Comments | the_recession: The Arc of Justice

sophiaserpentia in the_recession

The Arc of Justice - The Ibanez Case Ruling

Jan 11, 2011 13:44

From a post at The Economic Populist

What is beginning to unfold before our eyes is a situation which can only be comprehended with jaw-dropping incredulity.

The Too Big To Fail banks have been waiting with trepidation for a ruling from the Supreme Judicial Court of the State of Massachusetts on the case titled US Bank National Association ( ( Read more... )

anatomy of a meltdown, mortgage backed securities, foreclosuregate, wells fargo, fannie mae, freddie mac, collateralized debt, foreclosures, lehmann, fraudclosure

Comments 2

badnewswade January 12 2011, 00:14:37 UTC

Naaaah, this is a blip. I mean I hope I'm wrong obviously, but Massechusets is notoriously liberal and incorruptible, so at worst what will happen is that that particular state will be more lenient towards homeowners and some people will get to keep their homes.

But it's much more likely that the case will go to the Supreme Court, who are packed with Bush appointees and other bought-and-paid for microbial corporate scum who will simply do whatever the banks want them to.

BTW, what's this about Wikileaks delaying relase of the BOFA documents? I bet the bastards win on that one as well.

badnewswade January 12 2011, 01:03:14 UTC

Now I actually read the article, it does look like the system is made out of broken glass and held together with bailing twine and Sellotape. However...

Dragged into this situation automatically is the federal government. The US Treasury owns Fannie Mae and Freddie Mac, which are already insolvent and must turn to the government for capital infusions every quarter just to cover the losses on their existing home mortgage portfolios. These institutions are now facing much higher loss rates on their own portfolios of trillions of dollars of home mortgages.

Brilliant! Another day, another bailout. The national debt jumps to $18Tril and the government have another excuse to privatise everything in sight, abolish social security and all other welfare benefits forever and kill old people and the unemployed for the fillings in their teeth. They could even rent out your nuclear arsenal to Achmedinejad - no need to develop weapons of mass destruction old boy, just borrow ours if someone nukes you!

You may throw into this picture also the ( ... )