Friday, January 16, 2009

Not to say I told you so, but....

If anyone really believes the squaliformes are making some kind of massive effort to actually modify existing loans, Countrywide's response in a New Hampshire lawsuit should finally put an end to the mythology that ol' Bean has been hollering about. (Click on the title link, above to see MSNBC's coverage.)

Loan "modifications" aren't being done. Period. Additional agreements primarily designed to protect lenders are being foisted on desperate borrowers in a public-relations effort to protect a handful of key players and the Congresspeople and Senators who are desperately trying to avoid taking responsibility.

So let's see this for what it really is - squaliformes are getting billions from the funny-farm that is Washington who let the squaliformes get away with murder in the first place. And instead of doing the right thing and punishing those responsible, they're waiting for the squaliformes to act responsibly. And lying through their teeth about how much good they're doing. And asking for more. And trying to shift the blame elsewhere.

I'll be up at the Fort Worth Stock Show for a few days; the air there smells a lot less like BS than what's coming out of Washington. FYI - if you can, join us to watching the bull riding; a friend's son-in-law is in the competition.

Saturday, January 10, 2009

Finally, the holidays are over

With work and family schedules the months of November and December are almost impossible to conduct court business 'round these parts.

But obviously, that doesn't stop the scammers and squaliformes from working harder than ever, especially with all the doom and gloom hype from the media putting people in a panic.

The major networks and their kin need to take some responsibility for making this the greatest market ever for the promoters of scams - some of which are in the guise of stopping the squaliformes. In the mean time, the squaliformes are getting billions of tax dollars to keep their schemes in operation, supposedly to keep the economy afloat.

They are so powerful and so arrogant that they have pulled the strings of Congress to keep their seats at the gaming tables using OUR TAX DOLLARS and our children and grandchildren's financial futures.

As I have often said, their power is unchecked, and this maneuvering is simply another demonstration of the power they hold over Washington.

And while Washington dances to the tune of Wall Street, less and less attention will be paid to not only the known squaliformes in the financial services industry but the people who keep promoting utterly bogus quick-fixes for the victims of the lenders.

And the lenders are touting their own "self-preservation" loan modifications - more on that shortly, other than to say DON'T SIGN SOMETHING THAT TAKES AWAY YOUR LEGAL RIGHTS! They are using the loan mod programs to shield themselves from being held responsible for illegal acts against consumers.

And there's more to come on this utterly bogus maneuver to make bankruptcy the appropriate place to force lenders and servicers to modify loans - it's yet another way to cover their collective *sses.

In short, 2009 is going to be even worse for the typical, uninformed consumer and borrower, but court will be back in session soon.

The Honorable Judge Roy Bean