October 19

That piece sent out by David Kotok, The Foreclosure Mess, was stolen from Gonzalo Lira:
The Second Leg Down of America's Death Spiral.
includes the colorful language that Kotok stripped out, including the start:

I swear to God Almighty: Mortgage Backed Securities are America’s Herpes—the gift that keeps on oozing.

one can see why Kotok edited the original, given comments like this:

People still haven’t figured out what this all means—but I’ll tell you: If enough mortgage-paying homeowners realize that they may be able to get out of their mortgage loan and keep their house, scott-free? Shit, that’s basically a license to halt payments right the fuck now. That’s basically a license to tell the banks to fuck off.

What are the banks gonna do—try to foreclose and then evict you? Show me the paper, motherfucker, will be all you need to say.

but why Kotok would not only not publish it without proper attribution, but why he'd originally plagiarize it, and then try to cover his tracks, that's another story; not cool!

for a cooler head on the whole mortgage situation, read:
A little bit of sanity, please. Paul Jackson, HousingWire.

QE2 won't save our sinking ship. Randall Wray.

Deleveraging, deceleration and the double dip. Steve Keen.

the stabilization in employment has occurred because the rate of deleveraging has slowed... But the rate of change of debt is still negative: it’s just risen from a low of -6% to -2%. For the deceleration effect to continue... the level of debt relative to GDP would need to rise. This is highly unlikely... So the deceleration in deleveraging should give way again at some point, and then the NBER may be forced to begin dating the next recession—which is still a continuation of the current Depression.

FDIC folds to banks, again. Bruce Krasting.

The NY Fed explains how the government spends first and issues bonds later. Pragmatic Capitalism.