The New American Revolution Begins, MERS Gets Hit HARD In NY, 'Soft Patchers' Are Dreaming, FDIC OKs Minimum Capital Standards (15 LINKS)

• FDIC OKs minimum capital standard for banks - Or Did They?
• How Citigroup hackers broke in through front door using bank's website
• Government Jobs Untouched by the Great Recession
• Banks Are Greece's Achilles' Heel - WSJ
• Greece: General Strike Set – June 15
• US Congress votes against Libya funding
• "Soft Patchers" Are Dreaming - The Economic Slowdown Will Be Sustained
• Feds Calling Witnesses Before Secret Grand Jury Probing CIA Abuses
• Oops: MERS Gets Hit HARD In NY - Denninger
• Is The ECB Still Solvent?
• Film Trailer - Plunder: The Crime Of Our Time
• Greece pays a heavy price as eurozone protects its reckless banks
• Foreclosure crisis: What’s wrong with this picture?
• The American Revolution Begins With The Kick Off Of Operation Empire State Rebellion – Activists Take Over Liberty Park
• Narco gangster reveals the underworld - kidnapping bus passengers for gladiatorlike fights to the death

Comments

[john]

JPMorgan dismisses mortgage head Lowman

http://www.reuters.com/article/2011/06/14/us-jpm-mortgage-idUSTRE75D3XR20110614

[snip]

JPMorgan Chase & Co has pushed out its head of home lending, David Lowman, who had been sidelined in February after the bank racked up billions of dollars in losses on mortgages and became mired in litigation over foreclosures.

[DailyBail]

Central Bankruptcy - Why QE3 is Inevitable

http://news.goldseek.com/GoldSeek/1308031500.php

[DailyBail]

Eric Sprott - We’re Headed Over a Cliff, Be Wary of Paper Assets

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/10_Eric_Sprott_-_Were_Headed_Over_a_Cliff,_Be_Wary_of_Paper_Assets.html

[DailyBail]

Pesticide-laden produce: Apples and celery top the list

http://latimesblogs.latimes.com/greenspace/2011/06/pesticides-fruit-vegetables-ewg-guide.html

[DailyBail]

Madison - Acting with unusual speed, the state Supreme Court on Tuesday reinstated Gov. Scott Walker's plan to all but end collective bargaining for tens of thousands of public workers.

http://www.jsonline.com/news/statepolitics/123859034.html

[DailyBail]

WASHINGTON (MarketWatch) — The White House and Congress should work together in “good faith” to solve the nation’s budget crisis and shy away from using a necessary increase in the debt ceiling as a tool to bend the will of opponents, Federal Reserve Board Chairman Ben Bernanke said Tuesday.

http://www.marketwatch.com/story/bernanke-dont-play-politics-with-debt-limit-2011-06-14?dist=afterbell

[john]

Citing ‘insufficient damage,’ FEMA rejects aid claims on homes battered by tornado

http://news.yahoo.com/s/yblog_thelookout/20110614/ts_yblog_thelookout/citing-insufficient-damage-fema-rejects-aid-claims-on-homes-battered-by-tornado

but...but....but

http://www.tradeaidmonitor.com/2011/06/snapshot-plants-power-prestige-pride.html

http://www.tradeaidmonitor.com/2011/06/african-hookers-homosexual-truck-drivers-study.html

[chunga]

A Tale of Two Cases - (Veal vs. Fryzel Opinions)

There are several similarities in the two cases referenced above. One being that they were both filed on June 10, 2011. The other being they involve some of the same players.

From there, the two recommendations made by the respective Courts reach conclusions that are entirely at odds with each other. Both opinions will be linked at the bottom of this post for comparison.

The first opinion I'll bring up is the opinion by The Honorable Judge Randolph J. Haines in VEAL vs. AMERICAN HOME MORTGAGE INC., et al:

This opinion has been widely distributed and discussed. Naturally, I agree with Judge Haines.

Now comes United States Magistrate Judge David L. Martin's Report and Recommendation regarding FRYZEL vs. MERS INC. et al.

I'm going to take the liberty (remember that?) of summarizing Magistrate Martin's opinion.

Again, it should come as no surprise that I disagree with this one.

Forgetting for a moment that in Rhode Island an assignment is a conveyence of Real Estate Magistrate Martin concludes (in my interpretation) that anything and everything that takes place after the original alleged mortgage transaction is simply none of the alleged borrower's business.

I'm quite certain Magistrate Martin's opinion will be hailed as gospel and wildly popular in Banking Circles and will be trumpeted by their dapper Foreclosure Mill lawyers.

Measured by the pound, certainly Magistrate Martin's opinion would seem just and fair. He goes to great length to boot-strap his arguments with thirty eight pages of fluff. In conclusion he cites the "Eisenberg" case and emphasizes that it was only one page in length and therefore lacks merit.

Despite the Magistrate's attempt to thread the needle his conclusion seems to miss a few very basic elemenents of the Ponzi. I'll go out on a limb and suggest that most if not all the subsequent investors had default insurance on the underlying bonds (the CDS contracts).

So if a CDS contract came and paid off the default they cannot collect more than once: the writer of the CDS contract can come along and try to collect but not the party who was paid off, because they've already been paid: they're trying to collect twice (or more) on the same alleged breach. That means you need to know WHO ever claimed to own the thing, and who ever wrote a CDS contract on it, and whether that CDS insurance contract paid them.

Hiding behind a "servicer" in order to protect "Trade Secrets" or "Proprietary Information" seems like a great idea. Especially if those innovative "Trade Secrets" include wide-spread systemic fraud.

I'm not even going to bring in REMIC...

How can all these banks be flush with cash after being systematically raked over the coals by deadbeats?

I humbly suggest Magistrate Martin's people call Judge Haines' people.

Welcome aboard the Black Pearl. Feel free to take leave...the very next time we make port.

http://www.foreclosurehamlet.org/profiles/blogs/a-tale-of-two-cases-veal-vs