patrick.net

wait a minute!

Isnt the judge screwing the taxpayer by increasing bank losses? The banks are attached to the fedGov taxpayer fleecing transfer payment machine and bank losses are taxpayer losses. (is this a stretch?)

To protect the taxpayer someone would have to use a time machine and go back to 2008 to stop TARP,HAMP,all the bailouts, all the zero percent fed loans, all the loan mods(400k and counting), etc, on and on. (i wanna watch this movie).

Yeah, I saw that. The judge laid the smackdown for not explaining why the guy didn't qualify. It's because the banksters don't want it to be transparent.

PockyClipsNow says

Isnt the judge screwing the taxpayer by increasing bank losses?

I don't think so. If the bank refuses to modify or even explain why, you know the bank is trying to avoid real costs to itself.

Many (or even most) borrowers were stupid or greedy, but how many mortgages do ordinary people get in their lifetime? Just one or a few usually. Borrowers might have a legitimate complaint about the fine print or the actual law.

The banks make mortgages all day, every day. They are the "professionals" so they have zero excuse for their bad lending, and even less excuse for hiding the details.

Nice judge. Interesting place. Could be the start of something. The supreme court if it ever reachs there is packed with well, "compensated" people. This government has put heavy burdens on its people. Taxation is BS. We understand. They don't dare cross the line. Tribute is to God only in the Hebrew and Christian bible. Then only to a King. That is why this is a coop govt for the people by the people. Their motto "screw the people." Their intent and intimidation by their tax swindels. You can screw them to the wall on that alone.

The government needs to do their own enumeration. Throw out the usury people. Sieze the assets. Declare the taxation system voluntary. (This was a voluntary Taxation system at one time. Which in some ways is proper. THEN THE PAPER SWINDEL STARTED AND THE POLITICIANS WERE ENLISTED.) Put homes on no interest payments with servicing fees and commerical property and have revenue that way. Eliminate back door "compensation".

The usury people have never ever taken one case to court to get either back payment for foreclosed houses or credit card debt or back debt from a repossed car. They will never do this for fear of what they will run into. They just may hit the wrong state. Where the case will not by law GO to the Supreme Court. People still don't get it. Washington D.C. is a district. The Supreme court issues no law. Opinion. States are not bound to it in any way. Just like taxes. Its a swindel that some states opt out of in certain cases. So the usuor can be your best friend in this case as they do not WANT TO BE LOCKED OUT.

So for my attorney friends. I do have them understand. Look for their little legal loopholes. Their oh. I guess you could call them fire doors.

Agreed, Patrick. There is no absolute way to know that Mr. Phillips will default if the bank modifies the loan for him, and it is just as likely, if not more, that he will pay the loan with interest and the Bank and the Government will profit from modifying his loan, especially considering that foreclosure could result in a home damaged by neglect that is unsellable.

PockyClipsNow says

Isnt the judge screwing the taxpayer by increasing bank losses?

I don't think so. If the bank refuses to modify or even explain why, you know the bank is trying to avoid real costs to itself.

Many (or even most) borrowers were stupid or greedy, but how many mortgages do orinary people get in their lifetime? Just one or a few usually. Borrowers might have a legitimate complaint about the fine print or the actual law.

The banks make mortgages all day, every day. They are the "professionals" so they have zero excuse for their bad lending, and even less excuse for hiding the details.

corntrollio says

Yeah, I saw that. The judge laid the smackdown for not explaining why the guy didn't qualify. It's because the banksters don't want it to be transparent.

There is a three letter acronym for this phenomenon and it costs the taxpayers trillions of dollars:
"AIG"
Not only doesn't Wall Street want AIG to go through a discovery phase, neither does the Bush family, the insurance industry, the CIA, the NSA, or the drug 'war' profiteers (much of what we call 'our government'). (re: "The Conspirators" by Al Martin ) AIG is likely the data warehouse for almost every country's 'national' security. Information on people, buildings, infrastructure, economic vulnerabilities, etc.; and discovery would somehow have to be compartmentalized from the various 3-letter agency back doors. Is it better to just give them anything they ask for or start an underground coal mine fire in the world's System of systems? When TSHTF for real, it won't matter anyway.

Zaphod says

Not only doesn't Wall Street want AIG to go through a discovery phase

You were fine with this, but then you put on the tin foil hat...

Why do you think corporate toady Newt Gingrich is proposing this:

One of Gingrich’s ideas is effectively to fire federal judges — even an entire appellate court.

“This court does not meet. It will not be appropriated for. Go home,” he told an audience in Iowa, outlining the plan. As targets, he has listed a liberal-leaning appeals court and a judge in Texas who banned formal prayer at a high school graduation ceremony (a decision that was later overturned). “I would do no more than eliminate Judge [Fred] Biery in San Antonio and the 9th Circuit.”

Also, Gingrich has laid out plans to bypass the Supreme Court entirely. He said he would instruct the executive branch to ignore recent decisions that granted more rights to detainees at Guantanamo Bay, Cuba, and he says that Congress can declare certain new laws unreviewable by the Supreme Court.

Is that a real order of dismissal? If so, this is Judge Awesome.

That said... How exactly are these loans being modified? Interest rate decrease? Loan length increased? Principle reduction?

I'd be OK with decreasing the interest rate or lengthening the lifetime of the loan. But I object to the principle reduction because it punishes us responsible people by keeping housing unaffordable.

The only just principle reduction would be for the government to use tax payer dollars to reduce the principle of a first-time buyer's purchase by $300k (and the tax assessed value as well). That will put us on the same playing field as all those who gambled during the bubble. You can even call it a stimulus package if you'd like.

I have questioned the adversarial relationship of China (seeing as they have tons of goods pouring into the port of Los Angeles. Russia with its industrial goods shipped to us thru Canada. The taking of Iraq. The Iranian oil pipeline that ships heavy crude out of Iraq and into Iran for refining.

One more interesting note ARAB UNREST. They appear to be very pissed. So we go for I guess alignment. How is this done? Why nuclear fear! Bullshit worked once why not twice? Pakistan. (who brought you Osama on a plate and the oh so secret helecopter tail the chinese our baaaaaad enemies wanted so badly) Iran who will be or is now pumping oil out of Iraq to Iran to their refinery. Like Brad Pitt pumping Jennifer Anniston in the morning. Now I guess the Arabs can fight back. All is well now. We have what we want. Time to stabilize a really, really pissed off Arab populace with radion. Have a sunny day.

http://www.techpowerup.com/gallery/2700.html

http://www.youtube.com/embed/bjPqsDU0j2I

Load up number 27?