{"id":13891,"date":"2011-01-03T22:46:33","date_gmt":"2011-01-04T05:46:33","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13891"},"modified":"2011-01-03T22:46:33","modified_gmt":"2011-01-04T05:46:33","slug":"a-new-year-and-the-looting-of-the-american-people-continues-unabated","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13891\/a-new-year-and-the-looting-of-the-american-people-continues-unabated\/","title":{"rendered":"A new year and the looting of the American people continues unabated."},"content":{"rendered":"

BofA Settles GSE Buyback Requests for Pennies on the Dollar<\/a><\/p>\n

According to this MND article, Obama appointee, FHFA acting director Edward DeMarco just handed Ally bank, formerly GMAC Bank and Bank of America potentially a total $300 billion windfall. Freddie Mac and Fannie Mae, wholly owned subsidiaries of the US Treasury Dept. are foregoing the opportunity to put hundreds of billions worth of\u00a0 mortgage backed securities\u00a0 back to these banks in return for $3 billion cash which, no doubt came from the TARP and shadow earnings as a result of regulatory forbearance<\/a>.<\/a> The mortgage backed securities have a refund clause by which the originator is obligated to repurchase the securities if there were specific deficiencies in the origination of the underlying mortgages. As we saw in “foreclosuregate”, even the chain of title for some of these securities is defective. I think we can safely assume that there is probably more than $3 billion of refunds to be had with aggressive defense of the taxpayers’ interests.\u00a0 Why does this matter?\u00a0 Bonuses, baby.\u00a0 Every dime coughed up by Ally or Bank of America reduces profits which shrinks the bankster bonus pool.\u00a0 Apparently the Administration cannot stand the idea of those nice banksters riding in last year’s Maybach.\u00a0 Especially after they made all those generous campaign\u00a0 donations.<\/p>\n

\"\"<\/a>

Maybach Laundalet<\/p><\/div>\n

Wells Fargo, CitiBank and Chase have yet to cut their pennies on the dollar deals with Mr. DeMarco.\u00a0 As the article points out, there are many purchasers of these same mortgage backed securities such as public and private pension funds and insurance companies who will probably go to the mat for a lot more than a couple pennies on the dollar.\u00a0 The pension trustees and the insurance companies have a fiduciary duty to recover as much as possible for their beneficiaries.\u00a0 It is a trillion dollar shame\u00a0 that the administration doesn’t take its obligation to the taxpayer as seriously.\u00a0 It will be interesting to see if there will be any Congressional oversight forthcoming in the new Congress regarding the Obama Administration’s magnanimous gift to the banksters.<\/p>\n","protected":false},"excerpt":{"rendered":"

BofA Settles GSE Buyback Requests for Pennies on the Dollar According to this MND article, Obama appointee, FHFA acting director Edward DeMarco just handed Ally bank, formerly GMAC Bank and Bank of America potentially a total $300 billion windfall. Freddie Mac and Fannie Mae, wholly owned subsidiaries of the US Treasury Dept. are foregoing the […]<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,494],"tags":[],"class_list":{"0":"post-13891","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-the-hustle","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8627,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8627\/lower-june-2009-mortgage-rates-rely-on-central-bank-action\/","url_meta":{"origin":13891,"position":0},"title":"Lower June, 2009 Mortgage Rates Rely On Central Bank Action","author":"Brian Brady","date":"May 28, 2009","format":false,"excerpt":"May Day in the mortgage rates market is over.\u00a0 The market got spooked by triangulated opinions about the viability of the US Treasury as a going concern.\u00a0 In response, mortgage traders sold off mortgage-backed securities, some 3-4%, in 4 days, to drive mortgage rates from 4.75%\u00a0 to the 5.375% current\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7569,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/7569\/the-bad-bank-plancomplete-with-music-and-video\/","url_meta":{"origin":13891,"position":1},"title":"The “Bad Bank” Plan…..(complete with music and video)","author":"Tom Vanderwell","date":"March 23, 2009","format":false,"excerpt":"I've copied the announcement from the Treasury that sent the markets on a moonrocket today and thought that I would \"walk you through it\" so that we can get a better feel for whether this is a relief rally or something sustainable (and therefore what it means for mortgage rates).\u00a0\u00a0\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/straighttalkaboutmortgages.com\/wp-content\/uploads\/2009\/03\/ppip-chart.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2796,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2796\/will-the-fed-buy-mortgage-backed-securities-in-the-open-market\/","url_meta":{"origin":13891,"position":2},"title":"Will the Fed Buy Mortgage Backed Securities In the Open Market?","author":"Brian Brady","date":"March 18, 2008","format":false,"excerpt":"I never post my Mortgage Rates Reports here.\u00a0 They're boring unless you are thinking about buying a home or refinancing your mortgage.\u00a0 Today, it seems plausible that the Fed is shifting its open market activities from buying treasuries, to buying mortgage-backed securities, in order to bolster liquidity in the mortgage\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5913,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5913\/treasury-may-lower-mortgage-rates\/","url_meta":{"origin":13891,"position":3},"title":"Treasury\u00a0may lower mortgage rates?","author":"Tom Vanderwell","date":"December 3, 2008","format":false,"excerpt":"WASHINGTON (MarketWatch) - The Treasury Department is contemplating a proposal that would cut mortgage rates for new loans for homes, according to the Wall Street Journal. The plan would employ Fannie Mae to offer mortgages with rates as low as 4.5%, roughly 1% lower than current rates. The measure is\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5161,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5161\/mortgage-market-week-in-review-13\/","url_meta":{"origin":13891,"position":4},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"October 24, 2008","format":false,"excerpt":"Here we are on Friday again.\u00a0 That means that it\u2019s time to try to summarize what\u2019s going on in the mortgage and finance world.\u00a0\u00a0 I\u2019m going to talk about a couple of main things:\u00a0 the economic fundamentals, some earnings reports\u00a0and the \u201cmargin calls\u201d that are going on in the equity\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":761,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/761\/why-the-fed-matters-to-real-estate\/","url_meta":{"origin":13891,"position":5},"title":"Why The Fed Matters to Real Estate","author":"Dan Green","date":"December 12, 2006","format":false,"excerpt":"The Federal Open Market Committee meets today and will keep the Fed Funds Rate unchanged at 5.250%. It is not what the Fed does, however, that should concern Americans. It's what the Fed says. First, a clarification. The Fed Funds Rate is directly tied to Prime rate which impacts lines\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13891"}],"version-history":[{"count":9,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13891\/revisions"}],"predecessor-version":[{"id":13902,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13891\/revisions\/13902"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}