Rules are for you, not for big money

Written By: - Date published: 6:51 pm, October 14th, 2010 - 17 comments
Categories: capitalism, class war - Tags:

In the US banks that turned mortgages into “complex financial instruments” that were so complex nobody knows who owns what are now foreclosing on home owners.

That’s despite the banks failing to prove they have a right to do so. And the justice system is backing the big money, often based on forged documents. It’s gangster capitalism at its finest.

Congressman Alan Grayson explains:

And if you don’t know Grayson, I recommend you look him up. He’s one of the few good guys in US politics.

17 comments on “Rules are for you, not for big money ”

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  1. john 1
    14 October 2010 at 7:11 pm

    If Grayson ,a good guy is really good,then maybe God exists! Republicans eat and sh.t money and want more and more money! They loovve to kick the butt of the poor less successful money eaters!
    They wouldn’t even donate a free turd to the poor American who voted for them ’cause Jesus wouldn’t have done it!

    • john 1.1
      14 October 2010 at 7:39 pm

      Shows that the US is so far up shit street that the people who put it there are creeping out of their money holes to complain that the gravy train will probably stop: case of the parasite killing the host! (All parasites get an attack of conscience when the host starts dying) The Republicans are rubbish.I can’t believe even one is good! They sold their souls to money not social decency so long ago its totally forgotten!

      • portia 1.1.1
        14 October 2010 at 8:12 pm

        The democrats, with a few notable exceptions like Grayson and Feingold, are not much better policy-wise. Have you heard of the cat food commission? It’s a commission set up by the Obama administration to ‘look into’ Social Security. But it is mostly staffed with Republican and Democratic congresspeople who are on record as wanting SS to be dismantled. Hence, cat food. And don’t even get me started on Obama’s civil liberties record. Due-process-free assassinations?

        • Vicky32 1.1.1.1
          15 October 2010 at 7:14 pm

          I have not been disillusioned with Obama, cos I was never illusioned in the first place – if he was any good he would have never have been selected in the first place… Republican or Democrat, they’re as bad as each other.. So glad I am not an American!

    • Dave 1.2
      15 October 2010 at 1:34 am

      John,

      That’s as that maybe but do you honestly believe there is a philosophical difference between the Republicans and the Democrats? When those that are calling the shots control both parties it surely makes it a contest in name only?

  2. Bill 2
    14 October 2010 at 8:30 pm

    Hate to do big ‘cut and pastes’, but here is the guts of the ‘Ok Computer’ system that Grayson is speaking of as written by Robert Sheer. I’d disagree that it is merely gangster capitalism, Irish. Gangsters are still people afterall.

    The Titanic that is the U.S. housing market has just sprung its biggest leak, and even some of the largest banks responsible for this mess, like Bank of America and JPMorgan Chase, are now imposing a temporary moratorium on foreclosures. They have done so very reluctantly and only after courts throughout the nation, and the attorneys general of 40 states, questioned the legality of a securitized system of homeownership that has impoverished tens of millions.

    How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable? You cannot get much help from those who signed off on the process because they turn out to be robot signers acting on automatic pilot. Fully 65 million homes in question are tied to a computerized program, the national Mortgage Electronic Registration Systems (MERS), that is often identified in foreclosure proceedings as the owner of record.

  3. freedom 3
    14 October 2010 at 9:13 pm

    this coincidentally comes to light just as the same banks are in line for their share of the recently appropriated $Trillion+ US 401K system as a new source of bailout funds.

  4. Zorr 4
    14 October 2010 at 9:26 pm

    I love Alan Grayson.

    It goes to show how good he is that the Right and corporates get all frothy at the mouth when his name gets mentioned.

  5. BLiP 5
    15 October 2010 at 12:16 am

    Rules are for you, not for big money

    Yep. Certainly looks that way, even here.

  6. The Chairman 6
    15 October 2010 at 6:58 am

    Bailed-Out Banks Breaking into Struggling Borrowers’ Homes
    http://www.democracynow.org/2010/10/12/why_are_bailed_out_banks_breaking

  7. Draco T Bastard 7
    15 October 2010 at 8:48 am

    Wall St blames homeowners in foreclosure fiasco

    “Everyone’s responsible for following the law. If we all don’t have to pay our mortgage, should we just stop paying taxes, too?” said Anton Schutz, president of Mendon Capital Advisers. “Your mortgage didn’t get to a robo-signer by accident, it’s because you’re not paying.”

    Really?

    Thousands of people reported that despite efforts to seek loan modifications or other relief many financial institutions “routinely fail to respond in a timely manner, misplace requested documents, and send mixed signals” about what is required to avoid foreclosures, the lawmakers said.

    hmmmm, seems it’s Wall St fault.

    • Pascal's bookie 7.1
      15 October 2010 at 9:14 am

      He’s got a point as far as it goes, and for me it goes about as far as…

      …the bank has a responsibility to keep the paperwork in order and to be able to prove the debt in a court of law without recourse to forgery.

      People get off murder charges on smaller ‘technicalities’. For good reason too.

      With regard to his tax analogy, yes people should continue pay their taxes. What he is suggesting though is that if the govt leaves a thumping great big loophole in place such that the IRS couldn’t prove you had taxable income, then you should still pay.

      I’m sure he and everyone else on Wall st would be happy to submit to the IRS for a full audit of the last ten years following that principle. If not, stfu.

  8. Treetop 8
    15 October 2010 at 11:18 am

    Heard this morning on radio that 100,000 homes were reposessed last month in the US.

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