Chris Whalen: "Fannie Mae Is Now The Largest Landscaping Company In The U.S." (VIDEO)

2 minutes.  Whalen on Foreclosure-Gate.  Shite will hit the fan in 3-6 months.  Says Dodd-Frank may be used to restructure banks.

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CNBC Video:  Chris Whalen on Fast Money

Transcribed quote:

There is declining interest income on one side of the house and increasing costs in servicing foreclosures of properties.  They are losing money on both sides.

The efficiency ratio for banks is going to go close to 100%, banks are going to be bleeding cash.  The next three to six months is when things are going to get out of control; banks servicing departments don't have the capacity to own and operate the real estate.  Dodd-Frank legislation may be used to restructure banks.

Fannie and Freddie are the biggest sellers of real estate in the U.S.  Fannie Mae is the biggest landscaping company in the U.S. now.

Banks are not equipped to be owners of real property; when their assets get illiquid they can't lend.  Banks are walking away from the properties.

Recently from Chris Whalen:

Chris Whalen Explains Everything You Need To Know About Foreclosures, Loan Put Backs & Bank Risk 

Bernanke's Road To Deflation: Will Quantitative Easing Work As Intended?

Chris Whalen & Nouriel Roubini On A New Gold-Backed Currency: "Paper Assets Are Headed To Zero" (VIDEO)

Chris Whalen's Latest Op-Ed: Expect An ONSLAUGHT Of State Mandated Foreclosure Moratoriums In 2011

Chris Whalen: New Bank Bailouts Under Dodd-Frank For Bank Of America, Wells Fargo Within 12 Months (VIDEO)

Is Foreclosure Fraud The New Black Swan For Banks

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[DailyBail]

Chairman Ben S. Bernanke
Causes of the Recent Financial and Economic Crisis
Before the Financial Crisis Inquiry Commission, Washington, D.C.

http://www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm

[Z]

A Life Lost in the Shadow Of Freddie...

http://www.washingtonpost.com/wp-dyn/content/article/2009/04/22/AR2009042201185.html

Kellermann, 41, was found dead yesterday morning in his Fairfax County home in an apparent suicide, police said. He left no note, law enforcement sources said, and his motivations were not known.

The neighbors knew Kellermann mostly as a doting father of a young daughter and meticulous gardener. He decorated his home lavishly for Christmas and threw great parties for Halloween and University of Michigan football games. He'd attended Michigan before receiving a graduate degree from George Washington University.

Even with all the financial losses at Freddie Mac, Kellermann continued to find lighter moments. In the weeks after the company was seized by the government, his grim presentations at Tuesday morning meetings of senior executives would often end with him cracking jokes, colleagues said.

Separately, the SEC and Justice Department have been investigating Freddie Mac over questions of accounting, disclosure and corporate governance, the company said in a recent SEC filing. Sources said Kellermann was not a target of the probe by the U.S. Attorney's office in Alexandria but was someone investigators wanted to question. "He obviously knew about things that we would want to know about,'' said one law enforcement source, who was not authorized to comment and spoke on condition of anonymity.

During the uproar over bonuses, Kellermann's wife sent an e-mail to neighbors letting them know that a security detail was guarding the house, one recalled. Another neighbor said the Kellermanns hadn't wanted the protection -- they were reluctant to see Freddie's troubles intrude so publicly on their private lives.

[DailyBail]

http://www.huffingtonpost.com/2010/10/08/meg-whitman-whore-brown_n_755745.html

Meg Whitman Called 'Whore' By Someone In Jerry Brown's Campaign

[DailyBail]

Elizabeth Warren: Consumer Bureau 'The First Real Agency We've Built In The 21st Century' (VIDEO)

http://www.huffingtonpost.com/2010/10/07/elizabeth-warren-consumer_1_n_754026.html?ir=Business

[DailyBail]

Ecuador Coup Attempt Engineered by the CIA

http://globalresearch.ca/index.php?context=va&aid=21310

[DailyBail]

Break the Banks

The banks, say three federal judges, are getting ‘a free ride.’ The justice is ‘half baked.’

http://www.newsweek.com/2010/10/01/my-turn-bring-the-big-banks-to-justice.html?source=patrick.net#main-search

[DailyBail]

An Evolutionary Biologist Answers Christine O'Donnell's Question About the Missing Monkey-Humans

http://www.newsweek.com/blogs/the-gaggle/2010/09/27/an-evolutionary-biologist-answers-christine-o-donnell-s-question-about-the-missing-monkey-humans.html?obref=obnetwork

[DailyBail]

What is the "cost" of federal deficits? The question is important because, since 1980s, the US government and the media have been claiming that "deficits don't matter." There are no negative consequences to massive federal overspending (such as the 2010 $1.29 trillion budget deficit). We can spend our way to prosperity.

http://www.marketskeptics.com/2010/10/why-deficits-stopped-mattering-magic-or.html

Excellent story...

[DailyBail]

As Iraq’s violence ebbed, it seemed that the country’s tea-sipping, hookah-smoking revelers had reclaimed the evening hours, casting off the siege mentality of the war’s worst days as they repopulated nightclubs, speakeasies and public parks.

Savoring Baghdad, Where Each Night Is a Battle

http://www.nytimes.com/2010/11/07/world/middleeast/07iraq.html?_r=2&hpw

Another great read...

[Cheyenne]

DB--

That Newsweek piece on three federal judges doesn't name them. I know for a fact one was Judge Ned Rakoff in Manhattan. His orders in the S.E.C. v. BAC case were scathing. He dropped some footnotes suggesting that BAC would have to call trial witnesses like Bernanke and Paulson.

I talked at a legal shindig to one of BAC's lawyers after the court rejected the parties' first proposed settlement. Rakoff had those guys sweating balls. It was fucking awesome. In the end, though, he threw up his hands because the complicity between the S.E.C. and BAC was so thorough that there was really no justiciable dispute left.

I take it the other two judges referred to are Judges Ellen Huvelle and Emmet Sullivan, both of D.C. Apparently they followed Rakoff's lead and questioned the S.E.C.'s settlements with Citigroup (Huvelle) and Barclay's (Sullivan).

http://dealbook.blogs.nytimes.com/2010/08/17/can-the-s-e-c-avoid-scrutiny-of-its-settlements/

[Dr. Pitchfork]

Interesting stuff, Cheyenne. Makes my head spin. So much corruption and yellow-belliedness, not nearly enough time.

[Cheyenne]

Know what you mean, Dr. P. So much action I got Rakoff's name wrong. It's Jed Rakoff (not Ned).

[Texas Dar]

Well, here we go again...........

NIA's Food Price Projections Featured by Glenn Beck
Description: Start watching at 7:30 into the video.
http://inflation.us/videos.html

[Texas Dar]

Make sure ya'll see this one too.....................

End of Liberty
Description: How the U.S. is headed for a complete societal collapse! The most important film of all time!
same link....!