• Archives

  • Blog Stats

    • 673,104 hits
  • Categories

  • Advertisements

Green Light for City-owned San Francisco Bank

Sadly even though it is almost 5 years since this article, neither San Francisco nor any other city in California, nor the State of California itself appear to be any closer to establishing a public bank. That is a testament to the power and political influence of the big banks which can afford to donate to both politicians in both parties to make sure that their nests are always well feathered.

WEB OF DEBT BLOG

When the Occupiers took an interest in moving San Francisco’s money into a city-owned bank in 2011, it was chiefly on principle, in sympathy with the nationwide Move Your Money campaign.  But recent scandals have transformed the move from a political statement into a matter of protecting the city’s deposits and reducing its debt burden.  The chief roadblock to forming a municipal bank has been the concern that it was not allowed under state law, but a legal opinion  issued by Deputy City Attorney Thomas J. Owen has now overcome that obstacle.

View original post 1,255 more words

Advertisements

The Global Banking Game Is Rigged, and the FDIC Is Suing

WEB OF DEBT BLOG

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:

Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.

It is not…

View original post 1,591 more words

Fox in the Hen House: Why Interest Rates Are Rising

WEB OF DEBT BLOG

The Fed is aggressively raising interest rates, although inflation is contained, private debt is already at 150% of GDP, and rising variable rates could push borrowers into insolvency. So what is driving the Fed’s push to “tighten”?

On March 31st the Federal Reserve raised its benchmark interest rate for the sixth time in 3 years and signaled its intention to raise rates twice more in 2018, aiming for a fed funds target of 3.5% by 2020. LIBOR (the London Interbank Offered Rate) has risen even faster than the fed funds rate, up to 2.3% from just 0.3% 2-1/2 years ago. LIBOR is set in London by private agreement of the biggest banks, and the interest on $3.5 trillion globally is linked to it, including $1.2 trillion in consumer mortgages.

Alarmed commentators warn that global debt levels have reached $233 trillion, more than three times global GDP; and that…

View original post 1,620 more words

“Undue Hardship” Discharge — The Top Priority for Student Loan Solutions — MEDIATBANKRY

By: Donald L. Swanson The student loan crisis and potential legislation to solve it are in the news these days. Lots of ideas are bandied about on what legislation might look like. Top Priority There is a top priority for such legislation that dwarfs all others. The number one priority, bar none (and it’s not […]

via “Undue Hardship” Discharge — The Top Priority for Student Loan Solutions — MEDIATBANKRY

That is outrageous that it is easier for someone to discharge unpaid income taxes than to discharge student loans.

New Bill To Establish Banks In Every Post Office To Serve Low Income Consumers — Consider The Consumer

There was a new bill recently introduced in the Senate pushing to cut off and force competition for payday lenders and establish banks in every Post Office. The idea behind this is for the Post Office Banks to serve consumers with a low income. Many are looking at this as a positive, or at least better…

via New Bill To Establish Banks In Every Post Office To Serve Low Income Consumers — Consider The Consumer

This is good news as it will introduce some much needed competition in the banking and payday loan industry.

REHYPOTHECATION IS YOUR WEAPON TO ESTABLISH THERE WAS NEVER A MORTGAGE LOAN – THESE WERE ALWAYS SECURITIES! — Deadly Clear

Originally posted on Deadly Clear: By Sydney Sullivan In a world where the American Dream and Wall Street greed collide, when your life and home are no longer your own, we must look beyond the facade of the documents and dig deeper into the public archives to seek the truth of the concealed path that is…

via REHYPOTHECATION IS YOUR WEAPON TO ESTABLISH THERE WAS NEVER A MORTGAGE LOAN – THESE WERE ALWAYS SECURITIES! — Deadly Clear

 

Securitization and Standing

Livinglies's Weblog

Like other decisions establishing  the law of the land, the decisions of SCOTUS are often taken as advisory or optional. Nevertheless TILA Rescission and Article III standing have been affirmed by the Court of last resort. Reluctant judges in trial and appellate courts will get their hands slapped one more time but all the bad prior decisions and their consequences  are neither reversed nor redressed.

Standing is pretty easy — it must be alleged in facts that will be proven at trial. If it isn’t alleged or isn’t proven at trial, the Court lacks jurisdiction to do anything other than to dismiss the claims of any party seeking satisfaction because they have no claim for redress.

Let us help you plan your defense strategy, discovery requests and defense narrative: Dial 954-451-1230 or 202-838-6345. Ask for a Consult.

Purchase now Neil Garfield’s Mastering Discovery and Evidence in Foreclosure Defense webinar including 3.5…

View original post 783 more words

%d bloggers like this: