On Sat, Apr 21, 2012 at 7:21 AM, April Charney <april.charney> wrote:
And don’t for a minute think that your investment/pension fund or that of any judge is any different or has any immunity or resistance to this economic wasting disease. We all share this disease, rich and poor and it is destabilizing all of our economic, social, judicial and political systems and all that we hold dear. Now, what are we going to do about it?
Palm Beach County, Florida’s Reliance on Mortgage Investments Corrupts Foreclosure Process
April 21st, 2012 | Author: Matthew D. Weidner, Esq.
As most of you know, Lisa Epstein is running for Palm Beach County Clerk of Court. Let me share with you a staggering fact that she found buried deep in public reports
My own county, Palm Beach, Florida has a 1.45 billion dollar investment fund (as of end of FY ’10-’11 on Sept 30, 2011). Of that, 45.5% is invested in Fannie and securities and 15.1% is in Freddie securities. That’s 55.6% of our county’s entire investment portfolio. See page 92 & 93 here (my county’s financial reports)
I encourage everyone to think about the implications of the trustee of the government’s purse being wrapped up so tightly with what’s happening in foreclosure courtrooms. (And think about this for your own counties.)
We all know that our public records and our courtrooms are cesspools of fraud, forgery, lies and deceit. The “leaders” have long been hell bent on grinding through foreclosures like they were sending wood into a woodchipper. Due process and the facts be dammed, “GET OUT OF THAT HOUSE AND GET OUT OF MY COURTROOM!” We hear repeatedly that “we have a duty to taxpayers”, but that misses the critical point…..the duty is to THE LAW. Not the fund managers. Now I’m certain some judges and players think that ignoring facts and law and throwing foreclosures into the woodchipper is the quickest way to grind through the crisis, but this philosophy ignores the long term (catastrophic consequences). The wood they’re throwing into the wood chipper results in unmarketable title. Consider Michael Olenick’s analysis that found more than 10,000 foreclosure final judgments that have not resulted in sales. What’s the hold up? Part of the hold up is trying to glue back together all the pieces after they’ve come shooting out of the wood chipper.
The losses at the GSEs that are already realized (but concealed of course from the dopes that read financial statements) are exponentially understated. Extrapolate those institutional losses down to the county’s portfolio and I say slash the alleged value of the investment by a massive percentage. And when you slash that holding, you slash important things like police and fireman salaries and health care and other vital services.
Bernie Madoff was a kid playing with glue and scissors in his parent’s basement compared to what’s occurring here. Then compare all of this reporting to, (as just one example) the absurd reporting from Florida’s Retirement Fund that I’ve written about frequently. (See Here) It’s all just fantasy and delusion. Dangerous fantasy and delusion.
Have a look at the report….this kind of analysis is why Lisa is far better qualified to serve in a position of public trust……
Concentration of credit risk is the risk of loss attributed to the magnitude of an investment in a
Federal National Mortgage Association (Fannie Mae) $ 601,821,169 41.5%
Small Business Administration 237,942,298 16.4%
Federal Home Loan Mortgage Company (Freddie Mac) 219,667,909 15.1%
Government National Mortgage Association (Ginnie Mae) 173,558,490 11.9%
Invesco AIM Institutional Money Market Fund 77,241,447 5.3%
Federal Home Loan Bank 45,781,641 3.1%
General Electric 37,572,760 2.6%
PALM BEACH FISCAL REPORT