting organized crime. A very simular get out of jail free card given to the the MF Global cabal a few months ago. What this will do is destroy what is left for confidence investors have in the American financial system and the legal system to protect their investments. There will never will be an economic recovery until the rule of law is reestablished, for which i don’t hold much hope for in the next decade or so. Americans need to really get involved in massive numbers in their political system, if they are to save the remnants of their country from the international criminal cabal. If not, then the situation is going to get much worse than most Americans can imagine.
We were a country of laws. Now the lawless reign, while they wink at the good ole’ boys looting the citizens’ 401K’s and life savings. Why are the criminals not being prosecuted?
Then again, why do we allow a Congress that passes laws for the people but exempts themselves? Obamacare, Social Security, insider trading…if it is good enough for us, why is it not enough for them?
As long as the Grass Grows, the River Flows, the
Wind Blows!
I live in Tulsa County Oklahoma. “Land of the Red Man”
I’m from Scottish decent.
I haven’t looked at the Title to my land in over a decade but I recall the Title of this land the Cherokee Nation once held began with those above words: “As long as the Grass Grows, the River Flows, the
Wind Blows, this land will belong to the Cherokee Nation!”
(Or words close to those.)
The very next page in the Title says something like, (recorded about 20 years later) : “By an Act of the US Congress” the government once again reneges on it’s past agreements & steals more of the
Cherokee’s stuff.
I find this historic information relevant today because Oklahoma is one of many spots around the US the contains the remnants of human brings that had acts of genocide commented against them & had their property stolen from them & those left were shuffled off to what would today amount to Fatherland Security Camps, the Reservation System one of which one is called: Oklahoma.
The Fascist of the 30’s/40’s were not the 1st to institute the use of genocide, medical experimentation & property theft against human beings, but they did learn a great deal of it from study the past history of the Wallst/London Banks/Insurance companies & British/US governments.
We do not live in a vacuum. Those events of the past continue to happen to all those around us today.
This US/Europe Real Estate/financial collapse was not caused by Hobos taking out sub-prime Liar Loans to Flip Houses/Condos.
This US/Europe Real Estate/financial collapse was caused by Wallst/London Banks/Insurance companies & British/US/German/French/etc.. governments.
Sub-Prime/Liar Loans were just part of the needed vehicle to commit the far larger Fraud of Bogus Title sales through Derivative products which provided the funds for such things as our current foreign policy of Empire Building.
At this point why would we continue to pay for law enforcement & courts if they will no longer do their sworn duty to the citizens/country & arrest those On Going Criminal Organizations, the modern day Wallst/London Banks/Insurance Co’s Murderin Horse Thieves/Cattle Rustlers that rip us off daily?
How can any of us continue in any type of business activity in this country without out the explicit guaranty of our “Right” to own personal property that will be strictly enforced, & to have our “Right” to enter into Private Contract & to have said contracts strictly enforced & protected against all fraud???
IE: Derivatives Fraud
Many know some of that history now, but how is it we now wish to try to have our futures look like?
In Greg’s recent piece Ellen Brown touches on bring back a “Utility Banking System.”
I do not support a National/World Utility Banking & Insurance System but do support a “Locally Owned Banking/Insur System”, one in which the Depositors/Borrowers owned/controlled & that provided a social benefit.
Paul Volcker 12/2009 & on other occasions hints at this type system.
With a system I’m thinking about it would be also possible to get completely rid of the current destructive income tax system.
Imagine what the US/European Banking/Insurance system would look like today with people of William K Black’s/Jim Sinclair’s caliber in charge.
Imagine a Banking/Insur System in which Social Security/Medicare funds had been used to make Home/Business Loans locally/nationally instead of being wasted funding a Suicidal Empire?
Imagine the reduction actual healthcare cost if all of the Rat Poisons/Toxins that could be were to be immediately removed from the water, air, food & vaccines.
I noticed Ron Paul is explaining his message much better lately.
Some of this stuff cannot be written into soundbites, but it’s not that complicated!
We can not depend on Ron Paul or a hero to show up & wipe our collective butts for us.
Each of us must find whatever actions we can take to make our situations better then they are now or we will pay the far high price for inaction/failure tomorrow!
As long as the Grass Grows, the River Flows, the
Wind Blows!
While I’m writing there is something else that’s on my mind lately.
I mentioned above the International Crime Against Humanity of Governments doing illegal medical experiments on it’s own people.
Recently I received word an old friend of mine had passed away from Cancer.
He was 50 years old I believe.
He had lived with the disease of Aids for about the last 10 or 15 years.
(No, he wasn’t Gay, but the how’s/why’s/sexual orientation irrelevant to why I’m post here now.)
I hadn’t spoken to him any the last few years.
I used to pass along to him the latest research info I would run across about his condition.
A few relevant pieces of info I’ve recently ran across came to late to be of any help to my friend, but maybe you know people that this info might be useful in their personal battle fight against Aids & other type Cancers.
Don’t wait til later to ask yourself if maybe there was something else you could have done to be helpful, just take care of it today!
Dr. confesses Cancer & other Viruses is found in Vaccines
http://www.youtube.com/watch?v=vgBBwOnmy3w
Cut Poison Burn Official Trailer
http://www.youtube.com/watch?v=SCmr2OGmMDQ
Great information Greg Hunter and very detailed.I have relatives in the US, but my family are really unaware that the crisis may worsen, with that kind of debt and with the politicians in power will be very difficult to get out of the difficult economic situation.Here in Mexico, Mr. Agustin Carstens, who is the President of the Bank of Mexico called for more money for the IMF, that is absurd because borrow more to the country is not the solution.With these politicians can not even have a logical dialogue.
Mexico: Imperialism, Bankers, Drug Wars and Genocide
http://www.voltairenet.org/Mexico-Imperialism-Bankers-Drug
The 10 “giant and secret” corporations that control the raw materials
http://www.microsofttranslator.com/bv.aspx?a=http%3A%2F%2Fwww.rebelion.org%2Fnoticia.php%3Fid%3D127298&to=en&ref=Internal&from=
I live in Edo. of Mexico and there is much violence, lack of employment and drugs, but not ruler, is of the standard, dares to really change things.International relations of EU and Mexico are only business of a group of politicians who only takes care of its own interests. Peace, food and public order are not interested in.
Greetings and my Respetos.Estoy using a translator.
MRGonzalez,
We understand exactly what you mean!! Thank you for the comment and please come back.
Greg
http://www.neweconomicperspectives.org/2012/02/william-k-black-on-financial-fraud.html#disqus_thread
Bill Black does point out the fraud laden schemes.
Greg, when the war or [insert disaster] happens, and financial market collapses, how violent do you believe things will get here in the states? I’m aware that armed militia groups have been on the rise as of late, and that they could pose a real potential internal threat with the right leadership and orgainization.
As a young person, I am aware of a video game called “rainbowsix patriots” which instead of having european bio-terrorists as enemies is now set a few years from now in the U.S. where these militia groups have united behind one man and are now committing terrorist acts across the country. This leader is not a racist or religious terrorist, but a veteran who feels betrayed by his country and wall street and is willing to “fix” the country even if that means martyring himself and killing anyone in he feels is responsible for our current crysis (using kidnapped bankers as suicide bombers, etc).
Now I know that the realm of video games is not a concern of yours or many others on this site. However, just as if it had been mentioned in a magazine or a modern novel, the fact that this scenario is being explored using current facts and stastitics should be discomforting to anyone. After all, while we live in a modern “cilivilized society”, all human beings are capable of vicious acts when times are dire and perilous. Americans are no exception.
p.s. Feel free to not post or comment on this if you feel my video game referance is not in anyway suited for discussion on your site. Best regards.
Future Voter,
Who knows what will happen. I think the scenario can range from a depression greater than the Great Depression to Mad Max. Thank you for your input here.
Greg