Truth or Lies… Your Turn To Be The Judge…
By Sandy Morris on Apr 16, 2009 in Featured, WiseGuy-N-Rants
Disclaimer: This humble blogger worked for many years in the mortgage origination area which gives this blogger some knowledge of the mortgage products sold by major banks, the workings of those lenders and it also allowed me to see the beginning of the end as I knew it. Although I would never claim to be an expert in the financial area I do understand the power of these same banks.
I have wondered of late how the very same banks could be getting funds from the tarp provided by the Treasury and then the next quarter or so report that they are strong and solvent. It would seem that the 2 do not go hand in hand. And just how much money was given to banks anyway? So after a little research I located the following: ProPublica It details which banks took how much and I was very shocked at how large the actual list was. You might want to check the list to see if the bank you deal with is on the list.
The reason I am posting this blog article is also because I was recently provided an interview with William K. Black that was shown on PBS with Bill Moyer as an interviewer on April 3rd. William K. Black, author of THE BEST WAY TO ROB A BANK IS TO OWN ONE, teaches economics and law at the University of Missouri — Kansas City (UMKC). He was the Executive Director of the Institute for Fraud Prevention from 2005-2007. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement.
I think you can get a sense of his credentials for being an authority on banking and economics.
Dear blog reader I do not expect you to watch that interview because it runs almost 30 minutes in length. American attention spans today run more in 3 minute snippets. But if you do watch it you will begin to see just what happened to make the real estate and financial crisis unwind at such a frightening speed and will also come to realize that until something is done to solve the real estate tsunami our country will not move forward. Needless to say I watched the whole thing…
Link to PBS Interview
The truth or lies title comes from my feelings about who is running and has ran the Treasury. Henry Paulson and Timothy Geithner both come from the financial background of Wall Street and the major players in the banking industry. Okay I hear you, you are saying that is the type of person we need in the Treasury, someone who is familiar with the inner workings of the banks. Well, I will admit that is exactly what we got. Is it doing us any good?
And why did the CEO’s of the banking companies not have to lose their jobs like Rick Waggoner of GM did? Why did they not get grilled about flying to Washington on private jets? But worst of all why aren’t these same banks helping the people that are in trouble with those mortgages?
After hearing Mr. Blacks’ interview I wondered why no other media outlet picked up the sound bites… is he also a right winged extremist? Wonder if he served in the military? If he did he would qualify. I promise I will check it out.
I have decided to begin doing a series on the financial meltdown… and I know it will not make me a popular blogger but someone has to begin digging a little deeper into the hows’ and whys’. In the end YOU will be the Judge on whether it is truth or lies, Black or White.
Tags: home loan bank, University of Missouri, Timothy Geithner, Recovery and Enforcement, Office of Thrift Supervision <BR/>
2 Comment(s)
By Frank Andrews on Apr 23, 2009 | Reply
Thank you for such a long time I was wondering the same thing!
See the thing is I broke my back in 2003 the company went under which left me high and dry. They wont give me my disability and because I am under Doctors care I cant find a job and with so many healthy Americans out of work my chances are even more slim.
The Mortgage company we have went UP on our mortgage and when we fell behind we filed for loss mitigation – well they agreed to lower our payments but went up on the years we have to pay, they brought down our interest to 7% from 9% and they act like they are doing me a favor.
My wife works – she pays taxes and it was part of her tax dollars that bailed out the same bank that is ready to put us out on the street.
I am sorry – just blowing off steam.
May God bless you and again thank you,
Frank Andrews
By Sandy Morris on Apr 26, 2009 | Reply
Frank,
Our heart goes out to you and your family. We truly wish the government was doing more to help people who are struggling and less to help Wall Street and Big Business. Unfortunately we do not see that becoming a reality. Compared to Wall Street helping Main Street would have done a better job and the money would have been well spent instead of squandered.
Sandy