More BOA Attention (Of The Unwanted Sort)

http://market-ticker.org/



And the pooling and servicing agreement, which the borrower's counsel asked to have produced (to prove that all of the other things done were on the "up and up" was allegedly produced in court unexecuted and with the word "DRAFT" emblazoned over the top of it, after an attempt to find it on the SEC's EDGAR website proved fruitless.

DeMartini’s statements also place Bank of America’s outside auditor, PricewaterhouseCoopers LLP, in a tough spot. The firm has no choice now under U.S. auditing standards but to find out definitively if what DeMartini said is correct, and whether the answer would affect any of its prior audit conclusions. PwC billed Bank of America $128 million for its audit and other services last year. The mortgage at issue in the court ruling was originated in 2006 by Countrywide Financial, which Bank of America bought in 2008.

Auditors have never mattered since ENRON. In fact, basically all of them involved in auditing the financials of banks should be strung up by their nuts by now. How you can possibly argue that an audit opinion has merit after the disclosure of The Fed haircuts on the so-called "assets" pledged for TAF and similar programs at this point is beyond the pale. That is, we now know that banks came to these programs and pledged assets with ten times or more the face value of what they "borrowed" - but then when these loans were repaid those worthless assets (in the opinion of the NY Fed desk) were never recognized at that valuation by anyone ever again. In fact, they're probably still sitting on bank balance sheets - at 95 or even 100 cents on the dollar.

This much I can tell you with certainty - whatever collateral was pledged on 1/21/2009 in the "face" amount of $185 billion for a $15 billion loan was never exposed in a 10K or 10Q as having taken a loss of more than 90%.



Such a loss would have resulted in in the instantaneous detonation of Bank of America. Indeed, that loss is more than half of the firm's enterprise value as of today and exceeds the company's market cap.

That is, it was more than enough to blow them to Mars - and that was one transaction.

While some of those loans were clearly rollovers of earlier ones, and thus the "9 trillion" bandied about is a histrionic distortion (typical of many people in the media and Congress) the fact remains that these programs disclose monstrous hidden losses in the form of worthless collateral that was posted by these institutions and which then disappeared once again into their bowels and has not been seen since.

Fed Wants Banks to Buy Back Some Bad Mortgages

http://www.nytimes.com/2010/10/20/business/20bond.html

So big institutions are buying up the debt for a nickle on the dollar banking on the 100% buyback because they think it's guaranteed that the taxpayer is going to fund a rescue plan for Bank of America?
That ain't even happening.
Crime doesn't pay and "WE" don't pay for crime.
BoA committed fraud and embezzlement, as did the rest of the investment banks.
They need to be liquidated to pay off their creditors and tried for their crimes, not given more money to carry on.
I don't care if their creditors get paid or not.





Indeed, the group that includes the Fed is one of two coalitions that is gearing up for a fight with the banks.

It also makes for some strange bedfellows. After all, it was the government that bailed out Bank of America — twice — during the financial crisis, the same government that includes the Fed.


There is risk too for the government, despite the Federal Reserve claims. If the banks are indeed forced to spend tens of billions to buy back securities, they could turn once again to the federal government for help.

Mortgage-gate MERS and Robo-signers the Mortgage Industry and You

http://www.mersinc.org/about/index.aspx

You got it right from the horses mouth,
MERS makes the world paperless, and it holds all the original mortgages.
Except it's not allowed to. It's not human.
And it was endorsed by everybody who is anybody, and main streamed in as an everyday practice.

Then your have the Robo signers who where approving 7-8 thousand foreclosure a month without ever having looked at any of the paper work between 7-8 thousand foreclosure a month and attested that they had by the writ of their signature.
So they all go down together. Their is no getting out of it.
What they did is against the law in any court of the land.
But it can be turned into a country saving opportunity by paying back off our National debt with the free money we now all have.
Because seriously, who is going to continue to pay for something that they can never legally own, because there is no paperwork to ever be able to prove title of ownership.

About MERS



MERS was created by the mortgage banking industry to streamline the mortgage process by using electronic commerce to eliminate paper. Our mission is to register every mortgage loan in the United States on the MERS® System.

Beneficiaries of MERS include mortgage originators, services, warehouse lenders, wholesale lenders, retail lenders, document custodians, settlement agents, title companies, insurers, investors, county recorders and consumers.

MERS acts as nominee in the county land records for the lender and service. Any loan registered on the MERS® System is inoculated against future assignments because MERS remains the nominal mortgagee no matter how many times servicing is traded. MERS as original mortgagee (MOM) is approved by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and VA, California and Utah Housing Finance Agencies, as well as all of the major Wall Street rating agencies.