Dave Dayen and I talked about this Tuesday night on my radio show ( click here to listen ) and he goes into more detail in this American Prospect article yesterday. Think about all the revenue lost by your local county government because of this little shell game , the fact that the MERS system used instead of the traditional land-recording system may be illegal, and you’ll understand why it’s a big deal: State and federal regulators have yet to stop mortgage-foreclosure abuses and exact punishment on the banks responsible for them. A slap on the wrist for 14 of the largest mortgage firms, a still fruitless effort by state attorneys general to reach a settlement with banks, and superficial investigations into the extent of the abuses have done little to answer questions about the proliferation of mortgage fraud. Without that knowledge, regulators are at a disadvantage in arriving at an equitable solution. Enter the most unlikely players in this whole mess: unassuming elected county officials known as registers of deeds. Whenever a mortgage gets transferred from one owner to another or a home falls into foreclosure, documents of the transaction get filed at the county register’s office. Much of the truth about systemic document fraud is sitting in these local offices. Until now, virtually no register of deeds had bothered to take a look. But Jeff Thigpen, the register of deeds in Guilford County, North Carolina, a county of about 465,000 in the center of the state (the largest city is Greensboro), decided to survey all the mortgage documents submitted to his office by DocX, a notorious “mortgage mill” that processes documents on behalf of lenders, between August 2006 and April 2010. He was inspired by a 60 Minutes investigation revealing numerous forgeries, backdating, and other false information on mortgage documents. “When I saw that [story], I was basically on fire,” Thigpen says. “‘I know this material is in my office, I’ve got to find it, I’ve got to get it out.’” Out of the 6,100 documents Thigpen examined, 4,500 showed signature irregularities. The name of one DocX employee, Linda Green, who was acting as a vice president for several major banks, was forged 15 different ways on the Guilford County documents, rendering them invalid. Thigpen’s investigation was one of the first systematic assessments of mortgage document fraud in the entire country, certainly more robust than anything conducted by state and federal regulators. Thigpen was elected as the Guilford County register of deeds in 2004, during “the steroid era of land records,” as he describes it. Mortgage securitization has been around since the 1980s, but it became widespread as the housing bubble inflated, when banks sliced up subprime mortgages into securities and sold them to global investors as an allegedly safe product. To reduce costs, the banks invented and funded the Mortgage Electronic Registration System (MERS), an electronic registry that allowed banks to circumvent county registers and thereby avoid paying the recording fee of roughly $35 per mortgage. Go read the rest, it’s fascinating.
Continue reading …As NewsBusters previously reported , conservative talk radio host Mark Levin on Monday accused NBC News of racism and promoting racial division in this country. On Wednesday, Levin ratcheted the discussion up a bit telling Fox News's Neil Cavuto, “David Gregory should not get off the hook for his race baiting” (video follows with transcript and absolutely no need for additional commentary): NEIL CAVUTO, HOST: Alright, well critics of the President are racist. Have you heard about this one? A certain news network all but saying it, and don’t get Mark Levin started on it. You hear this? (BEGIN AUDIO CLIP) MARK LEVIN: Let’s go play their game a little bit. Let’s look at NBC News. A very, very white guy is in charge of the company that owns NBC News. NBC News is run by very, very white guys. “Meet the Press” has only had white guys in the anchor chair. “NBC Nightly News” – a white guy. Let’s look at their bastard off-child, MSLSD: Chris Matthews – the whitest of the white guys; Joe Scarborough – white; Ed Schultz – fat and white; Larry O’Donnell – mental patient and white; Rachel, what is her name anyway, Maddow – white. It’s so white over there I’m blinded. (END AUDIO CLIP) CAVUTO: Alright, it’s kind of hard now and then to tell where the so-called Great One is coming from. That’s why I wanted to see if Mark Levin would be interested in coming here to clarify that position. Mark, you kind of left me guessing here, you think there might be a little bit of hypocrisy? LEVIN: I think over at MSLSD it is white at night and blindingly white. Now, that is their argument. I think we need a new Civil Rights Act just to address all their hosts over there. Look, here’s the bottom line: I am sick and tired of liberals in this country, most of whom are white, telling conservatives in this country that they are racist because we don't adopt their big government authoritarian top down policies that seek to divide this nation on every front including race. And I think the only way to address this is to finally confront it. And when David Gregory brought this up to Newt Gingrich as much as he must, that Medicare issue, David Gregory should not get off the hook for his race baiting. Now the fact of the matter is most people on food stamps are not black. So why would David Gregory or all the other white people over there at MSNBC assume that when Gingrich was talking about Obama as being the food stamp president, which he certainly is – we have 47 million people on food stamps. He’s also the unemployment president, and I can go right down the line. Why would they assume when Newt Gingrich raises that that he is talking about black people when most people on food stamps are not black? I think they have a bigot problem. That’s my point. CAVUTO: This other new network you refer to rings as bell, so I’m not quite an expert on it, so I’ll take you at your word. LEVIN: Neither are my by the way. CAVUTO: But I want to ask you this in a greater context: there is this impression here that the mainstream media, you know, loves the President, rarely bicker or disagree with the President. He is a huge critic of the Paul Ryan Medicare plan because he is evil and in one spot he’s akin to a murderer, and on and on and on we go, and this will be the theme for the next year and a half or so up to the election. Is that just the way it’s going to be? LEVIN: Yes it is, and we can’t change the media, but we can confront it and we can defeat it. It’s part of the big government Democrat operation. Most of the people in the media are liberals, they’re Democrats. We know this time and time and time again from these various surveys. Whining about it isn’t going to fix it. So I hope these candidates if they go on shows like “Meet the Depressed” or “Deface the Nation,” or whatever they are, and I don’t even watch them. But if they go on these programs, don’t sit there and take this crap. You don’t have to. You can be professional and responsible, but get back in their face. Amen! Those interested can see the entire interview at the Right Scoop .
Continue reading …Munich Re insurance giant admits ‘incentive trip’ to Budapest’s Gellert Baths was a sex junket A German insurance firm has admitted rewarding its 100 best salesmen with a prostitute-filled “sex party” in Budapest’s most famous thermal baths. Hamburg-Mannheimer International (HMI), now part of the huge Munich Re insurance conglomerate, rented out the historic Gellert Baths in the Hungarian capital and turned it into an “open-air brothel”, where it let staff run riot. At least 20 prostitutes were hired by HMI top brass for the so-called “incentive trip”. According to those present, the women were colour-coded to indicate which men were allowed to have sex with them. Those wearing white ribbons were reserved for “the very best salespeople and executives”, said one HMI employee. After an investigation printed in the German newspaper Handelsblatt, Munich Re has admitted that the party – described in one German magazine as “Bunga-Bunga in Budapest” – did occur. “It is true that in June 2007 an incentive trip took place in Budapest. Our research has discovered that during an evening event during this trip, around 20 prostitutes were present,” said a spokesman for Ergo, a life insurance arm of Munich Re that took over HMI some time after the party took place. The Handelsblatt newspaper has gathered sworn statements from a number of HMI employees who attended the party. “At the entrance, I and other participants were searched, like at security controls at an airport,” said one witness. The HMI boss told everyone it was “strictly forbidden” to take photos or video the event, he added. According to a signed affidavit from another employee: “The ladies came up to us and showed us what they had. It was clear to everyone there that they were hookers.” “The women wore red and yellow ribbons,” one guest told Handelsblatt. “Some were there just as hostesses; the others made clear with the colour of their ribbon that they weren’t just there to chat.” Then there were women wearing white ribbons. They, allegedly, were reserved for the “best of the best” in the company. Another guest said that beds had been set up around the baths where the salesmen could “do what they wanted”. The women, he claimed, were then given an ink stamp on their forearms to show how popular they had been: some of the women ended up with more than a dozen stamps, it is alleged. Astonishingly, the debauched trip was written up in the company newsletter, Profil, back in 2007. “There were things you couldn’t believe,” said the Profil report, according to Handelsblatt. “Or there were things that were so freaky, so unbelievable and indescribable that they shouldn’t be allowed.” The incident was a “clear violation” of company policy, said Alexander Becker, a spokesman for the Ergo Versicherungsgruppe subsidiary. Those responsible for organising the event are no longer employed at Ergo, he said. Munich Re, the world’s biggest reinsurer, fully owns Düsseldorf-based Ergo, Germany’s second-biggest primary insurer after Allianz SE. The Budapest party was hosted by an Ergo unit, then known as Hamburg-Mannheimer Versicherungs-AG. Germany Hungary Insurance industry Europe Helen Pidd guardian.co.uk
Continue reading …Jon Stewart felt pretty much the same way I did when watching so-called Christian conservative Mike Huckabee bring on Ted Nugent prior to his announcement on Fox News that he was not running for president. Between the draft dodger and his praise for the military as though he’d ever had the courage to serve himself, his previous violent rhetoric about President Obama and Hillary Clinton and then getting down with good old Huck to Cat Scratch Fever, it’s hard to pick what was the most disgusting thing about Huckabee deciding to bring him on his show. Good for Jon for calling him out for it, because the rest of our corporate media sure as hell isn’t going to do it. It’s bad enough that most of the potential Republican presidential candidates are nothing but shysters who are looking to enrich themselves like Huckabee rather than actually run for the office. What’s really pitiful is that they’re all being allowed to get away with it and to pretend like any of them are serious candidates while lining their pockets.
Continue reading …Liberals endlessly harp on what they perceive as conservatives' greed. What really sticks in their craw is conservatives' generosity. An example of this occurred on Ed Schultz's radio show Monday with guest Robert Greenwald, a filmmaker specializing in left-wing agitprop at an outfit he modestly calls Brave New Films. Greenwald was describing a website he recently created, Koch Brothers Exposed, about energy magnates David and Charles Koch. The site includes a video of protesters outside a Lincoln Center theater named after David Koch when he pledged $100 million for badly-needed renovations three years ago. The demonstrators staged a “renaming ceremony” demanding the theater shed Koch from its name. Here's Greenwald elaborating on this to Schultz — GREENWALD: Well, we launched the Koch Brothers Exposed website, Facebook page and Twitter about two months ago when we first started with a video telling people the five worst things the Kochs had done. We got thousands of people responding to that. And then the other night in New York City we had a renaming ceremony. David Koch gave $100 million to call the New York State Theater in his name, David Koch Theater, and we had people out there with signs saying what it really should be called. We have people now on the Facebook and the website voting on what the real name of the theater should be, everything from I Killed The Middle Class, which was one of my favorites, to the Unclean Energy, to I'm Just Not That Into You Democracy. And if you go to the Koch Brothers Exposed website or Facebook page, you can kind of join. Now there's obviously satire there, Ed, but there's an important point behind it. And the important point is that these are, as you know and as a lot of your listeners know, they're giving hundreds of millions of dollars to destroy democracy, to buy their ideology, and to literally propagandize people. And it's very important that we use all the possible tools to educate people, to inform them, and to satirize what they're doing and how they're doing it. Obviously there's satire involved here, Ed, and just as obviously it could not be more churlish. I noticed in the “renaming ceremony” video at Koch Brothers Exposed that none of the protesters demanded the theater return the donation from Koch. Then again, why would they? Far better to reap the benefits of that donation while also maligning of a man whose politics they abhor. In other words, liberalism in a nutshell. Greenwald then quickly glossed over Koch's philanthrophic generosity over the years and suggested Koch is motivated by little more than playing political puppet-master on the right through his wealth — SCHULTZ: Pretty amazing what's going on. They must have someone who's organizing all of this in a team of people who are really watchdogs on issues and candidates in what we would call problem spots for them. How, I mean, I can't believe that the Koch brothers would be sitting down watching the cables every night and looking at all the websites, hey listen (in guise of Kochs' voices), we gotta throw two million over here! Well, we gotta throw another three, four, oh holy smokes, this guy polled well over in this state! Throw $5 million at this thing! How do they function? What do they do? GREENWALD: Well, they're actually very smart about their giving and very deep about their giving. First, they fund ideas through the think tanks. Then they fund people to take those ideas and go on television and cable to talk about it. Then they fund activist groups to take those ideas and work them. And then finally, they fund the elected officials. But they don't focus on the elected officials 'cause they're much smarter than that. They know that elected officials, in their words, read from a script. What they want to be able to do is write the script for the elected officials (to) read from. Greenwald gets to “and then finally” and leaves out what is most awkward for him on this — the Kochs have donated far more to cultural endeavors,
Continue reading …Queen ‘at home’ with horseracing folk and thoroughbreds at the Irish national stud outside Dublin The Queen was back among those with whom she has the greatest affinity this morning: horseracing folk and thoroughbreds at the Irish national stud at Kildare, on the Curragh outside Dublin. After two days of formal state visits and hugely appreciated gestures of reconciliation, culminating in her speech at the state banquet last night, the Queen gave every sign of relishing engaging with horseflesh instead. She was warmly applauded by staff and guests at the stud — though some of the horses seemed more skittish. The Queen has a string of about 20 horses in training, some of whom have been reared in Ireland and her horse Carlton House is a favourite for this year’s Derby — the only classic race she has failed to win. Simon Coveney, the Irish agriculture minister, accompanying the visit said: “I
Continue reading …President so isolated by supreme leader that completion of second term is in doubt Iran’s president, Mahmoud Ahmadinejad, has suffered a series of dramatic setbacks in his power struggle with the country’s supreme leader, Ali Khamenei, after a failed bid to challenge the clerical establishment, according to Iranian observers and diplomats. Ahmadinejad, who drew on crucial backing from Khamenei during his disputed re-election in 2009, has been so roundly rebuffed by his erstwhile patron that it is by no means certain he will complete his second term as president. In recent days, Ahmadinejad and the men described as his strongest allies, his chief of staff, Esfandiar Rahim Mashaei, and executive deputy, Hamid Baghaei, have come under direct attack from senior figures in the powerful Revolutionary Guards and some of most important clerics in the Islamic regime. Ahmadinejad’s many enemies across the political and religious spectrum have scented blood after the arrest of at least 25 people close to him and Mashaei. The president’s immediate entourage has been reduced to a handful of serious people and has faced accusations of corruption, revolutionary “deviancy” and even espionage. Even the president’s spiritual mentor, Ayatollah Mesbah Yazdi, who strongly supported him in the 2009 presidential election, is distancing himself. In a recent interview with an Iranian publication, Yazdi said: “That a human being would behave in a way that angers his closest friends and allies and turns them into opponents is not logical for any politician.” . He told Shoma Weekly that he believed “with more than 90% certainty” that Ahmadinejad had been bewitched”. “We saw that this questionable person [Mashaei] has conquered this gentleman [Ahmadinejad] and is in his fist,” he said. Ayatollah Ahmad Janati, a close ally of Khamenei and head of the Guardian Council, has also attacked Ahmadinejad directly. “We did not expect this from him,” Janati said. In a reference to Mashaei, he said that “some people seek to cause a deviation, and act against the country and the supreme leader”. Yazdi and Janati’s comments have been repeatedly echoed by senior officials in the Islamic Republic in recent days. “It is like wolves who have been waiting for a sign of weakness and they are now lunging in,” said Meir Javedanfar, an Iranian-Israeli Middle East analyst and co-author of book on Ahmadinejad, The Nuclear Sphinx of Tehran. In the latest sign of his dwindling authority, Ahmadinejad’s bid to streamline his cabinet and merge eight ministries into four was blocked by the supreme leader in a private meeting attended by the parliamentary chief, Ali Larijani. Unable to proceed with his initial plan, Ahmadinejad fought back by dismissing three ministers and temporarily taking over the oil ministry but drew unprecedented criticism from Khamenei’s camp. It has not helped the president that the attacks come at a time when the cash-strapped government, straining under international sanctions, has gambled on removing long-standing but costly subsidies on fuel, food and other daily essentials, triggering widespread popular resentment. With zero growth projected for this year, organised labour is beginning to flex its muscles. Last week, some union members refused to go to work, in protest at delayed salaries and rising unemployment. They blamed Ahmadinejad for the crisis. Ahmadinejad emerged from relative obscurity to win the presidency in 2005, not least because the supreme leader adopted him as his protege. In recent months, he has sought to assert the presidential prerogative in hiring and firing ministers. He got his way in December, sacking the foreign minister, Manouchehr Mottaki, a Khamenei favourite, without warning. When he tried to do the same thing in April to the intelligence minister, Heydar Moslehi, Khamenei struck back and ordered Moslehi’s reinstatement. In response Ahmadinejad took the quixotic decision of boycotting his own job and disappeared from office for 11 days. Ultimately, however, he had little choice but to return and grudgingly put up with Moslehi. “Ahmadinejad must know he was always pushing his luck. He has always been a risk-taker, and he always knew that sooner or later he would hit something hard,” said a western diplomat. “Whether this is terminal for him, it’s a bit early to say, but the defence of the supreme leader and the attack on Ahmadinejad has had the look of a whole government acting in concert. People were sent out to the regions, including the IRGC [the Islamic Revolutionary Guard Corps], to send the message that the supreme leader is in control.” Ahmadinejad, whose presidency is limited to two terms under Iranian law, must step down in 2013. The depth of rift with the supreme leader has raised speculation that he might leave early, triggering a political crisis. Some are comparing him to Abdulhassan Banisadr, Iran’s first post-revolutionary president, who was impeached in 1981 after clashing with Ayatollah Ruhollah Khomeini and forced to flee the country. Speaking from Paris, Banisadr said: “Khamenei is so fed up with Ahmadinejad that [the president] might not even survive before his term finishes.” Conversely, Ahmadinejad could resign. But to do so before securing the position of a chosen successor would leave him little protection once out of office. For Khamenei, the worry is whether the Islamic republic can survive him in its present form. “There’s always the issue of Khamenei’s death and what happens then,” said Hamid Dabashi, a professor of Iranian studies at Columbia University. “Ahmadinejad and his people have an eye on the days after Khamenei’s death from now and are seeking to make the position of the next supreme leader as rather symbolic.” Mahmoud Ahmadinejad Ayatollah Ali Khamenei Iran Middle East Saeed Kamali Dehghan Julian Borger guardian.co.uk
Continue reading …Lord Stoneham uses parliamentary privilege to discuss former Royal Bank of Scotland chief’s gagging order Sir Fred Goodwin, the controversial former chief executive of the Royal Bank of Scotland, obtained a superinjunction to prevent details of his alleged extra-marital affair with a senior colleague being made public, it was claimed in the House of Lords on Thursday. The wide-ranging gagging order – which prevented Goodwin from being identified as a banker – was brought up by Lord Stoneham, a Liberal Democrat peer, during a debate in the Lords. Stoneham’s comments are protected by parliamentary privilege. Goodwin’s superinjunction was first made public during a House of Commons debate in March . However, there have been no claims about the subject matter of the injunction until now. Stoneham, speaking on behalf of fellow Liberal Democrat peer Lord Oakeshott, said during the debate: “Would [the speaker] accept that every taxpayer has a direct public interest in the events leading up to the collapse of the Royal Bank of Scotland? “So how can it be right for a superinjunction to hide the alleged relationship between Sir Fred Goodwin and a senior colleague? If true it would be a serious breach of corporate governance and not even the Financial Services Authority would know about it.” More details soon… •
Continue reading …Lord Stoneham uses parliamentary privilege to discuss former Royal Bank of Scotland chief’s gagging order Sir Fred Goodwin, the controversial former chief executive of the Royal Bank of Scotland, obtained a superinjunction to prevent details of his alleged extra-marital affair with a senior colleague being made public, it was claimed in the House of Lords on Thursday. The wide-ranging gagging order – which prevented Goodwin from being identified as a banker – was brought up by Lord Stoneham, a Liberal Democrat peer, during a debate in the Lords. Stoneham’s comments are protected by parliamentary privilege. Goodwin’s superinjunction was first made public during a House of Commons debate in March . However, there have been no claims about the subject matter of the injunction until now. Stoneham, speaking on behalf of fellow Liberal Democrat peer Lord Oakeshott, said during the debate: “Would [the speaker] accept that every taxpayer has a direct public interest in the events leading up to the collapse of the Royal Bank of Scotland? “So how can it be right for a superinjunction to hide the alleged relationship between Sir Fred Goodwin and a senior colleague? If true it would be a serious breach of corporate governance and not even the Financial Services Authority would know about it.” More details soon… •
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