Foreclosure Fight Club Lawyer (Part II)

[Captain Beefheart]

Fight Club Lawyer (Part II)

Greetings and salutations my fellow Americans,

The purpose of this missive is to point out a few reasons why “Foreclosuregate” and its consequences should be of grave concern to all of us. Pay attention deadbeats, pin-striped banking weasels, GSE enablers, congressional puppets, pet judges, robo-lawyers, etc. For maximum effect cue Carl Orff’s “O Fortuna”…

Rather than parse this into hyper-technical fork-tongued Wall Street lingo and all the obvious virtues that come with it, my preference is Main Street lingo. Remember Main Street?
To sum things up Main Street got hosed. Not just a plain old run of the mill hosing either. The wherefores are lost in terms such as Credit Default Swaps, REMIC, servicer, sub-servicer, master-servicer (doesn’t that sound diabolical), trustee, special purpose vehicle, MERS…ok enough. This kind of crap is best left for professionals and Main Street has no business understanding any of this. It’s dangerous to fool around with. Besides, when any of these terms become “insufficient” a new one pops out of nowhere in the form of an innovation. Usually, for a handsome fee, these innovations are supported by well-healed and really smart “Non-Thinking Profit Tanks”.

Fight Club Lawyer Redux

The fun part is one lawyer with a pair of balls sends seven banking weasels packing in one day (docket included)...ha ha

[Waiting For Everyman]

1. K&R!

Thanks, Captain Beefheart. :hi:

[Captain Beefheart]

3. If we don't fight...who will?

I'm ready. This is one of my favorite banker bed time stories..

Morgan Stanley Defends Itself Against Nuns' Lawsuit

Convent foreclosed. Gunned down nuns happily with their savior.

Goldman stock soars as the news hits the "Street".

Wretch.

[EFerrari]

2. I call them Stink Tanks. n/t

[Captain Beefheart]

4. AIG bids on Maiden Lane II

To Geithner's Disappointment Non-AIG Bidders Emerge For Maiden Lane II Assets, Preventing Another Taxpayer Rout

"When two weeks ago it was disclosed that AIG is willing to pay $15.7 billion for the same toxic securities that two years ago caused AIG to sell 92% of itself to an involuntary taxpayer, and currently make up Maiden Lane II (which is marked on the Fed's books by BlackRock at $15.9 billion) we asked why this process is not open up to broader public auction. After all these are taxpayer assets and should receive an arms-length treatment in recouping best returns for the taxpayer. It seems that other bidders are now starting to appear. The FT reports: "Barclays is among a group of investors weighing a rival bid for a portfolio of mortgage-backed securities that has already drawn a $15.7bn offer from AIG, people familiar with the matter said. AIG, which wants to buy back the assets to reduce its obligations to the government while finding a higher-yielding use for its cash, went public with its bid earlier this month after the New York Fed did not respond to a preliminary offer made in December."

It appears that the Treasury had been hoping to quietly get the deal done where AIG buys the toxic mortgages at a preferential price so that Geithner can than proceed to sell off bits and pieces to bankers at a lowball IPO valuation where the deficit would once again be borne out by US taxpayers."


Pissed off yet?