Foreclosuregate: de bons liens pour approfondir la crise et ses conséquences

Le Foreclosuregate prend des proportions incroyables outre Atlantique, forçant le président Obama a opposer son veto sur une législation (code HR3808) votée en catimini par la chambre puis le sénat visant à légaliser les actes notariés du MERS sur tout le territoire, ce qui aurait constitué un début de "bailout furtif".

En complément de mes précédents articles, un tour des meilleurs articles de la presse anglophone (la presse française est sur ce coup indigente)

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En Français
Challenges: "la polémique enfle" - superficiel, "totally misses the point" - représentatif de la presse française.
Une vingtaines d'articles du même tonneau: "les banques américaines suspendent leurs saisies à cause d'irrégularités". Circulez, y a rien à voir. Même BFM n'a pas saisi l'importance de l'affaire.
Rappel : Objectif Eco, la seule véritable synthèse française du Foreclosuregate.
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En Anglais
Beaucoup d'articles informatifs ou analytiques de grande qualité par des chroniqueurs de talent.
Breaking news: Bank Of America suspend ses procédures sur tout le territoire
Quand le procureur de Pennsylvanie invite les familles expulsées à se porter partie civile
New york times: le Foreclosuregate commence à retarder des ventes immobilières
Et une class action co contre MERS et un gros foreclosure mill de Floride, une...
Le retard dans les liquidations va transférer la peine financière des détenteurs de bons junior vers les détenteurs de bons sénior et autres considérations de technique financière, par le Wall Street Journal.
Market watch: la guerre entre familles et banques ne fait que commencer
Barry Ritholtz : la crise des faillites révèle une grave crise structurelle du droit
Le Washington Post: "c'est potentiellement beaucoup plus grave qu'une simple affaire de papiers falsifiés"
Mish Shedlock: considérations variées sur le scandale (excellente synthèse) - La SEC a totalement failli dans le rôle de régulateur que le législateur lui avait pourtant assigné - Et notemment ce passage:

Free Market Failure? Hardly!
Someone is sure to blame this mess on the "free market". Nothing could possibly be further from the truth. The Fed's loose monetary policies were the great enabler in this scheme. The mere existence of the Fed, Fannie Mae, Freddie Mac, and the FHA run counter to free market philosophies.
Note too, that the big three rating agencies (Moodys, Fitch, S&P) were sponsored by the SEC. Please see Time To Break Up The Credit Rating Cartel for details.
Regulators in Bed with Industries they are Supposed to Regulate
Finally, and as I have pointed out on many occasions, the one legitimate function of government is to protect civil rights and property rights, with everyone treated equally under the law. Regulation designed to prevent fraud, does just that.
However, and as is typically the case, regulators get into bed with those they are supposed to regulate.
How does this happen? Look no further than the appointment process itself. How many key players in the Bush and Obama administrations have ties to Goldman Sachs and JPMorgan? How many have other ties to Wall Street and other large banks?

Le sénateur Grayson évoque un "risque systémique" et demande la saisine de la commission ad hoc créée par la loi Dodd-Franck
Felix Salmon, Reuters: Un chaos législatif et financier inimaginable

"All of this is going to be very costly and very unpleasant for all concerned; the only winners I see here are the lawyers. Add in possible securities-fraud charges against investment banks which underwrote a lot of these bonds, and the end result is a level of legal chaos I can barely imagine, in both the civil and criminal courts. And I see no easy way out at all"

Gretchen Morgenson : Les agences de notation ont DELIBEREMENT ignoré dès 2006 des avertissements étayés sur le caractère foireux des prêts alimentant les MBS - Article paru le 27 septembre, Je l'avais raté, celui là...

D. Keith Johnson, a former president of Clayton Holdings, a company that analyzed mortgage pools for the Wall Street firms that sold them, told the commission on Thursday that almost half the mortgages Clayton sampled from the beginning of 2006 through June 2007 failed to meet crucial quality benchmarks that banks had promised to investors.Yet, Wall Street was placing many of the troubled loans into bundles known as mortgage securities.

Mr. Johnson said he took this data to officials at Standard & Poor’s, Fitch Ratings and to the executive team at Moody’s Investors Service.

“We went to the ratings agencies and said, ‘Wouldn’t this information be great for you to have as you assign tranche levels of risk?’ ” Mr. Johnson testified last week. But none of the agencies took him up on his offer, he said, indicating that it was against their business interests to be too critical of Wall Street.

Felix Salmon:Goldman, Citigroup, Deutsche Bank, UBS, Merrill Lynch, Bear Stearns et Morgan Stanley pourraient être poursuivis pour informations mensongères sur la qualité des prêts alimentant leurs RMBS...
Interview de Janet Tavakoli :"La plus grande fraude de l'histoire des marchés financiers" - extrait remarquable:

Wapo: Given that our financial system is still fragile, isn’t that a disaster for the economy? Will credit freeze again?

Tavakoli : I disagree. In order to make the financial system healthy, we need to recognize the extent of our losses and begin facing the fraud. Then the market will be trustworthy again and people will start to participate.

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Bonne(s) lecture(s) !
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