Sunday, April 3, 2011
Fraudclosure! Libyan War!
By Reginald Kaigler (DEMCAD)
Home values have fallen for six consecutive months, over 44 million Americans are on food stamps, the average weeks of unemployment is 37.1 and the fraudclosure crisis is only beginning. The situation is dire and there's a sense a desperation across the nation. Tens of thousands of fire fighter, cops, teachers and public employees are being laid off throughout the country.
Police departments are trying to bring in more revenue be requiring their officers to meet a quota for ticket issuing. They're trying to keep their jobs, but taxing the drivers more aggressively.
The housing market is in a depression. 60 Minutes' report on fraud crisis in the mortgage business is a must see. 60 Minutes profiled some of the tens of thousands of homeowners who waited days in long lines to attend a Neighborhood Assistance Corporation of America conference in hopes of saving their homes. Many of these homeowners have lost their jobs, or have a spouse have has lost his or hers job. The NACA helps many of them get their mortgage adjusted, but over half are unable to keep their homes.
But here's the scariest part, not only are millions of Americans losing their homes, but the industry that sells them is almost complete corrupt. Remember when the housing market was red hot and the banks were throwing money at almost anyone who was rushing to buy a house? Well, when the banks were constructing their derivatives (mortgage-backed securities), they were so desperate to move the mortgage process that they didn't even bother to properly record the paper work.
Instead of filing the paper work with the county governments, many of these banks used an electronic system that wasn't approved by any government. The banks then created mortgage-backed securities and gambled with the value. Many banks systematically used illegal methods of recording mortgage transfers and now some of these bailout banks are using bullying tactics to force people out of their homes. The shocking part is that the banks have been pretending that it had documents that it didn't have. one of these homeowners who is also a lawyer found out that her bank actually posted forged documents. Some of these banks have been creating fake documents to cover their asses.
Wells Fargo, Bank of America, Citi, US Bank, and Deutsche Bank all admitted that they farm out their mortgaging service to other companies. These companies are being accused of hiring LPS (Lending Processing Service) to run a forgery operation for the banks.
And this isn't an isolated incident. This is systematic fraud. Now, homeowners are challenging the banks to see if they have the documents to prove ownership. Last year, there were over 1 million foreclosures and we will see as many foreclosures this year. So you tell me if this is going to affect the economy.
Even the mainstream corporate media propaganda machine is breaking down. Americans beginning to question their leaderships. Support for the war in Libya is dropping. According to Gallop, only 47$ of American support military action in Libya. This is significantly less than the 79% who supported the Persian Gulf War and the 75% who initially supported the War in Iraq.
Americans Approve of Military Action Against Libya, 47% to 37%
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