Top 10 songs of the month: foreclosure report

It's not like the banks don't have infinite rent seeking leverage with near zero interest FED money, but they have marvelous accounting tricks to make them look healthier. But, anyone who has been in a financial bind knows that simple accounting tricks don't last you forever, and, sooner or later the piper must be paid, accounting or not. Well, what his article points out is that the piper will get his due. The real question is, who is the piper, and who is paying him. Once the interest earned, in accounting terms, vanishes, as it will on each loan to be finally foreclosed, the piper is the hole in the balance sheet. According to those who wrote the financial reform, the payment won't come from government (i.e. taxpayer) funds, but the special mechanisms built in will require a restructuring of any banks whose stability is thus threatened. Really? Well, as they say, the proof of the pudding is in the eating. With the new folks in the White House, fresh off Wall Street, the banks are as powerful as ever, having endowed the campaigns for the newly elected Congress. We have already heard that funding for the financial reform agencies and those already existing, is in trouble. Next, we'll get some subtle, small bill come through and pass which neuters the capability of the government to keep the banks in check. What comes next? Collapse and no action or a bailout.

Fox News personality and former Gov. Mike Huckabee (R-AR) recently began appearing in television commercials calling for viewers to dial a 1-800 number to sign a repeal petition against health reform called “Repeal It Now.” The ad, a “project of Restore America’s Voice” (RAV), a political action committee run by Huckabee’s friend Ken Hoagland, also directs viewers to a website that solicits donations [...]

According to disclosures filed with the FEC, RAV’s campaign is managed by a firm called the 949 Media Group. 949 has been paid tens of thousands of dollars to set up RAV’s website and Google search optimization, and receives a regular commission of $10,000 for related media work from RAV. ThinkProgress spoke to a representative from RAV, who told us that 949 is run by an individual named Derek Oberholtzer. According to the representative, Oberholtzer has worked with RAV since the PAC formed in October.

Oberholtzer is well known as scam artist who has used a myriad of tricks to defraud people out of their money. In addition to 949 Media Group, he started a number of companies, including “Apply 2 Save” (A2S) and Giant Media Works. Consumer report websites are rife with complaints about Oberholtzer’s odious business practices. In one scheme, Oberholtzer paid for radio and other advertisements telling distressed homeowners to contact his company A2S to pay a flat $595 fee to receive assistance in renegotiating their loans or to block a bank foreclosure. The Federal Trade Commission has prosecuted Oberholtzer for deceptive practices. In numerous cases, Oberholtzer took the $595 payment, and never did anything to stop a foreclosure or even contact the mortgage company in question. In many instances he continued billing his customers further fees totaling nearly $1,000 without lifting a finger to actually renegotiate their mortgage or halt a foreclosure, as his “Apply 2 Save” company promised.

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Thursday 13 January 2011

foreclosure report

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