Discussion about the true issues related to Foreclosuregate – gee, we bloggers were in front of this, but finally, after hammering on the issue for more than a year with MERS, and more than three and a half in total, we are getting some mainstream media coverage.
My only question: What the hell took you so long? Sticking your head in the sand at the direct behest and perhaps orders of your corporate backers – until you couldn’t any more?
HERE IT COMES FOLKS – WATCH THIS CAREFULLY, ESPECIALLY AROUND 3:30 ONWARD.
Now add to this that it is being reported that JP Morgan/Chase – one of the founders of MERS – has walked away from it. If the legs under that stool get kicked out all of the MBS trusts created using this mess are recognized as being invalid and over $6 trillion dollars of this crap, including a whole lot of Fannie and Freddie paper along with virtually all private-label MBS – all blows up at once.
No, The Fed can’t contain that, and neither can the Government. Not in their wildest dreams can they put a cork in the litigation alone, say much less the rest.
We have to fix this folks, and I’ve put forward a way to do it. But we damn well better get started and do it right damn now, along with dropping injunctions on the lot to prevent it from being detonated before we can dismantle it, because it doesn’t take much of the support for this system to be kicked out before you get a chain reaction, much like the old experiment in a room with a thousand set mousetraps into which one tosses a couple of ping-pong balls.
There are speculative investors out there who will trigger this intentionally (and make a hell of a lot of money doing it too) if we don’t put a cork in this, even if putting that cork in it requires that we “resolve” the big banks (and it does.)