Real Economy Project

Ask Your Bank to Produce the Note!

Do you know who holds the promissory note to your mortgage? The legal document that shows that you really owe that debt? Really, are you sure? So many mortgages have been securitized, sliced and diced, sold and resold, that the paper trail from your local bank to Wall Street is murky and flawed. In some instances, the promissory note may even have been destroyed.

Every day the financial crisis continues to hit home for families being foreclosed upon. Last month, there were 347,420 foreclosure filings across America, and the rate shows no signs of slowing. The unemployment rate is now driving these tragic foreclosures and 11 million Americans are at risk of losing their homes.

Take Action! Demand a Freeze on Foreclosures!

In recent weeks, it has been revealed that the nation’s largest banks have been fraudulently foreclosing on tens, if not hundreds of thousands of families. The big banks financed the predatory mortgage firms that caused the crisis in the first place, an now they are foreclosing on families, the unemployed, the sick, the elderly and even veterans using slipshod foreclosure mills to do their dirty work.

If you are as infuriated as we are call your State Attorney Generals Office today! Click here for a complete list of phone numbers.

Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill?

Champions of financial reform who fought hard for a strong Wall Street reform bill this year know they cannot let down their guard. They are tracking and countering the moves of the big banks as they try to weaken the Dodd–Frank Wall Street Reform and Consumer Protection Act during its implementation phase. They are bracing for a battle with Republicans who are threatening to repeal key parts of the law. What they were not expecting was a rear-guard attack on the recently passed measure from the Obama administration.

Evidently, Geithner is interested in exempting the $24 trillion – that is trillion with a "t" – foreign exchange (or forex) market from the clearing and transparency requirements of the act.

Bailout Not Over, Taxpayers Still Owed $2 Trillion In Federal Reserve Loans and TARP Program Funds

On October 3, 2010 the U.S. Treasury's Troubled Asset Relief Program (TARP) will end. The expiry is likely to generate many celebratory claims from federal government officials that the bailout is over, and that taxpayers have been made whole or will be made whole in short order.

Already Elizabeth Warren Deserves a Promotion

So the Washington insiders tell us that Harvard Law Professor Elizabeth Warren was named as a "special adviser" to the President in order to dodge a lengthy confirmation battle in the Senate. Rather than nominate her to head the Consumer Financial Protection Bureau (CFPB) on a permanent or even interim basis, Obama instead announced an odd, hybrid appointment where she works for both the White House and U.S. Treasury Secretary Tim Geithner. In theory, she will have full authority to set up the CFPB, but does not have the title of "Director" that goes with it.

Hmmm. She appears to be happy about all this, but it leaves us here at BanksterUSA unsatisfied. This is a temporary appointment. What is she? A Kelly Girl? We are sick of temporary jobs. We prefer permanent things like a title, a salary, benefits, five years guaranteed, and most importantly, power.

Already Elizabeth Warren deserves a promotion and in this GRITtv interview, Mary Bottari proposes a new role for America's favorite consumer advocate.

March as "One Nation" on October 2, 2010!

Join as "One Nation" on October 2, 2010 for a giant march in Washington D.C. to demand good jobs now. One Nation describes itself as "a movement of individuals and organizations committed to putting America back to work and pulling America back together." Their key demands are job creation, equal justice, and quality public education for all. Only the Banksters would disagree with that agenda. Learn more about the civil rights, labor and consumer groups supporting this giant mobilization and where you can find your seat on a bus.

Bailed-Out Banks Finance Predatory Payday Lenders

American taxpayers bailed out the big banks. Now many of those banks are returning the favor by extending credit to payday lenders who sucker consumers into a spiraling debt trap.

That is the claim in a new report published this week by National People's Action (NPA), the Chicago-based community organization. The report, called Predators' Creditors, names Wells Fargo, Bank of America and JP Morgan Chase as some of the biggest lenders to the booming payday loan industry.

"The very same banks that helped tank the economy are now helping the bottom feeders of the industry," says George Goehl, Executive Director of NPA. "The report shows that a $300 payday loan could end up costing you $750. If Al Capone was alive today, I bet you could get a better deal from him."

Declare a Jobs Emergency on September 15!

Job cuts have a way of sneaking up on you -- a few teachers here, a police officer there and another fire department that is not open when you need them. In some areas it is a slow bleed, but as every Emergency Medical Technician knows, a thousand small cuts can still kill the patient.

Welcome Mr. President, but Laverne and Shirley Don't Work Here Anymore

For many Americans, Laverne and Shirley remain the enduring icons of the city of Milwaukee. Barack Obama was a teenager when the sitcom about two independent young women working in a beer factory was a popular hit in the late 1970s. But the sad truth about Milwaukee is that Lavern and Shirley don't work here any more.

Banking on a Lighter Note

The accolades for Elizabeth Warren keep rolling in on the petition. If you have not had a chance to sign it or leave a comment, click here. While you are at it, check out the amusing video produced by the Main Street Brigade to promote her candidacy for the head of the Consumer Financial Protection Bureau.

The Washington Post reports that Warren has been spotted meeting with bankers. No, I don't believe she has gone to the dark side, however I do believe that this indicates the administration is serious about her nomination and has asked her to build some bridges.

Wouldn't you like to be a fly on the wall when she meets with Goldman Sachs CEO Lloyd Blankfein: "so Lloyd, are you still selling securities that are designed to fail?" Or with Wells Fargo CEO John Stumpf: "have you stopped juggling customer late fees to maximize the pain for consumers?" These are just some of the big bank tricks featured in our last column.

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