Repeal of Glass-Steagall: Not a cause, but a multiplier

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Repeal of Glass-Steagall: Not a cause, but a multiplier

Repeal of Glass-Steagall: Not a cause, but a multiplier

Glass-Steagall 1933-1999 (In February 1999, Lehman Brothers was the first company to include MERS registered loans in a MBS.)

Special events that occurred in 1999 with the mortgage industry.


Barry Ritholtz – WaPO

When the Titanic set sail from Southampton on April 10, 1912, bound for New York, it was called “unsinkable.” This was before that chance encounter in the North Atlantic with a large iceberg. You know how that movie ended.

Many people died, of course, because there were too few lifeboats. But even if the luxury liner had four times as many, the Titanic still would have ended up on the bottom of the ocean, done in by a captain more concerned with speed than safety — and that iceberg.

This simple reality, however, obscures a broader truth.

Before it sank, more than 700 passengers loaded onto the 20 lifeboats on board and escaped with their lives. More than 1,500 others died. The Titanic had the capacity for 64 lifeboats, which could each hold 65 people. Fully loaded, they could have carried more than 4,000 to safety — or every man, woman and child aboard. Thus, many more could have survived.

[WASHINGTON POST]

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2 Responses to “Repeal of Glass-Steagall: Not a cause, but a multiplier”

  1. Lynne kushnir says:

    I don’t feel it is a matter of Glass Steagall repeal but to realize the Bally Hoo is the ‘Gold’ in the titles of those mortgage backed securuties that are now functioning as bonds. If more Attorneys ‘for the People’ would recognize this and stop trying to adjudicate a case without proper servicing records the Bankers would have been stopped by now, we have given them free reign.
    The inability of our legal system to help homeowners is the crime. Money from the mortgage settlement should have gone to pay Lawyers the same sum the Banks Lawyers are getting, and Mrs Ochs would not have lost her home in the Cape. This is criminal. The Banks are so far ahead of Glass-Steagall. Forget Glass Steagal, it will not get people back into their homes or stop this crisis.

  2. Charles Reed says:

    The creator of MERS was Fannie, Freddie, Ginnie, the big banks and investment firms who are the current shareholders of the MERS. Now first how MERS can act as some sole beneficial for any of these corporation is full of a conflict of interest in the first place.

    The tip of this fraud is in Ginnie Mae hiding behind MERS in the foreclosure of each and every United States servicemember active & veteran that loan has been place into Ginnie Mae’s mortgage backed securities program as up to 95% of all VA loans are in the Ginnie Mae system.

    These CEO & CFO are suppose to have signed these financials of these corporation with the penalty of jail but we have this joke of a system where Atty Gen Holder is to close to MERS and the Walls Street he has defended. Hard to prosecute a company you been defending, as you must put yourself on trial.

    Follow the MONEY! Why did Ginnie Mae make $4 billion dollars while Fannie & Freddie lost $150 billion over the same period of time, so why? It because Ginnie Mae is involve in a conspiracy in stealing the Troops homes as the GAO report tells the story of no modifications because even offered to 15,000 Troops.

    The fact is that industry got to slick for their own good and wipe clear debt that was attached to the Notes, and now there is not any debt because of the passing of black endorsed Notes to a non-lender in Ginnie Mae who did not and cannot purchase a single home mortgage loan!

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