Sunday, November 28, 2010

U.S. Government Seizes BitTorrent Search Engine Domain and More
Torrent Freak


Critics Slam Obama Administration for 'Hiding' Massive Saudi Arms Deal
ABC News


Countrywide Admits to Not Conveying Notes to Mortgage Securitization Trusts
Naked Capitalism

"If mortgages were not properly transferred in the securitization process, then mortgage-backed securities would in fact not be backed by any mortgages whatsoever.
Recently, arguments have been raised in foreclosure litigation about whether the notes and mortgages were in fact properly transferred to the securitization trusts. This is a critical issue because the trust has standing to foreclose if, and only if it is the mortgagee. If the notes and mortgages were not transferred to the trust, then the trust lacks standing to foreclose…
If the notes and mortgages were not properly transferred to the trusts, then the mortgage-backed securities that the investors’ purchased were in fact non-mortgage-backed securities.
f this problem exists on a wide-scale, there is not the capital in the financial system to pay for the rescission claims; the rescission claims would be in the trillions of dollars, making the major banking institutions in the United States would be insolvent."


Matt Taibbi on Vampire Squids and Griftopia

"Matt Taibbi, author of Griftopia, says America is devolving into a thieves paradise because of the actions of "vampire squids" like Goldman Sachs and former Fed Chief Alan Greenspan."

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