To bring people together in NJ and identify issues the local group can work on.
The mortgage companies practice vulturous behavior, passing off deeds between mortgage companies and foreclosing on people without fair notice or a reasonable cause. So far, we hear about things like this in the media, but is it really true? An ANWF member, Francine, is asking for our help in a case that requires that we go and see for ourselves -- can you come to a court hearing on Francine's deed and make sure no wrongdoing happens? She's currently living in a house that she inherited part of - her mortgage company is refusing to allow her to buy the house. If there is no transparency in this case, Francine could lose her home, find out more about her situation here. If interested, we'll hold a meeting in Morristown about what else ANWF members can do to change the system for the better for everyone.
Here is what Francine has to say:
"I need people to appear in court with me at the Morris County
Courthouse, Fifth Floor (first courtroom to the right) at 2:30 P.M. on
October 15, 2009 to observe what is happening and take notes. The
court always schedules these hearings when no one else is in the court
because I am being ruthlessly abused and denied all my civil,
procedural and constitutional rights. Everytime a ruthless, predatory
corporation is allowed to run roughshod over an individual like thius,
it jeopardizes others. We absoultely must join together at the
grassroots level to hold those who abuse their authority in favor of
vulturous corporations accountable!Please help me stand up for our rights and contact me at (973)
539-9286.Also, I need an honest, decent lawyer or group of lawyers to help me
fast. If any of you are lawyers and can help, please give me a call."
Hello,
I am on the deed to an inherited home in Morristown, New Jersey which
is being sold by court order, even though I have offered to buy out my
siblings. Although I might own over one-half this home, a major real
estate corporation and unscrupulous attorneys are manufacturing a case
to frame me -- to illegally evict me to complete a fraudulent deal.
They are manufacturing a case against me, falsely claiming that I am
impeding the sale. They need me out of the house so the "illegal"
deal -- which requires my signature as co-administrator can be
finalized. One attorney told me if I do not sign the contract, I will
be removed as co-administrator!
The real estate company is acting as an "undisclosed dual agent." When
I discovered it had tricked me into signing a dual agency contract
without "informed" consent as required, I rescinded it. However, the
company still refuses to comply. In fact, to keep me from rescinding
it immediately, it withheld the contract to keep me from readin it!
My own attorney, whose father I discovered is a real estate agent, is
colluding with the real estate company! They are breaking every law a
litigant and homeowner/ homeseller has in the book! Without right,
the company is causing frivilous lawsuits to be filed to drain the
estate finances. It is outrageous! If these people get away with
trying to evict me before a "legal" sale occurs, trying to make me
homeless and break me down, the deed to your home might not be worth
the paper it is written on one day.
I need people to appear in court with me at the Morris County
Courthouse, Fifth Floor (first courtroom to the right) at 2:30 P.M. on
October 15, 2009 to observe what is happening and take notes. The
court always schedules these hearings when no one else is in the court
because I am being ruthlessly abused and denied all my civil,
procedural and constitutional rights. Everytime a ruthless, predatory
corporation is allowed to run roughshod over an individual like thius,
it jeopardizes others. We absoultely must join together at the
grassroots level to hold those who abuse their authority in favor of
vulturous corporations accountable!
Please help me stand up for our rights and contact me at (973)
539-9286.
Also, I need an honest, decent lawyer or group of lawyers to help me
fast. If any of you are lawyers and can help, please give me a call.
Thank you.
Tell Congress
New laws should be put in place that minimize the risk of companies becoming “too big to fail.”
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1)Lawrence Goodwyn’s “The Populist Moment: A Short History of the Agrarian Revolt in America,” one of the truly great works of American history and how to build a foundation for 20th century American political economy.
2)William Greider’s “Secrets of the Temple: How the Federal Reserve Runs the Country,” picks up where Goodwyn’s left off. An essential read in understanding money, banking and finance in the 20th century.
3)Kevin Phillips’ “Bad
Money: Reckless Finance, Failed Politics, and the Global Crisis of
American Capitalism,”
|
MELTDOWN CAUSES: Articles and Interviews 1. Finger of blame points to shadow banking’s implosion -Financial Times "FINANCIAL INNOVATIONS" 1. Genesis of the Debt Disaster -Financial Times WHAT TO DO ABOUT THE BIG BANKS THAT FAIL? 1. Willem Buiter -FT ANTITRUST 1. Breaking up the Banks -Zephyr Teachout REGULATION 1. Regulatory Capture -Thomas Frank WHAT'S IT MEAN FOR THE ECONOMY? 1. Evolution or Revolution -Bill Gross Blogs |
By Michael McKee and Scott Lanman
Oct. 15 (Bloomberg) -- U.S. regulators should consider breaking up large financial institutions considered “too big to fail,” former Federal Reserve Chairman Alan Greenspan said.
Those banks have an implicit subsidy allowing them to borrow at lower cost because lenders believe the government will always step in to guarantee their obligations. That squeezes out competition and creates a danger to the financial system, Greenspan told the Council on Foreign Relations in New York.
“If they’re too big to fail, they’re too big,” Greenspan said today. “In 1911 we broke up Standard Oil -- so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.”
At one point, no bank was considered too big to fail, Greenspan said. That changed after the Treasury Department under then-Secretary Hank Paulson effectively nationalized Fannie Mae and Freddie Mac, and the Treasury and Fed bailed out Bear Stearns Cos. and American International Group Inc.
“It’s going to be very difficult to repair their credibility on that because when push came to shove, they didn’t stand up,” Greenspan said.
Fed officials have suggested imposing a tax or requiring higher capital ratios on larger banks to ensure the firms’ safety and reduce some of the competitive advantage from the implied subsidy. Greenspan said that won’t work.
“I don’t think merely raising the fees or capital on large institutions or taxing them is enough,” Greenspan said. “I think they’ll absorb that, they’ll work with that, and it’s totally inefficient and they’ll still be using the savings.”
‘Really Arbitrarily’
The former Fed chairman said while “just really arbitrarily breaking down organizations into various different sizes” goes against his philosophical leanings, something must be done to solve the too-big-to-fail issue.
“If you don’t neutralize that, you’re going to get a moribund group of obsolescent institutions which will be a big drain on the savings of the society,” he said.
“Failure is an integral part, a necessary part of a market system,” he said. “If you start focusing on those who should be shrinking, it undermines growing standards of living and can even bring them down.”
To contact the reporter on this story: Michael McKee in New York at mmckee@bloomberg.net; Scott Lanman in Washington at slanman@bloomberg.net
