I am in tears of wonder at the courage and continuing nonviolence of the protesters in Egypt. Many on the news have held up Martin Luther King Jr. in the Western interviews. Many stated over and over again today they are will to die. One said in Tahrir Square tonight ” Give me Liberty or Give me Death.” The people in the USA . . . → Read More: Egypt: The lesson in nonviolence for 2011
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Dr. Philip Neches has an analysis at the Huffington Post of the Bank of America (BAC) announcement that they will separate 1.3 million of their mortgages into a new entity. This is a “good bank / bad bank” strategy. Bank of America will now try to resolve the loans that it places in the bad bank at low impact on its own balance sheet. I wonder how it is going to do this. IF the entity becomes separate from BAC they could take out a short on it though… or they could securitize the entity in tranches and sell off the more toxic stuff to some idiots. If they could buy a AAA from some supine rating firm, then they could get a good price for the securities. Does this sound familiar? . . . → Read More: Legacy entity slieght of hand at Bank of America Pro Publica posts a nice article on the failure of the Administration to enact legislation enabling courts to modify the principal and terms of a primary residence mortgage in a bankruptcy. Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that would force banks to modify . . . → Read More: Obama did not reach out to help homeowners The recent attacks on all sorts of journalists by pro-Mubarak thugs probably means that the government is planning a bloody clearing of Tahrir Square that they want to shield from the eyes of the world. |
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