Year: 2010

Foreclosure Fraud Hits Prime Time

Yesterday, we’ve had a New York Times editorial, and today, Getchem Morgenson hits their front page with a survey of “flawed paperwork” issues:

As some of the nation’s largest lenders have conceded that their foreclosure procedures might have been improperly handled, lawsuits have revealed myriad missteps in crucial documents.

It’s good that this story has hit the big time, but Ms. Morgenson is wrong. There were no flawed documents, this was deliberate fraud, and the dead tree media is behind the curve on this.

We are seeing Fitch making noises about downgrading mortgage servicers over this issue, and on the regulatory front the Connecticut Attorney General has placed a 60 day moratorium on foreclosures, so that paperwork can be reviewed, and the Comptroller of the Currency has ordered 7 of the larges banks to review their paperwork.

On the private side of the business, we are seeing title insurance companies refusing to write policies on foreclosures for some of these banks.

In terms of the irregularities that we are seeing:

If you think that the housing crash is bad, just wait until millions of foreclosed homes hit the market, and no one is willing to buy them, because the title is not clear, than the sh%$ really hits the fan.

My earlier post on the subject is here.

I Believe That the Term Here is “Vigorish”*


Bummer of a birth mark, Sharron Angle

Nevada Republican Senate Candidate Sharron Angle had a meeting with the 3rs party Scott Ashjian in an attempt to get him out of the race.

Unfortunately for her Mr. Ashjians recorded the conversation, and she was offering a piece of the action:

Says the grass roots movement “gives me juice. That’s really all I can offer to you (Ashjian) is whatever juice I have, you have as well…You want to see DeMint, I have juice with him….I go to Washington, DC and want to see Jim DeMint, he’s right there for me. I want to see Tom Coburn, he’s right there for me. I want to see Mitch McConnell, he’s there.”

She goes on to say that Republicans are corrupt, and that she will lose if the Teabagger Ashjian stays in the race.

Let me make this clear: I do not support the surreptitious taping, and if this happened in a state where it’s illegal, like Maryland, I would support prosecution.

That being said, these revelations could not happen to a more deserving character.

Pass the popcorn.

*I believe that the “juice” in the quote is a reference to transactional profits similar to those of a bookie, hence “vigorish”.

Economics Update

The lede here is that capital goods orders fell and contracts existing home sales rose in August.

Note that the home purchase data is still well below what it was a year ago, and that capital goods orders ex-airliners was up.

On a slightly more concrete level, bankruptcies have hit the highest level since the congress sold out to the banksters with bankruptcy “reform” in 2005.

Finally, it looks like the invisible bond vigilantes remain in hiding, as, the yield on Treasuries 2-year fell to a record low, 0.37% (!).

Damn

Click for full size


Tudza (l) and Lavi (r) as radioactive zombie cats

We took Lavi to the vet for what appeared to be some tooth problems.

It’s a tumor, and an aggressive malignant one in her head.

She probably will not make it to year’s end.

She’s had a good run, being over 17½, and had survived a bout of hepatic lipidosis about 5½ years ago, but it looks like she will not make it through year’s end.

It’s to be expected when cats reach this age, but it is still a bummer.

These Contemptible F%$#s Are Our Betters?

Worst Conference Call Ever!

Ireland held a conference call on its debt, and due to an error in the settings, comments from the other participants were heard across the call.

So what did this collection of hedge funds and other investment firms do?

They crudely heckled the Finance Minister of a sovereign nation:

Mr Lenihan had been speaking for less than two minutes on Friday before a mistake by Citigroup meant that the bank’s clients were all able to be heard on the line.

Between 200 and 500 investors are understood to have been on the call, and as they realised their lines were not muted many began to heckle Mr Lenihan.

Some traders began making what one banker on the call described as “chimp sounds”, while another cried out “dive, dive”. A third man said “short Ireland” before adding “why not short Citi too?”

As the call descended into chaos, with one participant heard to say “this is the worst conference call ever”, Citigroup officials shut down the line.

We are not dealing with competent financial professionals here. We are dealing with hyper-competitive frat boys with brains the size of walnuts who are too incompetent to recognize their own incompetence.

This is why these people need to be “hit like a piñata with a stick,” because they are incompetent, overpaid, self-obsessed, morons who have the ability to destroy our economy.

Letting them do what they want is like giving opposable thumbs, assault weapons and espresso to rabid wolverines.

It won’t end well.

So Far in the Closet He’s Found Narnia*


Let’s Roll Tape

An Assistant Attorney General for the state of Michigan, one Andrew Shirvell, has engaged in what can only be described as a relentless campaign of stalking, both Cyber and Real, against the Chris Armstrong, the gay president of the student assembly. (See the embedded vid)

Shirvell has now been placed on leave and is facing a disciplinary hearing, despite the fact that Michigan AG, and Christofascist right-winger, Mike Cox, has defended the right to stalk someone for being gay, no doubt because this is how Cox defines his base.

The crux of the batsh%$ insane jihad seems to be Armstrong’s push for LGBT friendly housing on campus, which has led the Assistant AG to make blog posts with swastikas, and to allegedly hang around and photograph Armstrong’s house in the early hours of the meeting, which has led him to file for a restraining order against Shirvell.

In the scheme of things, this incident will work itself out in the near term, the restraining order will likely be granted, and I’m pretty sure that Shirvell will eventually be fired, despite his being a long time supporter, and campaign worker, for Cox, because this has simply gotten too politically toxic.

This would all be silly and funny, but I figure than in the next 10-15 years, as Shirvell realizes what he is, and the video makes it clear that he is deeply in the closet, we are likely to hear a story about him in which the lede is, “Killed his wife and children, and then shot himself.”

*The bon mot is not mine, it’s from Bladesmith at the by invitation only Stellar Parthenon BBS.

Quote of the Day

Vast forests have already been sacrificed to the public debate about the Tea Party: what it is, what it means, where it’s going. But after lengthy study of the phenomenon, I’ve concluded that the whole miserable narrative boils down to one stark fact: They’re full of sh%$.

–Matt Taibbi in Rolling Stone

($# mine)

He had a conversation with a man who has worked as a tax assessor his whole life, and hence is being paid by our tax dollars, and whose wife is on Medicare, and has a scooter funded by the program, but they aren’t the problem, it’s the other who is sucking the marrow out of our society.

Just go read it.

I Can Now Retire as a Blogger

All I have to do is to outsource my political analysis to Jon Stewart, and use this article by Martin Robbins for science:

This is a news website article about a scientific paper

In the standfirst I will make a fairly obvious pun about the subject matter before posing an inane question I have no intention of really answering: is this an important scientific finding?

In this paragraph I will state the main claim that the research makes, making appropriate use of “scare quotes” to ensure that it’s clear that I have no opinion about this research whatsoever.

In this paragraph I will briefly (because no paragraph should be more than one line) state which existing scientific ideas this new research “challenges”.

………
This paragraph contained useful information or context, but was removed by the sub-editor to keep the article within an arbitrary word limit in case the internet runs out of space.

The final paragraph will state that some part of the result is still ambiguous, and that research will continue.

Related Links:

The Journal (not the actual paper, we don’t link to papers).

The University Home Page (finding the researcher’s page would be too much effort).

Unrelated story from 2007 matched by keyword analysis.

Special interest group linked to for balance.

I think that there is a Dilbert cartoon in which Dogbert sells a “forever” newspaper, but this is better written, and the article is better drawn as well, or at least the, “picture has been optimised by SEO experts to appeal to our key target demographics,” is.

Rahm Leaves White House to Run for Mayor of Chicago

It was made official yesterday.

My condolences to the people of Chicago. I don’t think that he’s done a good job wherever he has been.

He has a real history of failing up: For example, as head of the DCCC, he spent thousands to displace Christine Cegelis with the hapless Tammy Duckworth, and advised Democrats to be hawkish on Iraq in 2006, he was point man on NAFTA in 1994, etc.

I rather expect he won’t get the streets plowed in Chicago.

I would also note that if the LGBT political establishment is interested in getting some respect from Obama and his administration, working to make sure that Emanuel does not win the February mayoral primary would be a good place to start.

If Jon Stewart Goes After You, It’s Because You Are a Jerk


Let’s Roll Tape

Not because you are some sort of bigot.

That’s what CNN anchor Rick Sanchez claimed on Pete Dominick’s radio show, but he went further and said that Jews run the entertainment industry.

So, he is now a former CNN anchor.

The lesson here is that if Jon Stewart makes fun of you, look inward for the fault, not outward, thought I do find Conan O’Brien’s tweet a hoot:

Some More Meta on Comments

I have a comment in the spam box right now, and blogger is giving me an error when I try to flag it as “not spam.”

Unfortunately, the morons on blogger have made spam filtering of the comments mandatory, and it has a huge false positive rate, so if you don’t see the comment after posting, blame them, not me.

Henry Rollins’ Is Saying Something About Politics


A metaphor for our times

Yes, it does sound like our body politic, particularly the bit infected with the teabagger manifestation:

I’ll tear (rip) your mind up, I’ll burn your soul
I’ll turn you into me, I’ll turn you into me
’cause I’m a liar, a liar, a liar, a liar…

Then again, the whole element of pathological need of the person to whom he is lying to keep believing reminds me of a wider range of political fanboi out there.

This Is Bloody Amazing

Entwhistle’s bass playing here is completely sick, and Keith Moon is positively insane.

It’s a nice window into the band about a year before they became rock icons with the release of Tommy.

They were playing at the “The Rolling Stones Rock and Roll Circus,” and they so blew away the Stones that Mssr. Jagger and company did not have the stones* to release the film or album for almost 30 years.

Wow, just wow.

And that fringed jacket is so 1960s.

*Pun intended.

Economics Update

It’s jobless Thursday, and the initial jobless claims are out, initial claims down 16K to 453,000, and the less volatile 4 week moving average fell 6,250 to 458,000, a two month low, with continuing claims falling 83K to 4.46 million, and emergency claims falling 293K to 4.88 million.

Generally, the numbers are good, but still firmly in the 450-480K “sweet spot” where the numbers have lingered for most of this year.

Additionally, the revised GDP numbers have come out, and, for once, the numbers were revised up, from the truly anemic 1.6% annual rate releases last month to a (truly anemic) 1.7% annual rate.

In real estate, mortgage applications fell, despite falling rates, though the home purchase application index nosed up slightly.

In terms of the various indices out there, the Institute for Supply Management’s Chicago PMI rose in September, beating estimates.

Generally a good news day for this economy, this.

The DFHs* Eke Out a Small Win on Intel

The house has passed an intelligence authorization bill that expands oversight by requiring that the full intelligence committees in both the house and senate must be briefed, and by allowing the GAO to take a small peak at operations:

According to a draft bill that the House sent the Senate on Friday, the White House would be required to notify the full membership of both congressional intelligence committees of presidential directives to conduct covert action, known as “findings.” At present, the administration is required to notify only the so-called Gang of Eight, the chairmen and ranking members of each committee and the party leadership in both chambers.

It should be noted that any administration would have at least 180 days to make the notice, more if it said that it needed more time, so this is still weak tea.

Additionally, the bill also includes language that would for the first time give the GAO some access to the activities of the intelligence community:

The Government Accountability Office seems poised to play an increased role in intelligence oversight, despite a series of legislative setbacks and the Obama Administration’s threat of a veto earlier in the year.

The issue remains alive in the FY2010 Intelligence Authorization Act which was approved in the Senate on September 27 and which now appears likely to be enacted into law. The Act (in section 348) requires the Director of National Intelligence to prepare a directive on GAO access to intelligence community information — thereby setting the stage for a stable new role for the GAO in intelligence agency audits and reviews.

Personally, I think that this last bit will be a disappointment, either the DNI will issue a directive that says “go Cheney yourself,” to the GAO, or Obama will author a signing statement gutting this provision, because the intelligence community really does not want anything vaguely resembling accountability, and the state security apparatus owns the Obama administration.

*Dirty F%$#ing Hippies.

This Means Nothing

The House just passed a bill allowing for sanctions against countries that manipulate their currency, which is actually in accordance with free trade theory; an undervalued currency is a tariff on imports and a subsidy on exports.

The “free trade” absolutists would disagree, arguing since free trade creates democracy, cures rainy days, and keeps your daughter from dating that guy with the tattoo and the tongue studs.

Of course what they are really arguing is that they want to do whatever they can to depress American worker’s wages, because that’s how they get their consulting gigs.

This bill means nothing, and it never will, because it will never pass the Senate, and because in order for the tariff to be enforced, the US Commerce department must rule that the currency is “fundamentally undervalued,” which it will never do, because, it’s run by guys who worry that if they do so, their daughter will start dating that guy with the tattoo and the tongue studs.

Well, I Missed a Major Decision……

Bilski v. Kappos, a business patent case that made it to the Supreme Court was decided 3 months ago. Basically, Bilski had patented a method of hedging energy based on the weather.

The Supreme Court unanimously invalidated the patent, it was after the unique idea that one should bet on the weather, but by a 5-4 majority, they kept the business method patent, albeit with a tightening of standards:

While all nine justices agreed that the “invention” at issue in the case—a method for hedging weather-related risk in energy trading developed by Bernard Bilski and Rand Warsaw—was too abstract to merit patent protection, only four signed on to Kennedy’s opinion.

That opinion held that the “machine-or-transformation” test for patentability–created by the U.S. Court of Appeals for the Federal Circuit in its Bilski decision–was a “useful clue” when gauging a subject’s patentability but shouldn’t be considered the only applicable test.

I think that this was generally a loss for patent sanity, though it does make getting a business patent more restrictive, though, unsurprisingly, SCOTUS didn’t say how much more restrictive the standards should be.

My earlier posts on the matter.