Posted in Financial

Guest Post: Max Gardner on Rep. McHenry’s Shameful Treatment of Elizabeth Warren – Mandelman Matters

Guest Post: Max Gardner on Rep. McHenry’s Shameful Treatment of Elizabeth Warren – Mandelman Matters.

I, for one, agree with Max Gardner when he states that:

The conduct of Representative McHenry, the Deputy Republican “Whip” in the 112th Congress, at the hearings of the House Financial Services Sub‐Committee on Government Oversight and Reform on Wednesday, May 25, 2011 was and is a complete and utter embarrassment to all of his constituents in the 10th Congressional District and quite frankly to me as a national advocate for consumer rights. His behavior was simply “shameful” to be kind about it. McHenry’s harsh statements to Professor Elizabeth Warren, including calling her an out‐right “Liar,” were simply beyond the pale.

I was aghast when I heard McHenry (I refuse to call him Representative or Congressman because I believe those are titles of respect and he does not deserve any respect.  Respect is earned not a right.) tell Dr. Warren that she is a ‘Liar.” 

McHenry needs to be removed from his office and he needs Miss Manners to teach him some lessons.

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Posted in Foreclosure Defense

If You Think the Meltdown Was the Fault of Homeowners, Think Again… – Mandelman Matters

From Mandelman Matters:

If you’re thinking that our economic crisis was in some way the fault of homeowners who couldn’t afford their mortgages, please consider the following:

At the end of 2007, there were roughly $1.4 trillion in sub-prime mortgages in this country.

If “irresponsible sub-prime borrowers,” caused the meltdown, then $1.4 trillion would have solved the problem in its entirety, right?  Because that’s all the sub-prime loans there were.

But, between the Federal Reserve, the FDIC and the Treasury over $13 trillion has been pumped into financial institutions to fix the “housing correction,” which is what Hank Paulson was still calling our economic collapse as of November of 2008.

At the end of 2008, there were $11.9 trillion worth of mortgages in this country.  So, with $13 trillion, the government could have paid off every single one… and still had a little over a trillion dollars left over.

But there’s a lot more to the economic problem than that, explains Nomi Prins, my new favorite financial uber-genius and author of “It takes a Pillage.” Wall Street had been playing the leverage game… somewhat like they did in the 1920s, I suppose… but on mega-steroids.  Leverage means borrowing on assets, and Wall Street banks were leveraged by 30:1, commercial banks by 10:1, not including their “off-the-balance-sheet” holdings, which could make their leverage ratio significantly higher in many cases.

So… in “Pillage,” Nomi Prins explains in terms anyone can understand that factoring in the leverage at 11:1, we’re looking at a $140 TRILLION economic problem… yes, you read that correctly… that’s trillion, with a ‘T’.  Our Wall Street bankers, through the abuse of the securitization process and excessive amounts of leverage, created a potential tab of $140 TRILLION for the people of this country to pick up.

Read the Rest here:  If You Think the Meltdown Was the Fault of Homeowners, Think Again… – Mandelman Matters.

Posted in Foreclosure Defense

Former LPS Employees Allege 30% to 78% Error Rate in Borrower Mortgage Records, Contradicting Banker/Regulator Cover-Up

Former LPS Employees Allege 30% to 78% Error Rate in Borrower Mortgage Records, Contradicting Banker/Regulator Cover-Up.

Posted in Foreclosure Defense, Legal News

FDIC’s Bair: Millions of Foreclosures Could Be ‘Infected’

http://blogs.wsj.com/developments/2011/05/12/fdics-bair-millions-of-foreclosures-could-be-infected/

Posted in Financial

Ask President Obama a Question about the Economy

Here is your chance folks to ask tough questions about the economy. 

http://www.cbsnews.com/stories/2011/05/06/earlyshow/main20059683.shtml?tag=cbsnewsLeadStoriesArea