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It's fraudsters all the way down

Of course the foreclosure tests will be kabuki, just like the stress tests were. Read Yves for the takedown.

This is a great post because it contrasts, in detail, the lying from the weasels at Treasury about what will be done with subject matter expertise about what can be done. For example:

Get a load of this comment via Felix from [Treasury's lying D weasel Michael] Barr:

Barr told me that they’re doing file reviews which take between five and eight hours to go through a single loan file: this is hard, detailed work, and at the end of it all there will be a real understanding of what needs to be done—something necessary, if not sufficient, to finally resolve this mess.

Securitization professionals tell me that someone who was competent would not be capable of spending five, much the less eight hours on a loan file. This is proof that they are so clueless that they don’t have the foggiest idea of what is germane.

One might argue that the file reviews are taking so long because Treasury is also contacting borrowers. I find that unlikely given the language (”file review”) plus the difficulty of finding borrowers and getting cooperation, the compressed time frame, and the mechanics of doing large scale interviews (the herding cats process of drafting and getting input and sign off on the questions, determining who to interview, and documenting interviews means that each hour of interview time requires 3-4 hours total time, and note this is for a comparatively flexible fact gathering/conversational format, as opposed to the more rigid survey type of interview).

And, oh yeah, this two month review is going to take place over the Holiday season. I wonder which results are going to be released on the day before Christmas, and which on New Year's?

No votes yet


Submitted by jawbone on

December 7th, the bank protest aciton day, is looking more and more important. The banksterso own not only the Senate, as Durbin said, but the House, the WH, and, most likely, the Roberts' Supreme Court.

Time to get little people's money out of those banks. As much as possible.

I asked earlier: Since credit unions use a Big Bankster a their clearing house, how would possible failure of the big banks affect credit unions? I'm not sure how many use which ones, but I'm pretty sure mine uses a Very Big Bankster.

*Insula factor : Your Brain on Metaphors, explanation in paragraphs 10 and 11.

Submitted by regulararmyfool on

In the early 1990s, I worked as a temp for a small insurance company in Oregon.

They were either being approached for a sell out or were already sold.

They needed someone to check their mortgage files to see that they were clean.

Most weren't and I almost always found the missing information in another file. However, I was cleaning up the mortgage files at a rate of about 100 to 200 per day.

The thing that slowed me down the most was when I found a file where the mortgage had been completely paid off years before and the company kept accepting payments. Fortunately the boss was ethical, I calculated the refund including interest at the same rate as the Wall Street Journal's prime rate. Then they refunded the overpayments and transferred the title to the owners.

My method was to grab a handful of files, scan them rapidly for papers that were supposed to be elsewhere, then check for missing documents. Missing document folders went into one file drawer in alpha order. Extra papers went into another folder in alpha order. Every couple of days, I would match up the floating documents with the missing documents file.

Any five hour review is a crock of crap. Strictly designed to slow down any process that it is supposed to serve.

Submitted by Schmoo on

I would have to say your system sounds right.

Like you say, you look for what is missing. And then you put together what you need by sorting through in places to find lost documents.

i worked for an ethical company also, Often I would find a discount tht wouldn't have been properly applied years before. The firm would write out the discount refund, and often it was over a thousand bucks.