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Profile Information

Gender: Female
Hometown: Seattle, for half my life
Home country: USA
Current location: Sw corner of Ala. for the rest of my life
Member since: Wed Feb 27, 2008, 01:09 PM
Number of posts: 36,951

About Me

Being the "Queen of Everything" (Mr. dixie is the Prince of What's Left) but................ Golden Retrievers RULE!!!

Journal Archives

EU Agrees Banking Union - Bail-Ins Cometh

During the Cyprus bail in, many a discussion here at DU about possibility of future bail ins.

Read it and weep:

In the early hours of yesterday morning European Union politicians struck a deal on legislation to create a single agency to handle failing banks and bail-ins in the Eurozone after another all night negotiating marathon ahead of a summit of EU leaders starting in Brussels today.

Negotiators persuaded nations that had been opposed to the proposed Single Resolution Mechanism and the legislation for bail-ins to agree.

Insolvent banks will be treated equally regardless of the country they are based in. Failed banks creditors, both bond holders and depositors, will be subject to bail-ins in the same way in all countries.

“It’s a very good agreement,” European Central Bank President Mario Draghi said before the meeting of EU leaders in the Belgian capital. The banking union was shaped in part by Draghi and he hailed the compromise plan as “great progress for a better banking union. Two pillars are now in place."

It is important to realise that not just the EU but also the UK, the U.S., Canada, Australia, New Zealand and most G20 nations all have plans for bail-ins in the event that banks and other large financial institutions get into difficulty.

( linked article is halfway down the ZH page.)

why beer drinking is good for you

It's like this....... when the herd is hunted, it is the slowest and weakest ones at the back that are killed first.
This natural selection is good for the herd as a whole, because the general speed and health of the whole group keeps improving by the regular killing of the weakest members.

In much the same way, the human brain can only operate as fast as the slowest brain cells.
Excessive intake of alcohol, as we know, kills brain cells, but naturally, it attacks the slowest and weakest brain cells first.
In this way, regular consumption of beer eliminates the weaker brain cells, making the brain a faster and more efficient machine.

That’s why you always feel smarter after a few beers.

I have no idea why this works, but it does. I just tried it.

While sitting on a chair, lift your right foot off the floor and make clockwise circles.
Then, while doing that, draw the number six with your right hand.
The direction of your foot will change.

did it work for you????

In case you missed it..Matt Taibbi leaves Rolling Stone for new digs.

Today is my last day at Rolling Stone.
As of this week, I’m leaving to work for First Look Media, the new organization that’s already home to reporters like Glenn Greenwald, Jeremy Scahill and Laura Poitras.

He is now working for .....https://firstlook.org/theintercept/about/
Their new news blog page is:

Which is now my 2nd home page.

can we keep this visible for awhile, so lots of folks can find hiim at his new home?
Man deserves a Pulitzer for his writing on the law breaking banksters.

Wells Fargo caught with "how to defraud homeowners" manual.

UPDATED....link to pdf of the Manual!!!!!
Wells Fargo Home Mortgage
Foreclosure Attorney Procedure Manual, Version 1

Wells Fargo, the nation’s biggest mortgage servicer, appears to have set up detailed internal procedures to fabricate foreclosure papers on demand, according to allegations in papers filed Tuesday in a New York federal court.

In a filing in New York’s Southern District in White Plains for a local homeowner in bankruptcy, attorney Linda Tirelli described a 150-page Wells Fargo Foreclosure Attorney Procedures Manual created November 9, 2011 and updated February 24, 2012. According to court papers, the Manual details “a procedure for processing notes without endorsements and obtaining endorsements and allonges.”

Attorneys, forensic accountants and consumer advocates have long suspected that banks were systematically creating improper documents to prove ownership of loans. Foreclosure defense lawyers use the term ‘ta-da’ endorsement to describe situations in which they say a document appears, as if by magic, in the bank’s possession as needed in a foreclosure case—even though the proper endorsement was not included in the original foreclosure filing. It might sound like a technicality, but correct proof of ownership lies at the heart of the foreclosure crisis for securitized loans, which were sold by the lender that originally issued the mortgage. To legally transfer a securitized loan, the endorsements and allonges have to be created in a very specific way and within a specific time frame, usually 90 days after a residential mortgage trust closes. For many loans in foreclosure now, which were originated years ago and then sold, it’s way too late to correct incomplete documents, experts said.

If you have a mortgage, it is important that you read the whole article to get an idea of how mortgage fraud works.
All the TBTF banks did this, and many of the mortgages and foreclosures over the last 10 years had forged documents.

I would love to see that manual.

Is your mortgage servicer Green Tree or Nationstar??

Both Green Tree and its parent company, Walter Investment Management are in legal trouble over mortgage handling.

Green Tree, via Walter, began serviing mortgages of former Bank of America and otgher banks, when those banks decided to stop mortgage serviing in light of new fed. rules.
Now the feds are eyeing Green Tree ( and Nations Star) while Walter Invest. Mange. is being sued by it's stock holders.

One of several Walter suits:

NEW YORK, March 10, Mar 10, 2014 (GLOBE NEWSWIRE via COMTEX) -- Pomerantz LLP has filed a class action lawsuit against Walter Investment Management Corporation ("Walter Investment" or the "Company") WAC -2.04% and certain of its officers. The class action, filed in United States District Court, Middle District of Florida, and docketed under 1:14-cv-20880, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Walter Investment securities between May 9, 2012 and February 26, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Walter Investment securities during the Class Period, you have until May 6, 2014 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Walter Investment is a loan servicer and business solutions provider focused on generating recurring, fee-based revenues from an "asset-light" platform.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) the Company lacked adequate internal controls over financial accounting and compliance with applicable laws; (2) the Company's internal controls were not effective;
(3) the Company's financial statements contained false and misleading statements;
(4) the Company had failed to disclose material weaknesses in the internal controls of its recently acquired subsidiary, RMS;
(5) the Company had overstated the value of its RMS acquisition;
(6) the Company was in violation of applicable laws, rules and regulations;
(7) the Company's business practices violated consumer financial protection laws, thereby jeopardizing future revenues and profits; and,
(8) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On March 18, 2013, the Company shocked investors by disclosing that, based on an evaluation by the Company's Board of Directors and management, "our management, including our Chief Executive Officer and our Chief Financial Officer, has identified a material weakness in our internal control over financial reporting. As a result of this material weakness, management has concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our internal control over financial reporting was not effective."

On this news, the Company's shares fell $8.61 per share to close on March 19, 2013 at $32.98 per share, a drop of over 20%.

On February 27, 2014, the Company announced in a Securities and Exchange Commission ("SEC") Form 8-K filing that the Federal Trade Commission ("FTC") issued a Civil Investigation Demand ("CID") to Green Tree Servicing LLC ("Green Tree"), a wholly owned subsidiary of the Company, requesting information on a broad range of subjects relating to the company's operations.

On this news, shares of Walter Investment fell from $28.28 to $25.90, more than 8%, on unusually heavy trading volume, on February 27, 2014.

Share price tumbliong like a fallen leaf. Would not surprise me to find a hedge fund or 2 is collecting from a bet on the downfall.

A brief history of Crimea's close ties to Russia explains a lot.

With nearly every other main street named after a Russian military hero or a gruesome battle, its lovely seafront promenade dominated by a “monument to sunken ships” and its central square named after the imperial admiral who commanded Russian forces against French, British and Turkish troops in the 19th century, Sevastopol constantly feeds thoughts of war and its agonies.
Bombarded with reminders of the Crimean War, which involved a near yearlong siege of the city in 1854-55, and World War II, when the city doggedly resisted Nazi forces until finally falling in July 1942, Sevastopol has never stopped thinking about wartime losses — and has never been able to cope with the amputation carried out in 1954 by the Soviet leader Nikita S. Khrushchev.
Khrushchev ordered Sevastopol and the rest of Crimea transferred to the Ukrainian Soviet Socialist Republic. At the time, the operation caused little pain, as both Russia and Ukraine belonged to the Soviet Union, which chloroformed ethnic, linguistic and cultural divisions with repression.

When Ukraine became a separate independent nation near the end of 1991, however, Sevastopol — the home of Russia’s Black Sea Fleet since the 18th century — began howling, culminating in the Crimean Parliament’s decision on Thursday to hold a referendum on March 16 on whether to break away from Ukraine and formally become part of Russia again. Jubilant residents gathered in Sevastopol.

“We’re returning home,” said one of them, Victoria Krupko. “We’ve waited a long time for this.”


Karma train hits Bank of America.....

A lovely list of growing investigations points to BOA's many transgressions.
Let us count the ways:

1. The U.S. Attorney’s Office for the Eastern District of New York, based in Brooklyn, is investigating its compliance
with the Federal Housing Administration’s “direct endorsement program.”
(Has to do with getting get government-backed insurance for mortgages that didn’t deserve it).

2. facing the prospect of paying penalties and reimbursing consumers over its sale and marketing of certain credit-card debt-cancellation products.

3. government authorities in North America, Europe and Asia are examining its participation in foreign-exchange

4. the bank is being sued by Prudential Insurance Company of America related to mortgage-backed bonds that the
bank sold in the run-up to the financial crisis. ( the bonds were touted as good, but were full of bad mortgages)

5. the European Commission is laying the groundwork to fine it and other banks, accusing them of breaking European
Union competition laws by allegedly colluding to prevent exchange-trading of credit-default swaps.

Bank of America said it now estimates it could have to spend up to $6.1 billion for legal expenses over and above current reserves, up from an estimate of $3.1 billion a year ago.

Poor poor BOA...my heart bleeds for it.

Updated list of all fracking sites. Is your state on the list?


this is a good site, btw. Hats off to them for compiling the data.

2nd coldest Mardi Gras since 1874

Currently 39 degrees in New Orleans.

I'd be happy if it hit as high as 39 at my house, here in the "sunny South".
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