Thursday, October 14, 2010

The Second Leg Down of America’s Death Spiral

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

Last Friday, Bank of America announced that it was suspending all foreclosure proceedings, presumably until further notice. Other banks have already suspended foreclosures in a whole truckload of states. A nationwide moratorium on foreclosures might soon happen – which would be a big deal: Global Financial Crisis, Part II – Longer, Wider and Uncut.

But the mainstream media – surprise-surprise – has downplayed the whole shebang. They’re throwing terms out there into the ether, but devoid of context or explanation: “Robo-signings,” “foreclosure mills,” forged signatures, “double booking,” MERS – it’s confusing as all get-out.

So the mainstream media just mentions it casually – “and in other news tonight . . .” – like it’s no big deal: A couple-three lines, lots of complicated, unfamiliar terms, an attitude like it’s a brouhaha over paperwork of all things! – and then zappo-presto-change-o!: They’re showing video footage of a cute koala nursing in the arms of a San Diego zookeeper.
But even the koalas know that something awful is heading America’s way. Smart little critters, they’re heading for the treetops, to get away from this mess.

So what the hell is going on with the God forsaken mortgage mess in the United States?
It’s got a lot of bells and whistles, but it’s basically quite simple: It’s all about the fucking Mortgage Backed Securities (MBS). Again.
So this is what happened, more or less – the short version:

In the crazed frenzy to get as many mortgages securitized during the Oughts, banks took shortcuts with the paperwork necessary for the Mortgage Backed Securities. The reason was because everyone in the chain of this securitization mania got a little piece of the action – a little slice of the MBS pie in the shape of commissions.
More Here..


  1. In the New York Times it was recently written that the foreclosures are giving the title insurance companies a lotta grief.

    This is very troubling for the politicians. The taxpayers are milked dry and the legislators don't know which corp. to breastfeed - the banks or the title insurance companies.

  2. Legality is for those who need assurance of their
    illegal schemes and systems,"It must work,"Because i have the law on my side while i legally rob everyone of their hard earned money"

    This is called "PSYCHOLOGY Acquainted with Perception".

  3. This is easy!Homeowners need to sue the Banks because the foreclosures were illegal. Sue for theft of property, fraud and pain and suffering. Use the settlement to buy another house. This will help rid the market of all the foreclosures and give people the chance to buy a home at the current market appraisal. Banks pay for breaking the law and the housing market improves. So there you go.....problem solved.

  4. One big news story in America is that the Earl family decided to take matters into their own hands (and the hands of their 9 children) and broke back into their foreclosed house.

    The claim shoddy and fraudulent paperwork by the banksters .
    And insufficient and proper protection by the law.
    Millions of Americans are likely to find themselves in the same condition soon .
    Debt Peons.
    While Banksters get free bailouts and no cost money at the Fed at the public expense
    Legalised robbery for the Rich !
    While ordinary people get turfed out on the St.
    Second class citizens?

    How does a Jubilee year get declared ?
    Do not wait for the Banksters.
    It gets declared when it is clear the fair rule of contract law is nonexistent .
    When the people simply declare .
    Let my people go!
    “we aint paying our fare
    and then sitting at the back of the bus no more, no more ”.
    problem solved!
    When the people simply implement a jubilee year free from debts festival themselves .
    The Earls are already doing so!
    What will American Banksters do?

  5. Of course the Earl family incident, may be a deliberately selected MSM created media event, a theatrical ploy in order to create the impression that the banksters are really nice hard done by guys with just bad paperwork but facing unreasonable demands from judges and lawyers ?
    With the Earls in this media event selected as easy persons to point the finger at to create public opinion in order to discredit all those genially fighting illegal foreclosures and ripp offs
    That the Earls are not victims , just welfare dependent types , irresponsibly trying to scam the system for a free house as a second bite of the cherry.
    Apparently it was not just a badly managed mortgage debt but a house that was used as an ATM with re-fi borrowing for massive cash extraction.

  6. The foreclosure freeze is just another ploy by the government to give people houses for nothing at the expense of the taxpayers. Think about it- they'll stop reporting this, not restart foreclosures, stop demanding payments, and the taxpayers are on the hook. Just more wealth redistribution.

  7. I read the entire article and couldn't stop laughing at how screwed up the system is and how no one wants to do anything about it. The bottom line has and always was that these mortgage companies and banks were defrauding everyone, from the poor sap signing the mortgage to the investors buying the sliced and diced securities. And it was always about the fees collected each time something changed hands. They could care less if what they were selling was crap--it didn't matter because they still got paid.

    The problem now is that so many people forged documents and lied in court that they're supposed to go to jail. But will they?

  8. No one will go to jail. The middle class will continue to get pissed on. Law suites require lots and lots of money, something most people don't have these days. The banksters and other thieving bastards know this and so they continue to crush us, knowing full well, the average American family can do nothing to stop them.

    For the life of me, I can't figure out why the elite sons of bitches and their buddies, want all of us living broke and starving in tent cities.

  9. Amen 6:21,When will humanity wake up to the illusion of their monetary "System"It stinks of
    "hypocrisy,"Fraud,"Monopoly"As in the board game,
    "Fiat""Confidence trickster,"falsifying the books,Or better known as "Creative Accountancy"
    Plagiarizing or printing money which does not officially exist,Better known as"Counterfeit."
    The "Elite"better known as "Subhuman beings",Are on the verge of being physically transported elsewhere.The solar system and galaxy demand an ascension of consciousness needed for universal life growth.


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