Chris Whalen: 'Elizabeth Warren Is A Nightmare For Banks'

Banks still have a big foreclosure problem.

Whalen yesterday on CNBC's Fast Money.  Excellent discussion.

"If you were an investor, would you want to write a jumbo mortgage, say in Massachusetts, where you can't foreclose at all.  Politicians talking about comsumer protection (like Elizabeth Warren) are actually hurting consumers because now you can't get a mortgage."

"Banks don't even know what they're getting into.  California is now a minefield for banks.  You have to do judicial foreclosures in California after Jan. 1.  What does that mean?  More costs for the banks."

Comments

[h5mind]

Why do discussions about our banking system pretend banks have risk? They don't. Thanks to the nature of the Federal Reserve and fractional reserve banking, every penny in circulation is loaned into existence out of thin air. Unlike the fictional world of the Bailey Building and Loan in Frank Capra's 'It's a Wonderful Life', your deposits are not invested in Mr. Martini's home- they are digits on a computer screen. If the bank needs another couple billion to build a skyscraper, aircraft carrier, or casino, they conjure it up. This counterfeiting scheme has been running unchecked for nearly 100 years. It's why the dollar has lost 98% of its purchasing power in that time.

The only risk to banks (and bankers) is the general public should awaken to the scam and start a much-needed, and long overdue revolution.

[sj]

I hope she stays out of small aircraft.

sj

[john]

Chris, she even fooled you...

http://www.huffingtonpost.com/2013/01/03/angus-king-senate-elizabeth-warren-banks_n_2405014.html

[john]

Chris, you should look at Kings relationship with MBNA when he was governor of Maine, look at his relationships with offshore banking and the wind scam. Elizabeth Warren is now in the DC country club and it is a lonely place for her and they know it.

nuff said.

[SKINFLINT]

Angus King is just hilarious. Seriously, Iam laughing already after reading that piece. WTF? I just can't figure out why these guys can't read. It is ABUNDANTLY clear where the problem lies. King should look in the mirror first.