The Consumer Financial Protection Bureau (CFPB) rolled out their proposal for making Consumer Complaints public and the financial institutions went ape shit. You really can’t blame them, but their rationale is the typical bullshit that got us into the mess which forced the creation of the CFPB to begin with. And funny thing, the same ratings shopping which fueled the sub prime crisis are back on the horizon — Wells Fargo is dealing with people in the 500 range — and lo and behold, the offenders under the Robo Signing are already demanding that they be released from the very regulations and court orders which prevent them from the Business As Usual which destroyed millions of lives. Here, let me put it in the words of Raúl Ilargi Meijer,
Fitch, one of three big rating agencies, this week criticised credit ratings given by its competitors to a securitisation containing a loan secured by the Westin – the latest instance of agencies sparring with each other over so-called structured finance deals. Such deals bundle together a wide variety of loans into bonds that can be sold to large fund managers who use the evaluations of credit rating agencies to help inform their investment decisions.
Typically, these opinions are paid for by the financial firms that create the deals. But, since the financial crisis, regulators have encouraged credit rating agencies to give “unsolicited” opinions on deals that they are not hired to evaluate, as part of an effort to avoid the “ratings shopping” that proliferated before 2008.
However, as the rating agencies trade public barbs amid a resurgence of certain types of structured products, questions are being raised as to whether these unsolicited opinions actually have much effect on investors’ thinking. And are the banks that securitise loans simply taking their deals to the agencies likely to give them the highest ratings?
So, I cry a river of tears when I hear about Jamie Dimon or Brian Moynihan having to roll out their prostitutes over at the Mortgage Bankers Association (MBA) — remember, these are the same folks whom brought you Members like Countrywide, et al. — to plead their positions that really Consumers should never be allowed to vocalize nor participate in their First Amendment Rights vis-a-vis their own US Government! Let me put this in a way that only a trained, media professional such as myself is capable of doing: Fuck the banks and fuck their dick waving. I believe we have far enough of that in the Beltway already!
If you are ignorant enough to believe that Dimon, Moynihan, et al., only cost us the paltry $700 Billion, you are wrong. The rough estimates are around $12.5 Trillion and that is from Bloomberg whom is pretty conservative and pro bankster. The Wall Street Journal (WSJ) concurs and leans towards the $15 Trillion mark.
CFPB is proposing to allow people to submit a Complaint in a manner which is done all over the Internet today. In fact, ISTAR Clear Base fields Mortgage Field Services Complaints and maintains a tremendous amount of files on National Association of Mortgage Field Services (NAMFS) Regime Members and non members as well as Contractors. I mean, let’s keep this bullshit real. The banksters were big enough boys to commit the crimes they did and to date, not a single one of them have even been charged. So, when you combine the fact that the banksters collapsed the economies of just about every Western Democracy, a little bit of pussy bruising is the price to pay.
“The consumer experience shared in the narrative is the heart and soul of the complaint,” said CFPB Director Richard Cordray in a written release when the policy was announced. “By publicly voicing their complaint, consumers can stand up for themselves and others who have experienced the same problem. There is power in their stories, and that power can be put in service to strengthen the foundation for consumers, responsible providers, and our economy as a whole.”
If the banksters wanted to fight something, they should attack the Civil Investigative Demand (CID) which CFPB has so artfully engineered. While I am all for financially destroying EVERY SINGLE NAMFS REGIME MEMBER and seeing them imprisoned without the right to Habeas Corpus, as I perceive the NAMFS Regime to be bordering upon being a Terrorist Organization, I want there to be no question about the legal proceedings. Odd, as the banksters and the NAMFS Regime have always searched for new and creative ways to commit atrocities against innocent men, women and children.
With the horrific atmosphere both within the Mortgage Industry and the Mortgage Field Services Industry — we are reporting later today about liens filed against HomeStar Property Services (HomeStar) in Florida and lawsuits already filed against them in Texas as we spoke with Counsel involved in the matter — it is high time that Consumers are made aware of what not only the bought and sold facts are, but what the OPINIONS of Consumers are, as well.
At the end of the day and especially with the HELOC resets coming which will slam nearly 1.8 million homes into foreclosure — study on that number and understand that when the Sub Prime Crisis hit we went from 400K – 500K and over several years finally over a million and it was virtually impossible to scale up — the reality is that Consumers and Contractors alike need the ability to monitor the pulse of trends before they become systemic problems. While Foreclosurepedia is the Number One Source of information for Labor in the Mortgage Field Services Industry, the reality is that without transparent information being readily accessible on the quasi inventory side, it is nearly impossible for Consumers or Contractors alike to formulate strategy to protect oneself.
