May 1, 2009

How things work: Here's a tape from the Mortgage Brokers Association, as they prepare to visit their bitches on Capitol Hill

The Mortgage Brokers Association and the National Association of Realtors on Commission are two of the most powerful and well funded PACs in DC, working over your corrupted representatives every day, like the pros they are.

The realtors and mortgage brokers of America brought this country to ruin. They corrupted the whores in DC, and paid them to look the other way while they banked their commission checks.

But to see them admit to their evil ways on tape is a bit shocking.

We're run by monkeys, we know that now. But monkeys at the zoo have feeders and minders, and here they are.


buzzsaw99 said...

not my reps buddy

Daphne64 said...

This may be unpleasant, but it is the same aboveboard lobbying that's been going on forever.

What's not shown are the out-and-out bribes and threats, the blackmail setups and so on.

Also not mentioned is the fact that the sheer amount of money thrown around by these kind of groups buys politicians to a far greater extent than in the past.

Anonymous said...

are you for the cramn down law keith?

can you reconcile these two thoughts for me...

the patriot act was a violation of our liberty.

the cramn down law is not.


keith said...

I'm 100% against the cram down, or violating the sanctity of any contract.

So in this case, I actually support the evildoers at the mortgage broker association. They're fighting this so they can make more money and protect their corrupt and evil asses. I'm against it because America is a nation of laws and contracts.

Natural Eyebrows said...

Keith, you of all people are being snowed by the bankers, and you should know better. Cramdown happens all the time in bankruptcy cases, it is fundamental to bankruptcy reorganization. The prohibition against cramdown on an individual's principal residence is the exception built into the bankruptcy code for the benefit of the mortgage industrial complex.

Another victory yesterday for the rentier class.

Batman said...

Good place for a bomb.

Anonymous said...

If cram-downs come you can expect a civil war of sorts. Those who get Tax payer gifts to pay down their houses VS those who don't. It will get really ugly having to watch your neighbor go to dinner, buy a car or do anything knowing your tax dollars subsidized his new found fun.

How will you re-act? If you both owe $450k and your neighbor gets his gifted down to $250k?

What message will it send to responsible people?

GT Charlie

Anonymous said...


Just heard the state of Florida is going after THE ORANGE ONE!

Oh happy day!


K Street parasites said...

"They corrupted the whores in DC, and paid them to look the other way while they banked their commission checks."

If we had a functional Justice Dept these depraved assholes would be serving time for bribery and fraud.

They invaded DC, captured CONgress and destroyed the economy.

They won the war on fiscal sanity.

Commission Accomplished?

Future generations of over-burdened taxpayers will piss on their graves.

Anonymous said...

"...I'm 100% against the cram down..."Me too.

Even more against ANY public funds for private shareholders who knowingly entered into these contracts.

That goes for you, Mr. Investment Banker. Maintain 100% of the principle owed to those whom you committed securities fraud against by representing no-doc liar loans as AAA.

Maintain ownership of the defaults as well.

THAT is what you are really up to; isn't it? Handing those losses to the country(and world) as a whole.

Anonymous said...

Bloomberg -- Former Barney Frank staffer now top Goldman Sachs lobbyist

Goldman Sachs' new top lobbyist was recently the top staffer to Rep. Barney Frank, D-Mass., on the House Financial Services Committee chaired by Frank.

Michael Paese, a registered lobbyist for the Securities Industries and Financial Markets Association since he left Frank's committee in September, will join Goldman as director of government affairs, a role held last year by former Tom Daschle intimate, Mark Patterson, now the chief of staff at the Treasury Department.

This is not Paese's first swing through the Wall Street-Congress revolving door: he previously worked at JP Morgan and Mercantile Bankshares, and in between served as senior minority counsel at the Financial Services Committee.
Enjoy your retirement in poverty.

Anonymous said...

'the Wall Street-Congress revolving door'

There is no 'revolving door' anymore.

It is a seamless transition.

Our government has morphed/regressed into a corporatocracy.

Mammoth said...

"I'm 100% against the cram down, or violating the sanctity of any contract."
But Keith, havent you implied, if not outright stated, on your blogs that it is okay for FB's to just walk away from their mortgages?

Didn't these people sign a contract to but their house/condo for a given amount of $$$?

So how can you now say that you are against this?


keith said...

Mam - walking away from a debt or obligation, while pathetic, is VERY different than the government declaring that contracts in the United States of America are no longer valid or binding.

gutless and lazy said...

I'm against it because America is a nation of laws and contracts.I respectfully differ. That's only on the surface. A deeper truth is that we are a nation of unfettered business and profits.

Now the corporate lobbyists and the lawmakers are one. See the post from 6:51 PM. That's been repeated thousands of times the last 20-30 years.

Laws are only as good as consistent enforcement. Anyone see the immigration laws being enforced? How about anyone see the SEC laws being enforced lately? What about Obama's justice dept enforcing Geneva convention laws against torture? Nope. Obama is trying as hard as he can to let those slip by also.

Not even contracts are consistently respected. Evidently CEO employment contracts a.k.a. golden parachutes are untouchable as contracts. BUT the UAW contracts, wellll, there just meant to be broken.

Selective law & contract enforcement equals tyranny. And that's what we have, corporate tyranny over the people of the USA.

So I say, HELL YES, if it helps the little guy, CRAM DOWN! It's not as if business lobbyists havent crammed sh1t sandwich contracts down the public's throats for decades now.

Am I suggesting that two wrongs make a right here? No. But in this case it's two wrongs making equity.

patrat said...

Remember when a man's word and handshake meant something? Some of the older people do. Maybe if enough shit hits the fan we will get back to that. I can dream!

Anonymous said...

That reminds me of Richard Pryor take on the mafia:

never_forget_y2k said...

Cramdown killed. Suck it REIC.

Bukko_in_Australia said...

First off, thanks for posting this, Keith. Video clips like this, which I would not have seen otherwise, are what makes it worthwhile for me to scan your blog.

I can go to lots of places to have pointless arguments with people I find moronic, and whose opinion of me is as low as mine is of them. And I disagree with a lot of your political philosophy, including on this issue. (I'm with gutless on this one.) But damn! -- I learn shit from YouTubes like this. And I like to learn.

What did I learn? I saw another vision of the faces of the ruling class. Actually, the hirelings of the ruling class -- aside from Sen. Bennett, the real RC doesn't bother to attend these dog-and-phoney trade shows. And the faces I saw were white, short-haired and mostly middle-aged. Not that different to mine, actually, except in the length of the hair. But when I'm envisioning who I despise, it will be those faces.

I also learned they like to brag. You seem surprised that they would be so blatant about it. But that's part of winning. If you stomp your opponent, on the field of battle, in the athletic arena, or the halls of Congrease, you HAVE to announce it! It's a way to prove how powerful you are, to rally your troops, to scare off anyone else who might oppose you. Bragging about triumphs isn't something to keep hidden; it's like insurance.

Lastly, I learned from the pitch about "keep giving money to the PAC. Because this cramdown deal will come back." That's also part of the game. I used to see this when I lived in Florida with legislative threats to sugar price subsidies. It's a never-ending extortion. "The bad people in the legislature are going to derail the gravy train. Give us money so we can bribe them and stop it." Full employment for lobbyist leeches. How many jobs are there in the blood-sucking sector?

Anonymous said...

Just a hunch here Kieth, but I believe that the straw that will break the camel's back will be defaults in commercial real estate contracts soon to come. With small businesses and individuals complaining, the sense of urgency will increase. This was the third time that this bill has been introduced - it is not going away (IMHO). When small to medium sized businesses begin "piling on" there won't be any amount of money that will help the mortgage banker's cause.

Smug Bastard

Anonymous said...

"I'm 100% against the cram down, or violating the sanctity of any contract.

So in this case, I actually support the evildoers at the mortgage broker association. They're fighting this so they can make more money and protect their corrupt and evil asses. I'm against it because America is a nation of laws and contracts"

Keith, if you want to see true "mark to market" valuations for real estate, nothing will accomplish this task faster than a Chapter 13 judge re-casting a mortgage secured debt to its true value and to the true capacity of the debtor to repay - nothing. And, as a bonus, you will not see anything put the fear of the Sweet Baby Jesus into the hearts of over-compensated debt mongers like those pictured in the video than the inclusion of real estate secured contracts in a Chapter 13 proceeding. Instead of a one decade long unwinding of real estate and debt bubbles, it would be accomplished within 6 months if it became a reality - I'd bet my Smug Bastard wrinkled ass on that one.

Smug Bastard