Thursday
Jan272011
Video: Foreclosure crisis far from over - Nomi Prins
Video - Nomi Prins on Washington's disconnect
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Foreclosing on america...
During President Obama's State of the Union speech, he took a jab at big oil, but stayed away another big recipient of government breaks, Wall Street. While the bailed out banks hand out billion of dollars in executive bonuses, Americans wallow in joblessness. RT's Ramon Galindo shows us that the foreclosing of America keeps getting worse.
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Jan 27, 2011 at 10:47 PM
Reader Comments (3)
It is not for the "now" that they bonuses are being payed. It is for what they have been able to get away with for the future that such huge awards are being made.
So here how it will go for the near future.
Foreclosures.
If a bank forecloses on a property illegally (or not). You will not be able to prove illegality because the mortgage and the evidence will have already be bought and sold ten times or more through more credit default swaps etc.
(By the usual suspects.)
The banks and co. have more money and lawyers than you do. So if you decide to fight an illegal foreclosure be ready for a long drawn out battle that only the banks can win.
Ownership.
Not long ago, a family would own the mortgage on a property. The bank would own the property till the mortgage was paid off.
With all these foreclosures the banks (who are now "healthy" thanks to Washington and courtesy of the taxpayers) will actually own the properties outright and charge the original mortgage holders (in the courts) for the right to foreclose on their property.
The banks will buy and sell the foreclosed properties from each other for cents on the dollar to hide the details in the paperwork as they already did with the credit swaps and crappy sub prime mortgages that started all this.
Inflation.
The Federal reserve and the banks are planning and actually letting the inflation genie out of the bottle.
But first they need to own everything before they start telling you that there is "runaway inflation" and "There is nothing they can do about it". Most probably they will blame it on you anyway.
Inflation will in few years drive up house prices (at least on paper) and after all it is the banks who are now the new owners of the paper.
BIG borrowers are the only winners during periods of high inflation, so it is only the lenders and the government that win.
Then eventually.
You will be able to buy back your house from the bank.
And this is the funny part.
You will buy your house from a bank at a new higher price than you lost it (of course).
In order to do so you will have to get a mortgage from a bank. So in effect you will be paying at least twice. For your own house.
Then the banks will walk away clean (for now). They will pay off lawmakers to sweep most of the foreclosure stink under the carpet.
This will not stop the stink but, only hide it for a while.
Now that! Is what the big bonuses on Wall street are for.
You are so "Right On" ! What the people dont understand is that the next move by the goverment is to raise out taxs on our homes so high that we cant pay them. Then they own our home free & clear. In about 4-5 years this is planed to hit.
Thats why Food, Gas, everything we buy is starting to go up now. We should have our cabin just payed off by then and owe on nothing. We may be OK but were not thAre yeat. Anything can happen in 4 years.
4 years ago, it was just starting to show up. Look how far we have come since then........? But not to worry. That is why the goverment has all them-thAre FEMA Camps ready & waiting.
Just think if the people knew whats comming...? They would be in the streets like the other side of the world is right now. The bad part is that most of the people are Armed to the Teeth. When the goverment takes away everything, people have nothing to lose.
It will be a lot worse'er here than over there. Tex !