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12 comments

  1. Leviathan

    Yves,
    This was easily your best interview yet. You get right to the nitty gritty and sum it up for people with little background. Like the new hair too.

  2. Eugene Villarreal

    You missed a ” GOLDEN ” opportunity to say that real problem is that the Banks are not the real party of interest to negoiate the Modifications and the foreclosure FRAUD settlement agreement the 50-AGs are trying to pass is so that Tom Miller will get a federal appointment and the criminals(banksters, foreclosure mill attorneys, judges, AGs, government officials) will avoid jail. The banks don’t own the note/mortgage so why would they agree to a principal reduction when they will get the property for FREE. The ROBO-SIGNING is just a snow job to coverup the rest of the FRAUD.Is that why they call it Foreclosure FRAUD Settlement ? You know better.

  3. switch

    Rather then go through the repeat offense of giving the banks another opportunity to prove to us how inept at management skill tactics they are, why not do whats been needed to be done all along?
    Make the economy strong and robust by flooding the consumers with abundance.
    Enrich the roots, see the growth. The issue is simple. Clearly, the wealthiest billion do not each need a billion more. the disproportionate distribution is nearing nonsense. All the government needs to do is seek the restoration of the consumer for conservative damages.
    American citizens must not be held hostage to excessive manipulation of their personal data or ability to maneuver in an intact manner. The behavior of the banks as administrators of faulty lending process’ must not be unduly associated with borrowers any longer.
    The essential focus of any ‘settlement’ must be restorative measures. that is the final and most practical option.
    A bank can seek reconciliation of its gross and negligent business dealings by offering a small settlement to individuals whose lives and financial independence has been ruined by the banks failure to properly and diligently handle essential financial matters.
    A bank can receive the loan and mortgage and property in question outright, and resell it. The bank will recover about 1/3 of initial, the borrower will be made whole, the market will also be stabilized and recovered.
    Some profit will be generated initially, and then in future proceedings, things can be done more efficiently.
    The WORST thing to do right now would be for the banks to have to set up more huge bureaucratic organizations to attempt to ‘modify’ anything all over again and continue to half assed tailor to an already broken process!!!
    Not to mention how many homeowners really truly rightfully have no legal obligation or incentive to even elect to continue submitting their sensitive financial material to these people, and frankly, based on THE PAST FOUR YEARS OF BEING COMPLETELY WITHHELD by inactivity after 2 years of dual track foreclosure/modification process by these terrorists in the holy white robes of money and accounting, I DONT WANT TO BE IN ANY SEMBLANCE OF BUSINESS WITH THESE PEOPLE.

    Thats right Bank of America. You have completely alienated that section of your customer base beyond anyone wanting to feign putting up with your sloppy nonsense. and I would prefer rather than the idea of owning property, to have my financial integrity restored and seek legal exit from any further association with you, or any of your processes, or ‘programs.’
    If your going to end up spending 30 billion bills, give it directly to the people you f**k’ed over and held tied up in your scam for 4+ years.
    Its past the point of “oh, lets see if we can get this right over the course of 4 more years.” On behalf of myself and the fellow consumers who were unwittingly taken on a retarded merry go round. ENOUGH! We all want settlements, and thats what we all really need.

    And frankly~furthermore~

    For the majority of these mortgages and loans, IT IS GLARINGLY CLEAR THAT SECURITIZATION AND BUNDLING WAS PERFORMED. These legal implications are not going to just evaporate. I have documented muti track collection attempts that the bank sent in conjunction with reassigning the loan numbers that basically outright prove that bundling/securitization took place. There is NO REASON in any conceivable reality of just and fair LAW that any institution lending shall take a loan, secure it by receiving full insurance on it, and then seek, from a jobless, penniless citizen who (got that way spending all their money trying to pay off the very issue in topic).
    Clearly, it is a fraudulent form of money/ lending scamming. Especially in the cases where it involves the changing of account numbers to hide the fact that the account was secured and then ‘preserved” for further collections…

    That is outright criminal racketeering. And not nearly as secret or complex as these corrupt ‘financial’ type hogs would try to position the situation as.

    I guarantee that if given the choice of a pile of cash and a clean break or the choice to go through several more rounds of sloppy management antics in a ‘principal adjustment’ or any of the other past the point of relevance tactics mentioned; any homeowner would take the money and run. This would leave the banks with a bounty of assets in the form of clean title, settled lawsuits, and a economy that is restored and not suffering from the very real implication of ONE QUARTER OF THE POPULATION THAT IS ON THE FENCE OF BANKRUPTCY.
    Problem solved. Quick, simple, painless, and not involving another three thousand call centers stocked with passive aggressive community college educated ‘expert’ number crunchers trying to swing retarded deals that didn’t work in the first place and certainly aren’t going to work dealing with a borrower going forward who is already irate, jobless, forced to move, told they would be able to get a deal they could afford, let go unacknowledged for YEARS, dealt with by blatantly rude, at times intimidating and harassing bank representatives, been LIED TO multiple times…Had their financial integrity decimated, AND the whole process unduly prolonged to the prolonged disadvantage and again financial exsposure.

    (It would be one thing if the bank had acted with some semblance of integrity and foreclosed up front, but to intentionally prolong the process for upwards of three years running is literally, intentional use of undue influence.)

    It is time the millions of American people who have been scathed by this circus speak up and say ‘show me the money’. Make it clear to this small minority of blundering ego jerks that the simple solution of just restoring the balance will go a long way.
    All that is needed is a ‘clear-view’ the banks need to be willing to reconcile and carry on, taking an ultimately small symbolic loss for their little dragon that got away…
    It really, should not involve the setting up of MORE call centers! And imagine the ineptitude if its a joint government and bank effort! Wont that just be the tower of babel!?
    And all they had to do was cut checks to people so they could pay their debts, buy their food, set up a savings, and be solvent.
    Clearly, the energy costs alone involved in setting up any further HAMP LIKE BLUNDERING would ultimately be far more costly than an immediate outright settlement…Up front costs, no pro-longed legal fees, cash payments, borrowers fixed. Borrowers taxes to govt, Bank holds property that started the whole disaster in the first place and can do whatever they please to use it to generate income, hell, they could even let former homeowner rent it or purchase it, but carry it on a rent to own basis…
    Really these solutions are simple. The thing that seems so hard is for these people who have hundreds of thousands, or millions of dollars to realize the mess they have facilitated in the lives of those who at most only ever had a few thousand to work with… And it is the willingness of so many, albeit a relatively small population, to actually enable their fellow country citizens in such distress and failure, in such a sadistic exploitative manner that needs to be abolished.
    If you set the newly constructed shelter more firmly on higher ground, you will greatly reduce the impact of its future instability. If however, you rebuild it as you did before, or worse yet let a pile of rubble sit and rot…well, you are creating just that as the world that surrounds you. Shoddy repairs or piles of ruin.
    Do not, most reasonable men, seek to create strength and fortune, and true measures of abundance and wealth in their surroundings? DO NOT, THOSE WITH POWER, KNOW HOW TO BEST HARNESS SUCH ENERGY FOR THE BENEFIT OF ALL? Reason+Logic, where art thou?

    1. danjs

      I don’t know why, but while reading your post I misread “mortgage bundling” as “mortgage bungling.”

      ..And that’s just what this whole “securitization issue” became!

  4. LAS

    Good interview, Yves. I’ve never seen a bad interview from you ever. You are always energetic and informative.

    Sometimes you make awesome faces, appropriate to the dreck you’re describing at the time. At the end, we’re treated to an innocent smile.

    You remind me of Edith Wharton pulling back the curtain of a very materialistic and corrupt society to show its ugliness and then allowing the curtain drop back into place until the next battle.

    Meanwhile, your audience is still horrified by what they’ve learned of the robber barons and stagger home under the gaslights to our miserable flats we let monthly from the robber barons.

  5. zadoofkaflorida

    Yves, we need to see you more often. Great segment, like the hair, & makeup looks great too!

  6. Will

    Yves, I was very impressed, both with your data rate and the amount of time BNN grants to guests (sufficient).

    Really impressive command of the facts and the landscape.

    Cheers

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