Flush The AGs: 27 Pages Of Fluff

[Captain Beefheart]

Source: The Market Ticker

The 27-page fluff-piece is now out where we can see it....

Let's be blunt: There's no "there" there.

The entire document is a rehash of what servicers had a legal mandate to do right up front. Accurately apply payments. Respond to inquiries. Operate in good faith. Use a NPV test for HAMP (was in the HAMP program originally.) Document the assignment chain before foreclosing.

There's exactly one substantive change, in that HAMP did not prohibit "dual-track" (that is, foreclosure while attempting modification.)

Essentially every other item in this 27 pages is something that Servicers already had a legal duty to do, either as a fiduciary to the investor or just through the ordinary covenant of operating in good faith (You know, the original standards that all businesses are held to that aren't actually racketeering outfits and gangsters? Yes, that.)

There's no prosecution for all the bad affidavits, despite them being apparent acts of perjury.

Some of this is truly laughable:

Read more: http://market-ticker.org/akcs-www?singlepost=2447563

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Click on through...All 50 state AGs in the bag for the banking cartel.

Courtesy of Yves Smith - Link to AG contact info: http://www.consumerfraudreporting.org/stateattorneygenerallist.php

Press 1 for Project Mayhem.

[KurtNYC]

1. Is there an entity that tracks white collar crime ? bc it seems to be

skyrocketing. On the other hand, how do you track crimes that aren't charged or prosecuted?

[Captain Beefheart]

2. They all work for Goldman Sachs

This is such a game. Where's Nero?