Readers, This so called rescue or helping program is a major crock of sewage. It is purely a PR ploy which in fact will assist the banks who are holding the mortgages in default, often described as toxic waste grade securities, and the nominal homeowners being "rescued" will not be able to escape the core problems of this and actually the world economy. They will still be unemployed.

On Monday May 31, 2010, 8:55 pm EDT

ST. PETERSBURG, Fla. — For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of.

Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino.

“Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s really been a blessing.”

(Stony Ridge, OH) For decades a quiet neighborhood in the suburbs of Toledo Ohio has been home to working class Americans and the place where their children were raised. There is even a local park and playground right around the corner complete with Little League field. Its idyllic serenity has not been spared from the pains of the current economic and housing crisis. On the morning of May 3rd, one working-class anarchist and laid-off auto-worker facing eviction resulting from just one more of the nearly 1.5 million foreclosures in the U.S., decided that now was the time to stand his ground.

Readers: This attorney is fairly obviously operating in California so not all of the law he cites may be relevant to cases in other states. The basic issues of the mortgaging corporation demonstrating ownership of a mortgage remains the primary problem, and it is being ignored based upon a calculated risk on the mortgage. Remember that these banks also defaulted on their contractual agreement as in causing harm to the mortgagees through betting upon the collapse of the both the housing sector and the general economy through double dealing. Admin

http://livinglies.wordpress.com/2009/12/24/self-dealing-part-1-goldman-s...

“The problem is not that the mortgages are in default. The problem is that the investment banks are in default of their obligations to investors and homeowners. Until Government and the Courts realize this simple fact, they will never untangle the debris caused by the illusion of a crash. If that day ever comes, more than 80% of our problems will vanish.”

Readers: I wonder if this means that Halliburton will move its main corporate office back to the US. This obviously will disappoint a large number rich people who were looking for a safe place live after extracting as much wealth as they could from actual communities. Having a sea for a moat on one side and a desert on the other side as a barrier to threatening activists and critics of corporate policies sounds like a castle strategy to defend against peasants in revolt.

IT’S JUST NOT AS SIMPLE AS YOU MAY WANT IT TO BE. by Neil Garfield
http://livinglies.wordpress.com/2009/11/26/some-stories-dont-end-well-in...

Before President Bush left office, Representative Marcy Kaptur visited then-Treasury Secretary Henry Paulson Jr. and presented him with a list of all of the people in her district whose properties had been foreclosed. Although each page included four columns of names, the full list still stretched all the way down the steps of the Treasury Building to the street below when unfurled.

Kaptur was able to get the administration to form a task force composed of representatives from several agencies who were supposed to work with local stakeholders to address the foreclosure crisis.

Readers: The author has only partially sanitized the securitization process, and some of the side assumptions border on the absurd. Other than the details the author seems invested in the silly supposition that the prognosis pivots between a "u"shaped and a "v " shaped recession. You know if a medium to small bank in Kansas lost control of their compliance with contract law then the "too big to manage" banks on Wall Street have completely lost control of their due diligence.

http://www.counterpunch.org/martens10212009.html
By PAM MARTENS

The financial tsunami unleashed by Wall Street’s esurient alchemy of spinning toxic home mortgages into triple-A bonds, a process known as securitization, has set off its second round of financial tremors.