Monday, March 15, 2010

Click here to find out more! Your request is being processed... Michael Lewis: Wall Street Collapse A Story Of 'Mass Delusion' (VIDEO)

Do you understand why wall street is in the current shape? Do you understand that only a handful of people understand what has happened and those are the people that have heavily profited?

It may be tempting to think Wall Street is full of criminals who got off easy during the financial crisis.

But author and former bond trader Michael Lewis cautions against such an easy conclusion.

“I think the story is much more interesting than that,” he said during an interview on CBS’s 60 Minutes. “I think it’s a story of mass delusion.”

The bestselling author is releasing a book this week called The Big Short: Inside the Doomsday Machine. According to CBS, the result of his 18-month investigation attempts to explain, “how some of Wall Street’s finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets.”

Lewis told the network, “The incentives for people on Wall Street got so screwed up, that the people who worked there became blinded to their own long term interests. And because the short term interests were so overpowering. And so they behaved in ways that were antithetical to their own long term interests.”

Watch the two part video at :

http://www.huffingtonpost.com/2010/03/14/michael-lewis-wall-street_n_498690.html

Friday, March 12, 2010

MAJOR WIN FOR HOMEOWNERS IN NJ SUPREME COURT

As a lot of you have come to realize LOAN
MODIFICATIONS have not solved anyone's problems but to put more money into the bank's pockets and have the homeowner eventually wind up back where they were before the loan mod, but this time with the bank arguing that although they tried to help the homeowner the homeowner fell behind again, therefore they need to finish the foreclosure. The bank also argues that if they were any discrepancies or infractions on the original loan, well by the homeowner agreeing to a LOAN MODIFICATION the original loan is null and void and the terms on the loan modifications are in effect. They also argue that the homeowner basically signed away their rights to the original loan and are bound by the loan mod terms. However the bank still maintains theirs and will seek to foreclose on the homeowner. Well, the judges are beginning to see what we have been saying all along. BE AWARE if fraud was committed in the original loan ti does not make it go away because the bank gave the homeowner a loan modification and it puts the homeowner in a position to seek legal and financial compensation from the bank. GOD BLESS
Here is the detail info:
SUPERIOR COURT OF NEW JERSEY
APPELLATE DIVISION
DOCKET NO. A-2634-08T2
I can also email anyone that is interested the above full 19 page court ruling for their review. Just email me at nikonj27@gmail.com or call me @ 732-312-5555