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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Executive Summary – Bank America saying there was no abuse or fraud in their foreclosures is pushing ahead with foreclosures in the judicial states (23 of them). In the other 27 non-judicial states they will refrain from foreclosing for now. This was a fast moratorium. Remember the banks get bailed out on the deficiencies on a foreclosed home. This means there are government incentives to foreclose houses to keep their books balanced (somewhat anyway) and avoid FDIC shutting them down. We cannot say with certainty how this will affect the other banks. We believe the drop in bank stock prices pushed them to do this. Banks carry their own stock on the books as an assets. Treasury stock. As the price of the shares drops the banks books get out of balance and this can push them to FDIC shutdown. The B of A lawyers probably figured it was better to face the risk of continued foreclosures versus plunging stocks causing deeper and more immediate problems for them. They then opted to only continue foreclosures in the states where there was a judge signing off on the foreclosures. This would mitigate their risk and culpability since there was judicial oversight.
Discussion – This may be going against what Obama wants. If this is the case Obama will get even with the banks, he seems to be vindictive. If the banks struck a deal with Obama then Santa maybe will be coming down the chimney with a lot of foreclosure notices. We say maybe because the 50 state atty generals are conducting their own investigations. All of the banks in the USA are licensed by states, not the fed so the banks have to be careful when it comes to atty generals who can affect their licenses. This foreclosure scandal is far from over. What we believe happened is the banks were seriously scared of the dropping stock prices throwing their books into disarray and they decided this was the greatest immediate risk and took action to avert such a disaster. They were basically saying if we do this we will be around to play again another day and who knows maybe we can slime our way out of this somehow. Not only can this action cause the wrath of Obama to fall on them bu the atty generals may wish to make an example out of B of A as well. So we watch and wait to see what happens.
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