BANKS LIE AND DEFAME THEIR EMPLOYEES TO KEEP THE FRAUD PLATES SPINNING

Check out this article from Bloomberg this morning.  B of A continues to deny (like all banks) that there was a problem with the way they handled the securitization process in rolling these into MBS.  Based on the testimony of a team lead in the mortgage litigation department at B of A, Linda DeMartini, we see that it was routine for B of A to hold on to the promissory notes and keep them in their name (possession) despite the fact they were required to sign the documents over and physically transfer the paperwork to the trustee (MERS).

Is it any wonder that MERS cannot produce the actual mortgages for all of these foreclosures?  Is it any wonder that some properties have been foreclosed upon by several banks?  Is it any wonder that NO documents can be found?

Of course B of A fired back that this lady was wrong and she didn't know what she was talking about.  All I need to know is if in fact she is wrong, where is the deed?  They haven't been able to produce one!

Enjoy - BofA Mortgage Morass Deepens on Promissory Notes Issues


TRADING UPDATE
As much as I think we are winding down this dump we've had since we highlighted issues in Euribor and CDS widening, the contagion that is bad fiscal policy in Europe has some pretty strong tentacles.  We are now hearing more about Portugal, Belguim, and others being targets of concern.  It won't be long till it is the USA.  Emerging markets and commodities have been whacked as we anticipated and for nimble traders heeding warnings you've done well.  For those that have toughed out the drawn down, you are ok as these currencies fall we'll see hard assets and the emerging markets rebound.  Be aware that emerging currencies will be the targets of their governments who will try to stem the flood of assets coming their way trying to get away from the disaster that is the Euro and the USD.  Rate hikes, capital flows taxes, and more will come so don't be surprised.  Personally I bought a large slug of silver in this weakness over the last week.  I anticipate that over the next year that this will prove to be one of my best trades.  It is a very long term and ill-liquid position so I won't provide much of an update other than once or twice next year.

GOATMUG