With 7 Million Noncurrent Loans, 2 Million Foreclosures, Will A Federal Financial Overlord Manage Housing Banking And Lending?

Mike Mish Shedlock relates 7 Million Noncurrent Loans, 2 Million Foreclosures.

I believe in the soon coming future, we will see a dramatic combine of the institutions of banking and government …. The Dodd Frank legislation established a Federal Financial Regulator, that being the Treasury Secretary, and granted him wide discretionary power of the economy.

From the Robert Wenzel, EconomicPolicy Journal article Secret SEC Meeting with Goldman Sachs and JP Morgan, I conclude that in the US, through an October 6, 2010, meeting of bankers, investment bankers and SEC officials, that an elite group of stakeholders has arisen to act as a “banking, lending, credit, and investment Regulatory Council”, supporting the Financial Regulator in overseeing the US economy.

I believe that the Dodd Frank legislation, empowers the Federal Financial Regulator, to intervene in today’s foreclosure and mortgage securitization issues. And that at some point in the future he will provide a solution that integrates the banks with the Government in state corporate governance over housing, banking, and mortgage securitization.

Perhaps this “solution” will involve purchase of mortgage-backed securities, debt forgiveness, resolution of securitization issues, and leasing of bank owned properties so the banks have some income coming in, and so the US Government has some income too, as it also owns well over a Trillion of Mortgage Backed Securities stored now at the Fed. 

Leasing, of properties, if it takes place would end the entitlement that millions now enjoy to payment free-living, an entitlement, that came through the GSE/Banking Housing Cartel and the SEC/AICPA’s FASB 157, which enabled banks to mark properties to the manager’s best estimate rather than mark to market.

And of course, when all this gets underway, the US Dollar, $USD, will go down in flames, more than it already has, which I believe would not bother Mr. Bernanke as he is a banker and is focused primarily on the value of banking assets, which is comprised significantly with mortgage-backed securities, MBB.

Yes, a Financial Overlord, is likely to oversee mortgages, banking, investment, and lending here in the United States. It will be the first step in the Timothy Geithner call for unified regulation of banking globally, as highlighted in the James Politi and Gillian Tett Financial Times article, NY Fed Chief In Push For Global Bank Framework; and it will help the Seignior, meaning top dog banker who takes a cut, mentioned in Bible Prophecy of Revelation 13:11-18, rise to power.

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