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[quote=investor]Cute. Answer me this, why has the organization that controls the money in the US never been audited to see who owns what and who is making money off of the selling of our money? [/quote]

It HAS been audited. In fact, every single year. The profits are divided, with substantially all of the profits going to the federal government, with a relatively small amount going to pay dividends to the shareholder banks at a statutory rate based on their investment. (I believe it’s 4%) While the specific ownership isn’t public record, the no member banks are getting rich with that dividend. There may be information you want. It won’t be revealed in any kind of audit. It isn’t in the flow of specific dollars, or in any Fed transactions. It’s in the policy.

(And I haven’t read griffen’s book. But if you have accurately portrayed his arguments, he’s a moron. Most of these claims are just too easily debunked.)

[SK in CV]

[quote=investor]Cute. Answer me this, why has the organization that controls the money in the US never been audited to see who owns what and who is making money off of the selling of our money? [/quote]

It HAS been audited. In fact, every single year. The profits are divided, with substantially all of the profits going to the federal government, with a relatively small amount going to pay dividends to the shareholder banks at a statutory rate based on their investment. (I believe it’s 4%) While the specific ownership isn’t public record, the no member banks are getting rich with that dividend. There may be information you want. It won’t be revealed in any kind of audit. It isn’t in the flow of specific dollars, or in any Fed transactions. It’s in the policy.

(And I haven’t read griffen’s book. But if you have accurately portrayed his arguments, he’s a moron. Most of these claims are just too easily debunked.)

[SK in CV]

[quote=investor]Cute. Answer me this, why has the organization that controls the money in the US never been audited to see who owns what and who is making money off of the selling of our money? [/quote]

It HAS been audited. In fact, every single year. The profits are divided, with substantially all of the profits going to the federal government, with a relatively small amount going to pay dividends to the shareholder banks at a statutory rate based on their investment. (I believe it’s 4%) While the specific ownership isn’t public record, the no member banks are getting rich with that dividend. There may be information you want. It won’t be revealed in any kind of audit. It isn’t in the flow of specific dollars, or in any Fed transactions. It’s in the policy.

(And I haven’t read griffen’s book. But if you have accurately portrayed his arguments, he’s a moron. Most of these claims are just too easily debunked.)

[SK in CV]

[quote=investor]Cute. Answer me this, why has the organization that controls the money in the US never been audited to see who owns what and who is making money off of the selling of our money? [/quote]

It HAS been audited. In fact, every single year. The profits are divided, with substantially all of the profits going to the federal government, with a relatively small amount going to pay dividends to the shareholder banks at a statutory rate based on their investment. (I believe it’s 4%) While the specific ownership isn’t public record, the no member banks are getting rich with that dividend. There may be information you want. It won’t be revealed in any kind of audit. It isn’t in the flow of specific dollars, or in any Fed transactions. It’s in the policy.

(And I haven’t read griffen’s book. But if you have accurately portrayed his arguments, he’s a moron. Most of these claims are just too easily debunked.)

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dup.

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[quote=jpinpb]

Which states had the biggest bubble? Which states need the extend-pretend the most?

Clear to me. It doesn’t surprise me one bit they included California.[/quote]

So you think they’re using the colossal paper work screw up as an excuse to keep properties off the market? Interesting. Stupid idea, but it does take some actual planning. I think you give them more credit than they’ve earned. I worked with a lot of distressed asset managers and REO departments last time we went through this. As a whole, they were about as inefficient as I’ve ever seen in business. The RTC was actually better than most commercial lenders, and the steals people got from the RTC are legendary.

The model is entirely different now, yet the mindset doesnt seem to have changed. But you could be right.

[SK in CV]

[quote=jpinpb]

Which states had the biggest bubble? Which states need the extend-pretend the most?

Clear to me. It doesn’t surprise me one bit they included California.[/quote]

So you think they’re using the colossal paper work screw up as an excuse to keep properties off the market? Interesting. Stupid idea, but it does take some actual planning. I think you give them more credit than they’ve earned. I worked with a lot of distressed asset managers and REO departments last time we went through this. As a whole, they were about as inefficient as I’ve ever seen in business. The RTC was actually better than most commercial lenders, and the steals people got from the RTC are legendary.

The model is entirely different now, yet the mindset doesnt seem to have changed. But you could be right.

[SK in CV]

[quote=jpinpb]

Which states had the biggest bubble? Which states need the extend-pretend the most?

Clear to me. It doesn’t surprise me one bit they included California.[/quote]

So you think they’re using the colossal paper work screw up as an excuse to keep properties off the market? Interesting. Stupid idea, but it does take some actual planning. I think you give them more credit than they’ve earned. I worked with a lot of distressed asset managers and REO departments last time we went through this. As a whole, they were about as inefficient as I’ve ever seen in business. The RTC was actually better than most commercial lenders, and the steals people got from the RTC are legendary.

The model is entirely different now, yet the mindset doesnt seem to have changed. But you could be right.

[SK in CV]

[quote=jpinpb]

Which states had the biggest bubble? Which states need the extend-pretend the most?

Clear to me. It doesn’t surprise me one bit they included California.[/quote]

So you think they’re using the colossal paper work screw up as an excuse to keep properties off the market? Interesting. Stupid idea, but it does take some actual planning. I think you give them more credit than they’ve earned. I worked with a lot of distressed asset managers and REO departments last time we went through this. As a whole, they were about as inefficient as I’ve ever seen in business. The RTC was actually better than most commercial lenders, and the steals people got from the RTC are legendary.

The model is entirely different now, yet the mindset doesnt seem to have changed. But you could be right.

[SK in CV]

[quote=jpinpb]

Which states had the biggest bubble? Which states need the extend-pretend the most?

Clear to me. It doesn’t surprise me one bit they included California.[/quote]

So you think they’re using the colossal paper work screw up as an excuse to keep properties off the market? Interesting. Stupid idea, but it does take some actual planning. I think you give them more credit than they’ve earned. I worked with a lot of distressed asset managers and REO departments last time we went through this. As a whole, they were about as inefficient as I’ve ever seen in business. The RTC was actually better than most commercial lenders, and the steals people got from the RTC are legendary.

The model is entirely different now, yet the mindset doesnt seem to have changed. But you could be right.

[SK in CV]

Dodd’s comments were misdirected at best. It really doesn’t have anything to do (in most cases) families losing their homes to sloppy bureaucratic mismanagement or fraud. It’s about making the lenders follow the rules the same way the lenders insist that borrowers follow the rules. Credit card companies jack up interest rates when a borrower is late on a payment on a different credit card. They close HELOCs because they “think” equity has eroded. They do these things because, to the letter of the law, and their written agreements, they’re allowed to. Lenders and loan servicers SHOULD be held to these same kinds of standards in the foreclosure process.

The parties that should really be outraged by this is the investors in those loans. The banks, investment houses, the MBS holders. For those that are happy every time a house gets foreclosed, because another cause of the bubble gets their just reward, should be just as elated at this. The lenders and packagers were just as responsible. Now they get theirs. It will take time, but eventually all the dirty laundry will be cleaned from the system.

Patience.

As an aside, it’s a bit unclear to me why the moratorium include california and other states with non-judicial foreclosure, and rather lax document substition rules. Are loan servicers so dumb that they can’t figure out in which states these fuck-ups are important?

Answered my own question. Nevermind.

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