Obama omnibus mortgage settlement sets cost of doing business at $2,000 per loan – if the business is fraud, forgery, looting, bailouts and worthless ‘legal’ contracts
[Note: Before the advent of modern contract law, justification of contractual obligation was derived from appraisal of “the inherent justice or fairness of the exchange”, (http://tinyurl.com/79hnxkw) so if business and government are going to enable by inaction and ‘moral hazard’ widespread conduct that undermines contract law as the foundation of the US legal system, then we should adopt new standards:http://tinyurl.com/833c5sh]
We’ve now set a price for forgeries and fabricating documents. It’s $2000 per loan. This is a rounding error compared to the chain of title problem these systematic practices were designed to circumvent. The cost is also trivial in comparison to the average loan, which is roughly $180k, so the settlement represents about 1% of loan balances. It is less than the price of the title insurance that banks failed to get when they transferred the loans to the trust. It is a fraction of the cost of the legal expenses when foreclosures are challenged. It’s a great deal for the banks because no one is at any of the servicers going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over 300 years of real estate law.
http://tinyurl.com/79spced
Mortgage settlement is too little, too late for many
To underwater homeowners such as Samuel Guzman, whose three-bedroom Westminster home was foreclosed in August, it’s all “too little too late.”
“It’s not going to solve the problem,” said the hairdresser, who along with four family members is trying to avoid eviction. “It’s not going to make things right.”
The sentiment was echoed outside a downtown Los Angeles building where California Atty. Gen. Kamala D. Harris announced the state’s role in the settlement. About 100 Occupy L.A. activists assembled to deride the deal, calling the government a “sell-out” that lets banks “off the hook.”
http://tinyurl.com/83zvtlu
Occupy Seattle vows counter-protest against Westboro Baptist church followers who will picket funeral for murdered children
A notoriously anti-gay church plans to picket Saturday’s funeral for Charlie and Braden Powell and will be counterprotested by Occupy Seattle.
Margie Phelps, daughter of the Topeka, Kan.-based Westboro Baptist Church’s founder, tweeted Wednesday night that the church will attend the boys’ memorial service. The protest is to “remind” Washington Gov. Chris Gregoire “they died because of her rebellion,” a reference to her support of same-sex marriages.
Charlie Powell, 7, and Braden Powell, 5, were killed Sunday after their father, Josh Powell, blew up his house when they were dropped off for a supervised visit.
Word of Westboro’s plans spread quickly online and Occupy Seattle sounded a call for its members to counterprotest the church. The group’s Facebook page said the church “has decided to capitalize on these sad events by bringing their unique brand of hate to Washington.”
Occupy Seattle said its members don’t intend to disrupt the funeral, but want to “protect it from Westboro’s abhorrent message.”
http://tinyurl.com/6wdjpgt
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