New gameshow: Bank or Dare

[Now, testify!]
Reminder of my 'free houses for everybody', and 'death of a thousand cuts' story, where I said that banks should be sued to death. It's all coming true! and I was just bullshitting,er, um, prognosticating.

Follow me into an alternate universe, won't you?

Voiceover guy:

"It's the new gameshow, Bank or Dare, where we challenge bankers to dare....
and act like human beings,
show guilt and let the Public off the hook,
as a gift to humanity.

Fat chance, you say? Just watch."

Contestant number 1: Jamie Dimon, JP Morgan
Prize behind door number 3:

House in suburban Baltimore,
valuation $500 000 (pre-2008)*hint*

Gameshow host: "Alright. We have this home. 85% is owed on it."
Contestant 1: "Foreclose!"
Host: "Just a sec, son. The family with 3 kids haven't paid a penny in 15 months"
Contestant 1: "Foreclose, foreclose, godammit!"
Host: "Hold your horses, my friend" "The parents were both laid off, a teacher and and plant manager."
"Chances of the house selling for $250 000 are..."
Overdub: "15% over the next 5 years."
Contestant 1: "I'm bound by my shareholders to foreclose."
Host: "If you don't listen, you'll be bound and they'll have your hide. Okay?"
"Monthly bill for water, electricity, lawn upkeep, police protection, civic taxes...."
Overdub guy: "$2 000 per month"
Contestant 1: "If I foreclose, I get a commission."
Host: "You'll get committed alright, if you don't shut it."
"Or you could let the family have it free and clear for $80 000, its 1980 value"
Overdub guy: "which is what the price would be if it weren't for the housing bubble."
Contestant 1: "but, we are too big to fail. TBTF!"
Host: "Look, if you crash the economy again, and you will, it will be a sovereign crisis."
"Then you'll get zero, and people will hunt you to put your head on a trophy."
Contestant 1: "enough, enough""what do I get for all this niceness?"
Host: "Life.the mob, that is, the audience, will let you live."
Contestant 1: "I'll take it.""can I go now?"
Host: "we're not done with you yet" SHOUTS:"release the sled"
Host (to an old lady in the audience): "who are you betting on?"
Old Lady: "anybody who will whup that contestant's butt. He tried to foreclose on me!"


or http://youtu.be/7KQVmUTwx2k (the sled part)

Remember those houses with fraudulent mortgages (without papers) that were
cut up into 10 000 pieces?
Well, now! It's come to be that the housing market is so bad, because of banker malfeasance,
that banks see it's not worth their while to break the law, to
get their hands on a house. In the end they will be paying municipalities
for the taxes and upkeep of the properties. So, they'll be losing money.
The houses will not be sold for a good 5 years. So, they're walking away.
Those municipalities are themselves often close to bankruptcy, largely because
of the death of private credit markets, and fraudulent derivatives
that they bought from many of those same banks.
The banks are trying to get their money back by signing a deal with the federal gov.
They want to pay $5 billion for this (borrowed money) when it's worth $30 billion.
Nice try.
and this is just the beginning of their legal problems. They're a "litigation sinkhole", and they
can't cover their losses.

Epilogue:
I was wondering when all this blogging and networking was going to start paying off.
Now the mainstream media gets its reporters to occasionally steal a story
from the new media. Not me, but the sites I cite. I'm just a spinner.

I've been busting my skull wondering how it is that the banks can always win.
Well, Matt Taibbi from Rolling Stone just wrote the article that may have
turned the tide. I heard on Keiser today that Goldman's stock lost $6 billion TODAY!
This guy named Bovey in NY has told his clients to sell their Goldman stock!
People seem to think that it will become an embarrassment to the government
if they don't get their fat arses off their banker-funded chairs, and put one of the
big sharks in jail, even for a year. Look, DSK is in Rikers.

checkitout: 1 Dateline Bloomberg
Foreclosures Prompt Four U.S. Cities to Sue Banks for Mowing, Home Repairs
By Thom Weidlich - May 12, 2011 5:00 AM GMT
http://www.bloomberg.com/news/2011-05-12/foreclosures-prompt-four-u-s-cities-to-sue-banks-for-mowing-home-repairs.html
Four major U.S. cities that pay for the upkeep of foreclosed properties are trying to recoup the costs of services including lawn mowing, repairs and security by suing banks they claim contributed to their “urban blight.”
A federal judge in Memphis, Tennessee, on May 4 and another in Baltimore on April 22 denied Wells Fargo & Co. (WFC)’s request to dismiss the predatory-lending lawsuits brought against the bank. A lawsuit by the city of Cleveland against JPMorgan Chase & Co. (JPM) and Ally Financial Inc. is also pending before an Ohio judge.

In one case, Deutsche Bank AG, described by Los Angeles City Attorney Carmen Trutanich as one of the city’s “major slumlords,” may be found liable for hundreds of millions of dollars, including restitution for current and former tenants, according to a statement by the city.

“We started out looking to sue as many as 16 lenders,” Webb Brewer, a lawyer who represents Memphis, said in a telephone interview. “It’s a tall order to fight all those banks at once. We never alleged that Wells Fargo was alone in employing these practices.”

The cities’ lawsuits invoke various legal theories, and some have targeted the banks as bundlers of mortgages into securities rather than as lenders. The cases brought by Baltimore and Memphis, which will now shift to pre-trial evidence gathering, are similar. They both accuse San Francisco- based Wells Fargo of violating the Fair Housing Act by so-called reverse redlining -- targeting black neighborhoods for predatory lending.
Buildings in Disrepair

Los Angeles sued Deutsche Bank May 4 as trustee of mortgage-backed securities and is seeking reimbursement for costs of property repair. The city accused the bank of buying more than 2,200 properties through foreclosure and letting vacant buildings fall into disrepair. The day before, the U.S. government alleged in a lawsuit seeking $1 billion that the Frankfurt-based bank lied to qualify thousands of risky mortgages for a government insurance program.
......
[GET THE WHOLE STORY, IT'S GREAT]
2 Reggie Middleton on Zerohedge: [27 April, this year]
I have warned of this event. JP Morgan (as well as Bank of America) is literally a litigation sinkhole. See JP Morgan Purposely Downplayed Litigation Risk That Spiked 5,000% Last Year & Is Still Severely Under Reserved By Over $4 Billion!!! Shareholder Lawyers Should Be Scrambling Now Wednesday, March 2nd, 2011. [I'd put more of the text, but frankly, I don't understand it. Thankfully Reggie, Keiser and some others do.]

http://www.zerohedge.com/article/there%E2%80%99s-something-fishy-house-morgan