Financial Industry: "Hey, it's hurts when I foreclose properties."
Regulators: "Then don't foreclose."
Ahh.. looks like the next tricky thing is being worked out. It's pretty obvious that they are going to stop foreclosures by... not foreclosing on the property. The Japanese did this when they had problems with overextended companies in the 1980s and 90s. They would carry underperforming and virtually bankrupt entities on their balance sheet at full value until they recovered.
It appears, from the rumors and a Countrywide ad on KFI640, that once again they are going to bend the rules of financial sanity to maintain solvency. The new plan is to not foreclose on people, but to carry them until they are able to pay again. Wow, talk about really nasty.
In California, people can walk away for the value of the house and nothing more. So, they have an incentive to walk. But if the bank doesn't foreclose on them, those protections don't come into play.
I think they are going to keep increasing the balance that people owe without foreclosing on them, causing them to get into complete financial bondage.
It's an evil plan, but the financial industry is doing everything it can to not have to pay for it's excesses.
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John I know that you are not into politics but someone sent me this,
http://www.sovietanalyst.com/news/12...ffect_noon_est
• Two US Naval vessels attempting to berth in Japan were turned away and ordered to leave Japanese waters on Sunday 10th February.
• Four oil tankers which are located half a day out from Saudi Arabia have received instructions to stay there until further notice. They will be ordered to return to Saudi Arabia if the release has not taken place by 6.00pm EST TODAY.
• President Chavez of Venezuela stated over the weekend that Venezuela may suspend its oil deliveries to the United States. The ostensible context of this threat is legal action by ExxonMobil in US, Dutch and British Courts aimed at the freezing of the assets of Petroleos de Venezuela (PDV) in order to obtain compensation from Venezuela following the earlier nationalisation by the Chavez Government of a large oil project. Chavez explicitly stated that ‘if Bush wants to harm us, we’ll harm him back’. This matter needs to be considered in the overall embargo/sanctions context described here and in the two preceding reports. In other words, if those 4 Saudi tankers turn back to Saudi Arabia, Venezuelan oil deliveries will not be available to the United States either.
To elaborate further:
• All American commercial and military aircraft will be ordered to leave foreign locations and to return to their United States hubs in the event of the settlements being aborted today [see above]. This information has leaked because all US airlines have been so advised. This affects all foreign airlines that fly in and out of the United States as well.
• International banking transactions will be completely collapsed by Wednesday in the event that the releases have not been implemented by 6.00pm today.
• The US border with Canada may have to be closed.
• It follows that the standard of living of all Americans will suffer a blow without precedent, and Americans will not know what has hit them. They will soon find out, when the entire Government is arrested: see here:
BUSH, CHENEY, ENTIRE CABINET, SUPREME COURT AND CONGRESS WILL BE ARRESTED
We further understand that the Group of Eight countries minus the United States (Canada, Britain, France, Germany, Japan, Russia and Italy) signed the necessary paperwork with the World Court TODAY which provides for the prompt implementation of the already threatened arrests on treason charges of the following:
• President George W. Bush Jr.
• Vice President Richard Cheney
• The entire Bush II Cabinet
• All Members of Congress, including presidential candidates
• The entire membership of the United States Supreme Court
In the light of special information about the US military being ‘fully up to speed with’ and on top of the rapidly developing situation, it stands to reason that the military will perform these arrests on behalf of the agents/agencies acting for the World Court, namely Interpol, MI6 and possibly other unnamed agencies. That is our working assumption.
It should be pointed out that all the above are themselves, without exception, also vulnerable to prosecution not least for breach of the Misprision of Felony Statute (as indeed is every reader of these reports who, knowing the facts of these criminal actions, fails to report them as specified in the Statute). It will be recalled from our list of Clinton Presidential Pardons that some of those who were pardoned by former President Clinton had been jailed on Misprision of Felony charges. It therefore follows that this is BY NO MEANS A DEAD STATUTE. On the contrary:
U.S. CODE, TITLE 18, PART 1, CHAPTER 1, SECTION 4: MISPRISION OF FELONY:
‘Whoever, having knowledge of the actual commission of a felony cognizable by a court of the United States, conceals and does not as soon as possible make known the same to some Judge or other person in civil or military authority under the United States, shall be fined under this title or imprisoned not more than three years, or both’.
HELLISH KNOCK-ON CONSEQUENCES COULD BE IMMINENT: LINES AT GAS STATIONS
The knock-on consequences if the Wanta and other settlements are aborted today will be quite horrific. Given the idiotic ‘just-in-time’ globalisation procurement system, supplies of everything under the sun will suddenly dwindle to near-nothing. Prices and costs will go through the roof as shortages of everything, including food, intensify at once. Supplies of oil taken from the Strategic Petroleum Reserve will alleviate the immediate impact of the oil embargo, but gasoline will have to be rationed, and lines will suddenly erupt at gas stations around the United States – which is the most politically sensitive of all developments for any US Government.
It will be blamed for the hardships that the American people will abruptly be called upon to endure. And those hardships will have been brought about exclusively by the criminal financial operations of the most corrupt US Administration in history, AND BY NO OTHER FACTOR.
The stock market will implode as the banking sector is closed down, banks will be on their last legs or will never reopen their doors, Wall Street will look ridiculous and will be seen to be redundant, the political consequences will be extreme, and heaven knows what grim social consequences will ensue. We would not be at all surprised to see racial attacks, including threats against bankers and other capitalists perceived to be thieves, as the truth of what has been going on seeps through the bovine resistance of the controlled ‘mainstream’ media, into the general public domain.
John,
I have been saying all along this is not the end of the world but simply Japan 1990's redux. If you want to see what is going to happen in the next couple years to the economy, stock market, financial industry etc. don't look in your crystal ball, look back to your history books and see what a bankrupt banking industry did in Japan less than 20 years ago. One difference though that has a wrinkle in it and I am not sure how it is going to play out. The Japanese gov. did not have the huge debt we carry so they could go all the way down to 0% discount rate. I still think we are going lower but don't know how low. Thus it may cause even more pronounced and longer downturn in US. It took Japan 10 yrs to recover which does not bode well for us. On the upside, the world has a vested interest to prop us up so we can get the world engine going again. My fear is they may decide in this interim to finally realize they don't need to prop us up any longer and start selling their goods to the rest of the world instead. We will see.....
Hey Anonymous one,
If this were true wouldnt gold be going through the roof?
It tends to know all!
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