Bank of America's Spin Cycle and Politics

It was announced today with great fanfare in the mainstream media that Bank of America, the "largest" bank in the United States, has called a halt to its ongoing foreclosures.

However, there appears to be many, many caveats to this story.

First, the foreclosures are simply going to be halted in order to "review" those that are now in the process in simply the 23 states where judicial review of foreclosures is required. That eliminates any "saves" for those state where non-judicial foreclosures are afforded (illegally, but what the heck? If there is ANY equity in those homes, see the provisions on "life, liberty or property" in the Constitution for a clue on what the legal process should be, and for jury trials on deprivation of property if there is actually ANY equity, including offsets in all those upfront junk fees and costs).

Which maybe be good news to those homeowners in 23 states, but does nothing for those in many of the hardest hit.

Second, this review was publicized heavily right before the election, which makes such announcement suspect at best, and also was facilitated due to the fact that the housing market isn't improving under this Administration as with the last, and it has been claimed that one executive of this bank admitted that she had initiated over 8,000 foreclosures last month alone without even reading any of the documents.

Although, of course, most of those loans were Fannie Mae or Freddie Mac loans merely sold by Bank of America to homeowners with those usurous and banker friendly terms included.

Third, since most of that "paper" (contracts) was rebundled and resold over the global exchange due to another unconstitutional Act of Congress affording these banks to so do in order to "stimulate" the global economy at the Americans expense once again ultimately, for many after that bailout there is actually no underlying debt to many of those mortgages, at least to the banks anyway.

And I have always wondered as a Constitution believing American, how those banks could resell those mortgages to even other banks to begin with without one of the parties to that contracts consent. That flies in the face of the common law of contracts as intended in this country from the outset.

And those mere "disclosure" provisions simply have become nothing more than a license to steal, or renegotiate those contracts by those banking entities almost at will even before the ink is dried on those closing documents.

Those global investors MAYBE may be still out some cash, but I doubt that since many foreign entities and foreign banks were also included in that bailout too, of course, then billed to OUR deficit.

Many of whom, of course, were savvy investors to begin with and some even looking for tax write-offs on their massive wealth. I mean how many average Joes in this country can invest in banking and financial stocks, even at their lower market values now?

Corporations and union pension plans, maybe, but not your Average American.

This "announcement" most of all seems like closing the barn door after the horse has escaped.

Of course, the realtors also got into the act, with an agent from San Diego posturing about how this move just might make those "lining up" to buy these cheap properties take a step back.

I mean, the original owner just might have been ousted illegally, and just think of all those lawyers that would then be needed to sort this all out in such an event as the original owner still having a legal claim to the property he maybe has lived in for ten, twenty or even almost thirty years (since these "creative" adjustable rate mortgages have been in existence since at least the early 1980's, and there have been two other recessions since then meaning many also just might still have seconds also on them in order to pay their assundry increasing costs of ownership and debts from those years).

What timing! What publicity! What a political maneuver!

I went into the mall in a community in the West that has kiosks set up by several real estate agencies hawking those foreclosed properties to the public. In over an hour and a half observing while I was visiting a social service agency that has taken up residency in that same mall after the retailer folded, I saw only one person even stop at the kiosk.

Too many have been burned this time, and this is the third market manipulation in the housing industry (or fourth, I've lost count) in my lifetime. Don't you think that those that have been burned, and are standing now in the social services offices have warned their posterity that "if it looks too good to be true, it most likely is."

Or instructed them to simply run the other way?

I mean all those new carbon and health care "taxes" are also coming up, so just how can you budget for those expenses, and still afford all those closing costs?

Not to mention, the next cyclical meltdown in less than 15 years, if history serves. And those 50+ page loan docs now even dictating "useage" and also repair standards and such, not to mention having to send at least your first born out to work should you miss simply one of those payments, if you have any equity in those properties. The hatchet will fall that much quicker for the bottom line profits of those banks.

So don't even think of taking out one of those 15 year "fixed" notes, either.

Nothing is fixed, except the roulette wheel in the 21st century housing market.