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Feb 17, 2011 at 1:37 PM
Reader Comments (12)
source for the map...
http://globalresearch.ca/index.php?context=va&aid=22283
Daley is personally opposed to the creation of Warren's brainchild, the CFPB, sources said, although he's in support of better regulation for the financial sector.
http://www.youtube.com/watch?v=wN0rcNJXFfI
DB, I don't know about JPM getting squeezed in silver... I certainly hope so. But for the last few days the price just couldn't cross $31, and then today... Whammo! $31.80, seemingly for no reason at all.
http://www.reuters.com/article/2012/06/08/us-usa-housing-blight-idUSBRE85707320120608
[snip]
The vacant home was foreclosed on in August 2011 by Bank of America, which has done nothing to repair it.
And in a cruel twist that underscores the connection between the housing meltdown and the fiscal crisis afflicting many local governments, the city of Los Angeles lacks the wherewithal to force the property owner to clean up the mess.
Across America, bank-owned, blighted houses sit untouched, sometimes for years, disfiguring what in many cases are already troubled neighborhoods. Activists say the problem is particularly acute in minority areas. And many cities do not have the resources, the will or the power to force banks to maintain their properties.
http://www.counterpunch.org/2012/09/04/obamas-secret-plan-to-prop-up-housing-prices/
[snip]
Private Equity firms are piling in to the housing market to take advantage of bargain basement prices on distressed inventory. The Obama administration is stealthily selling homes to big investors who are required to sign non-disclosure agreements to ensure that the public remains in the dark as to the magnitude of the giveaway. Aside from the steep discounts on the homes themselves, the government is also providing “synthetic financing to reduce the up-front capital required if they agree to form a joint venture with Fannie Mae and share proceeds from the rental or sale of properties.” (Businessweek)
In other words, US-taxpayers are providing extravagant financing for deep-pocket speculators who want to reduce their risk while maximizing their profits via additional leverage. The plan resembles Treasury Secretary Timothy Geithner’s Public-Private Partnership Investment Program, (PPIP) which Columbia University professor Joseph Stiglitz denounced in an op-ed in the New York Times. Here’s what he said:
“The Obama administration’s $500 billion or more proposal to deal with America’s ailing banks has been described by some in the financial markets as a win-win-win proposal. Actually, it is a win-win-lose proposal: the banks win, investors win — and taxpayers lose.”
The same rule applies here. Speculators are getting lavish incentives (gov financing, low rates, and severe discounts) in secret deals to buy distressed inventory which should be available to the public at market prices. If that’s not a ripoff, then what is?
http://www.reuters.com/article/2012/09/05/us-rescap-bankruptcy-idUSBRE88408720120905
[snip]
Mortgage lender Residential Capital RESC.UL is poised to reap billions in a bankruptcy auction of its assets next month - an unusual turn for a subprime lender in Chapter 11.