NOVEMBER 4, 2011
BRUCE A. BRENNAN BLOG FROM THE WORLD AND MY MIND
The news as I see it and the views as I want them.
November 4 is … Waiting for the Barbarians Day
I do not know what you will do once they get to the gate but keep waiting.
Ross and Heather, to me and my wife you are so dear, tomorrow is the day, it is finally near.
What took the regulators a decade to notice this fraud and deceit if is as obvious as the government now claims it is. The federal government sued one of the nation's largest privately held mortgage brokers on Tuesday, saying its decade-long fraudulent lending practices cost the government hundreds of millions of dollars and forced thousands of American homeowners to lose their homes.
The lawsuit in U.S. District Court in Manhattan sought unspecified damages and civil penalties and named as defendants Houston-based Allied Home Mortgage Corp., founder Jim Hodge and Jeanne Stell, the company's executive vice president and director of compliance.
The lawsuit in U.S. District Court in Manhattan sought unspecified damages and civil penalties and named as defendants Houston-based Allied Home Mortgage Corp., founder Jim Hodge and Jeanne Stell, the company's executive vice president and director of compliance.
According to the lawsuit, nearly 32 percent of the 112,324 home loans originated by Allied between Jan. 1, 2001, and the end of 2010 have defaulted, resulting in more than $834 million in insurance claims paid by HUD.
The lawsuit said the default rate climbed to "a staggering 55 percent" in 2006 and 2007, at the height of the housing boom, when the government paid $170 million to settle Allied's failed loans. It said an additional 2,509 loans are now in default and HUD could face $363 million more in claims.
The lawsuit said the default rate climbed to "a staggering 55 percent" in 2006 and 2007, at the height of the housing boom, when the government paid $170 million to settle Allied's failed loans. It said an additional 2,509 loans are now in default and HUD could face $363 million more in claims.
We all remember the great Super Committee solution to a budget crisis the chickens that run Congress refuse to deal with. Both political parties kicked the can down the road to late November even after all of the leaders said they would deal with the problem and not merely move the deadline. Well, they lied again. The committee can pass a resolution that would move the November 23 deadline back a few weeks (or more, if necessary). That resolution, provided that seven of the 12 members agree to it, would be sent to Congress. Once there, it would be granted the same parliamentary benefits enjoyed by the recommendations the committee is supposed to produce -- meaning it can neither be amended nor filibustered.
This Congress, as several before it, is out of control. Members should be sued for breach of their fiduciary duty, Obama also.
The Occupy Wall Street movement is being taken over by militants, thugs and criminals. A protest that shut down the Port of Oakland to show the broadening reach of the Occupy Wall Street movement ended in violence when police in riot gear arrested dozens of protesters overnight who broke into a vacant building, shattered downtown windows, sprayed graffiti and set blazes along the way.
At least four protesters were hospitalized Thursday with various injuries, including one needing stitches after fighting with an officer, police said. Several officers were also injured but didn't need hospitalization.
"We go from having a peaceful movement to now just chaos," protester Monique Agnew, 40, said early Thursday.
Protesters also threw concrete chunks, metal pipes, lit roman candles and molotov cocktails, police said.
The far-flung movement of protesters challenging the world's economic systems and distribution of wealth has gained momentum in recent weeks, capturing the world's attention by shutting down one of the nation's busiest shipping ports toward the end of a daylong "general strike" that prompted solidarity rallies across the U.S.
Several thousands of people converged on the Port of Oakland, the nation's fifth-busiest harbor, in a nearly five-hour protest Wednesday, swarming the area and blocking exits and streets with illegally parked vehicles and hastily erected, chain-link fences afterward.
Port spokesman Isaac Kos-Read said evening operations had been "effectively shut down."
Who does this type of behavior help? People protesting because they do not have jobs and others have more assets than them do not gain momentum or sympathy by becoming violent, causing the people with jobs to lose their jobs or at least work and wages and attacking the police. As soon as a policeman gets seriously injured and the police respond by doing their job will garner bad press and retaliation on the protesters.
Just a couple of thoughts I had and you should too or at least think about.
BRUCE A. BRENNAN
DEKALB, IL 60115
COPYRIGHT 2011
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Book Titles:
Holmes the Ripper
A Revengeful Mix of Short Fiction
Public EneMe?
"To live is like love, all reason is against it, and all healthy instinct for it." - Samuel Butler
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