Foreclosure Propaganda Continues

Last evening while browsing the internet, I came upon an article that was written addressing the foreclosure situation, and listed the top ten states with the highest foreclosure rates for February.

This article was written by a site know as "24/7 Wall Street" which took a few positions that seemed rather self-serving to Wall Street, to say the least.

It represented that "nine of the top 11 states with the highest foreclosures" were judicial foreclosures states, because of the amount of time it takes for the banks to foreclosure with the complexities involved.

Contrary to most of the reports in the mainstream media listing the states with the highest foreclosure rates thus far after this five year federal and state taking of American's properties, which lists Nevada, California, Arizona, Georgia, Utah and Florida as highest (the majority of which are non-judicial foreclosure states), 24/7 Wall Street's list was as follows:

Florida
New Jersey
Illinois
Nevada
New York

Why the discrepancy, and spins on judicial vs. non-judicial foreclosures?

I can only assume 24/7 Wall Street has an agenda, that is certain.

It is no surprise that Nevada is on both lists. The loss of jobs in the gaming industry, particularly, has resulted in many Americans living in that state to lose their homes when they were unable to keep making those payments.

Vegas is hurting, since in a bad economy few people have much money for entertainment or gaming. And the glitz of Vegas is somewhat off putting to many Americans to begin with.

Florida either.

Since many of the retirees have seen their Social Security payments cut or those cost of living increases delayed. And with many also in the tourism industry, another hard hit during this recession, high foreclosures would only stand to reason.

But it is rather doubtful that the new figures have anything to do with judicial foreclosures states having higher rates.

Simply that those states are now catching up due to the still joblessness of many Americans, high cost of housing there, and fact that since there is a longer foreclosure process and time between serving notice and the banks taking of the home, five years later those states would be catching up to the non-judicial foreclosure states, such as Arizona, Nevada, California and Georgia, that for the past five years have led the lists.

At least with a judicial foreclosure, an American homeowner would have the fundamental right to request a jury determination under our Constitution, if he has any investment or equity in that home whatsoever.

And place his case before his fellow Americans.

Not so in those unconstitutional non-judicial foreclosure states.

And guess who will be the largest beneficiary of the recent settlement Mr. Obama announced over the mortgage mess and foreclosure abuse which has transpired the past five years?

The states.

That's right.

It was the states that actually "settled" with those banks - of course, after being fully aware, I'm sure, of the illegal lending practices which were going on in their states for literally decades.

Of course, mortgages backed or underwritten by Fannie Mae and Freddie Mac are not included in this "settlement."

The feds have indemnified themselves it appears, since Fannie Mae and Freddie Mac were, after all, created by Congress.

What corruption.

And definitely appears the American people aren't buying.

Either this latest settlement, and that piddly $2,000 the states also negotiated for their now homeless citizens.

The market isn't rallying in any fundamental way.

Unless those states plan to sell those homes to all the foreigners and immigrants they continue to request under those state resolutions to take also those "jobs Americans don't want."

You know, all those Canadians buying winter homes in the Sunbelt states at bargain basement prices, or East Indians, Mexicans or South Americans under those free trade agreements and visa waivers...

Adding Insult to Injury: Obama Settles With The Bankers

As one who was affected by the mortgage banking crisis (and other unconstitutional property "laws") in my home state of Arizona way back in 2006, I was amazed to hear this afternoon that Barack Obama held a rather large news conference in order to announce that the federal government has come to a "settlement" with many of the major banking concerns (primarily located in the West) whose practices led to the loss of untold thousands of American's homes these last five to six years.

First of all, I'm scratching my head wondering just where in the Constitution it affords a president to act as a lawyer on behalf of the American people in this "class action?" It does seem rather odd to me, and don't remember a time in our history when a President has exercised such "authority."

Prosecuting and putting some of those individuals sitting on those Boards of Directors or CEOs and CFOs in jail for a very long while on charges of fraudulent lending practices, or other clearly criminal charges, yes.

But engineering a settlement outside Congressional authority even?

Just where is that duty of office in our Constitution?

It was bad enough when during the honeymoon phase of Mr. Obama's presidency he appointed the former CEO of Countrywide in charge of negotiating refinances for homeowners who were still in danger of losing their homes back in 2009.

Part of the terms of this deal is the payment of a few billion in fines, which apparently is going to be earmarked to offer to homeowners who were foreclosed on "inappropriately" $2,000 as repayment for the loss of their home.

More money also will be set aside for refinancing.

Of course, if the terms of those loans remain the same as the ones which led to this travesty I just wonder how this is going to help most of those homeowners who are still receiving those foreclosure notices.

If non-judicial foreclosures remain the rule of law in many states throughout the nation, just what power does the average homeowner in default due to the continuing joblessness and piss poor economy have against the banking industry still, and their lawyers?

Let me get this straight.

The Federal Reserve who owns all of these banks (created by Congress) poured billions of dollars into these banks during the bank bailouts in 2008-9, which was to be used to ease up credit (which never really happened, but simply afforded the big box banks to buy out the smaller banks) - and now Obama has orchestrated the return of SOME of those monies in order to pay to fund more refinances, and payment of $2,000 to those for which it is "too late" and lost their homes this past five years.

Don't get me wrong. Mr. Romney's "solution" of letting the foreclosures hit bottom so that investors or corporate limited partnerships can scam some of those hot properties for rentals was far, far worse.

Talk about socialism and shifting the wealth around to the politically fortunate.

But I guess it played well for those in the Beltway in the room when he made this much publicized announcement.

But seems to me the current market conditions and all those still empty homes across America are demonstrating a vote of "no confidence" on Main Street.

Barack Obama's 60 Minutes Interview: Politics As Usual

Although I rarely watch television, due to my present circumstances I was unfortunately exposed to the recent 60 Minutes interview with Barack Obama on national television last evening...

As a boomer, I keep wondering why a President of this country now has the time to conduct such interviews.

Although 60 Minutes has been around for a long time, I don't remember former presidents using the network as a forum in order to promote their agendas, or defend their political positions other than seizing the airwaves for one of those addresses that seem to also be getting more and more frequent.

During this interview, Mr. Obama had the audacity to claim that the problems in the banking industry that have been facilitated by BOTH political parties' unholy alliances with Wall Street, which now has a global focus rather than a national one, prior to the "financial reform" undertaken by Congress was not in any way "illegal," and postured, in a roundabout way, that if it were not for all the steps this Administration has undertaken in order to get financial reform addressed by Congress, these loan shark rates and terms would still be continuing...

Say what?

As one who was progressively stripped of her home and any and all property rights she had over her titled property, I found this excuse to be absolutely untrue and also one of the most arrogant statements made by a president ever.

Banks in the West, especially, were marketing loans which were not even based on the U.S. prime or currency, but on British LIBOR rates, a currency which is one and a half times that of America's piss poor dollar at this point.

Those loans are still being marketed throughout the country, and also to our kids for those outrageous student loans, last time I checked. In fact, this Administration has continued to promote refinancing and also re-education in order to get more and more Americans into those bogus loans, it appears...

And to state that the banks in this country, without such legislation and steps taken by this Administration, were not operating in a fraudulent and illegal manner is just too incredible to believe.

After all, we were created as a sovereign nation, and marketing financial products throughout the country which were not even based on our currency is and was not only illegal, but actually treasonous - and do not see anywhere in our Constitution that provides that our federal government was and is to coin and print money, and "value" it, with a created U.S. Treasury that was charged to so do, how this could be.

Unless it is a "global" free market that is the focus of this Administration, and this Congress, rather than a domestic one, regulating foreign ownership of America's key industries, and also its economy to protect America and Americans is supposed to be our federal government's focus. Not facilitating and encouraging a massive global takeover of our banking industries, and Americans homes and land, which appears to be the case more and more.

These "addresses" conducted on mainstream television are getting better and better with each one progressively...

And Mr. Obama has held himself out to be a Constitutional lawyer?

Just what IS going on at Harvard, I ask? And who is in charge of its law curriculum?

Are foreigners buying out our colleges and schools of higher learning even, at this point?

The Obama Solution: Lenders As Landlords

This past week there was a news report released by the mainstream media that Barack Obama has arrived at a solution to "solve" the mortgage crisis and foreclosure mess, especially in the hardest hit states of Arizona and Florida, by turning Freddie Mac and Fannie Mae, the mortgagee on a great many of those properties, into landlords.

It was also reported that input into this proposal by the public would be accepted until September.

Instead of actually addressing the true problems and just why the housing market isn't rebounding with the public expressing their free market dissatisfaction with the manner in which most of those properties are sold, with overly restrictive terms and conditions on those loans, and at usurous rates at that, the Obama Administration's agenda appears to be to corner the market on private land and home ownership in this country.

Or shift those properties over to all those investment groups so that all land is eventually "corporately" owned, and "managed".




The greed of the banks and the foreclosure industry at this point is truly incredible.

And make no mistake about it, in both Arizona and Florida the foreclosure industry is very big business, and both states have a very long and illustrous history of land and real estate fraud.

Just imagine all those LLCs and limited partnerships of doctors, lawyers and other high income individuals who will eventually purchase those bargain basement mortgages on entire developments if this "suggestion" becomes law.

Gone will be all private land ownership in this country eventually, as has been the agenda it appears with the progressive agendas of placing management companies and lawyers in charge already of large developments under those covenants already sold with homes in which "homeowners associations" throughout the nation have become the norm. Where the freedom to even paint your home the color you wish, or make improvements now involves a "corporate" or "committee" decision of your neighbors, or the non-owner management companies.

I wonder, just why are Americans turned off at this point with purchasing a property only to find out they truly have no "ownership" rights to speak of in any manner whatsoever.

And just why was this "announcement" buried by most news readers and reporters, when it has such monumental impact with respect to its "legality?"

And all appearances to the contrary, the Democratic Party is clearly as "corporately" focused as Mr. Romney's definition of "people," only this time fundamental private property rights and ownership rights are the targets to this Administration.

Placing them now under banker's control as the "landlords."

So THIS is where all that stimulus money will eventually be spent? Purchasing all the land and homes of Americans also now affected by failed governmental policies who have lost their jobs, and will now be losing their homes to the banker landlords?

When many of those banks who offered those Freddie Mac and Fannie Mae loans are controlled by foreigners through their stock ownership?

Outrageous.


If you agree that this is outside the intent for private property ownership, with banks not as lenders but as landlords, contact the Federal Housing Financial Administration at FHFAinfo@FHFA.gov.

Washington's Shame, Shame on Bankers Far Too Little, Way Too Late

It was reported in the mainstream media that Washington has "chastized" the banking industry and its foreclosure practices during this recession, calling for an investigation of homeowners who were foreclosed upon in 2009-2010 and purportedly inflicting "heavy fines" on those banking institutions if found to have been using loosey goosey practices with respect to the ongoing foreclosures throughout the country.

With most of the homeowners affected by this recession and boom and bust cycle starting in 2005-06, it does seem this is, once again, far too little and way too late.

And, of course, there has been no investigation initiated in order to address those contracts and loan documents and their unlawful and illegal practices which even lead to what has transpired this past five years.

Some of those bogus loans are still being marketed by many of these institutions to new home buyers and also to the young for their educational costs - many based upon the British LIBOR lending rates and not the U.S. prime at all.

The politicians are hard at work, and it is clear that the 2012 elections are actually their main concern with this recent announcement.

More Foreclosures, More Economic Disasters To Come

After the earlier reports this week that Bank of America was delaying any more foreclosures on homes pending an investigation into the paperwork surrounding those planned in the "judicial foreclosure" states, it was announced by the AP yesterday that such is not the case and planned to execute on over 10,000 pending foreclosure actions.

Gee, with all that stimulus money which Bank of America received and then used to purchase all that Countrywide debt and paper, I just wonder how much equity those owners have invested in total which Bank of America will be getting, and it does appear that the federal "disclosure" law that simply requires mortgage banks and lenders to disclose the fact that the loan or contract you sign today just may change tomorrow if that note is purchased by another bank or entity is repaying all those lobbying costs those banks used on Capitol Hill the last few years in spades. Over and above all those "bailout" sums.

So what occurred here is that Congress extended credit to Bank of America so that they could then purchase Countrywide, at the taxpayers' expense, which then afforded them the right to foreclose on taxpayer properties which were "at risk," no matter how much equity those owners might have in those homes?

As one who had an original mortgage which was then sold to Countrywide at one point, who then attempted to charge me when I went to refinance for simply providing the payoff figure for the original note, I continue to find it hard to believe that ANY of these banks were "at risk" or bankrupt.

Especially after that revision of the bankruptcy code which also occurred due to banking lobbying efforts back in 2006 right before this tsunami began which in effect precluded then Americans who were facing bankruptcy from in effect writing off any of their credit card debts or home equity loans without going through the Chapter 13 "reorganization" procedures first (which takes a lawyer now to go through, the procedure is so complex) before filing under Chapter 7.

Almost all protections for debtors in bankruptcy procedures have now been removed, yet we continue to live in a credit based society where even paying off your credit card debt counts against you in the configuration of your credit score.

I mean post 9-11 what did President Bush advise the American people to do?

Go shop.

And what has Mr. Obama done also since taking office?

Advised the jobless and homeless American people to either get re-educated (taking out loans for that re-education), or refinance their homes (and pay even more ultimately for your property using those mortgage counselors with additional closing costs and "new" even more restrictive loans most likely than you originally had).

With Washington and the state legislatures continuing to scratch their heads and wonder why the housing market isn't improving?

Sub-prime loans were not the problem (and most of those loans in the areas most affected were not even sub-prime loans but loans based on the London Interbank Origination Rates, not even the U.S. prime), the terms of those 50 page loans and slight of hand which has occurred post the banking bailout defining mortgages as "paper debt" and not the contracts that they are, is what has increased the foreclosures and bulked up Wall Street once again at the cost of the American homeowners.

And contrary to the "economists" predictions, there are thousands of vacant and empty homes at this point, since this tsunami started in 2006 four years ago, so it isn't a dirth of "inventory" that is depressing the market.

It is the refusal of the American people to buy into a now very "risky" investment since I'm sure that what has occurred this past four years had not been lost on the upcoming homebuying public, and just who was "protected" and who lost their shirts...

And shelter.

The announcement that the 50 Attorneys General that are calling for an investigation into the foreclosure mess right before an election is just oh, so typical and oh, so political once again.

Now four years later? Sort of like closing the barn doors after the horse has escaped, and seems merely another job stimulus for the job security of the legal profession. I mean, who will you need to address such a case if not, once again, the foreclosure lawyers who have made a bundle this past four years and seems that the collection and foreclosure industry is another of those "favored special interests" that has benefited tremendously during this recession.

Depressed and vacant housing, thousands of Americans with black markets on their credit unable to get jobs due to the use of those reports by most of those national and global industries, and a low paid workforce due to all the outsourcing and insourcing which has escalated since the Reagan years.

With such a scenario, just how does Washington expect the economy to revive since it has bankrupted at this point a good segment of the American people, at least the middle class and boomer and World War II generation, at this point?

Social Security COLAs denied based on the fact that the COLA has not increased? Just where is the Department of Labor getting those figures, because the cost of living for those over 55 has definitely increased.

Many now have extended family members living with them. Their medical expenses have exploded due to lack of regulation over the mega health care providers, and for those assisting with college costs for the grandkids even, those costs have gone up.

Food prices have increased, and gas is still higher than it was before this recession began.

Instead, a $250 check is in the mail? Seems the new mentality in Washington has also been borrowed from corporate America.

Not benefits, but annual Washington configured rebates. Just where did they get that figure?

Meanwhile, the president and those running for re-election are running around the country contributing to the carbon emissions in order to bulk up those revenues eventually for the new carbon tax.

I've got news for the Washington, the bankers and economists.

The stock market is no barometer of the economic health of America.

The local unemployment offices, residential neighborhoods, and Main Street USA are.

And just where ARE all these candidates getting all that campaign money for all those ads on TV?

Let me guess. The bankers, or "government" contractors in rebates.

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.

Goldman Sachs Passion Play Misses The True Crime

While the entire even minimally politically aware citizenry of the United States is on overdrive due to the far-reaching events of this past week with respect to the war zone conditions that are more than apparent in the border states and particularly Arizona over the illegal immigration situation, with those on the East Coast per a Saturday Night Live News segment slamming the state, while being totally ignorant of what actually led to the actions taken by the state government to begin with, there has been more afoot on the Eastern Seaboard.

Such is the insulation in this country, and lack of a national identity at this point that those not directly affected by the porous southern borders and drug cartels doing business cross borders almost unimpeded for the past thirty years, have once again attempted to minimize the impact on those victims, rather than putting pressure on the federal government to actually do their jobs and get our southern borders secured FOR ALL.

This week, however, another drama is being played out in the media which also majorly impacted those living mostly in the West and Southwest and Sunbelt states (the states with the continuing foreclosures, which are increasing by the month) and that is the hearings being conducted over the Goldman Sachs securities fraud.

Little connection, however, or reporting has been forthcoming insofar as just who were the actual true victims in the Goldman Sachs fiasco.

And it was not primarily the investors of those CDOs which were pawned off on them by Goldman Sachs knowing full well that those collateralized loans were junk, and that one of their major clients was hedging their bets though derivatives in the process.

After all, Goldman Sachs is the Cadillac of investment houses and most of their clients are not neophytes but savy investors, or at least minimally aware of risk when making some of those investments.

I mean, these investors were playing the market, after all.

In fact, there are quite a number of Goldman Sachs investors who, I'm sure, invest for the tax writeoffs they receive for losses on some of those investments.

Although mere disclosures also of the risks for most of these investments is clearly inadequate for many, due to the legalese with which most prospectuses and other investment documents are written to begin with.

And selling your investors down the river for a favored investment client firm is not good business practice, nor is it legal in the sense the founders intended irrespective as to whether or not there are codified laws allowing mere disclosure as a protection for these huge Wall Street banking firms in order to mitigated their potential losses since Wall Street is pretty much left alone by the SEC and Congress more and more while the investment grades and risks are becoming greater and greater, for the average American individual investor, that is.

In fact, I would simply state that Goldman Sachs had a huge ethical problem, and conflict of interest actually, in order to win favor with one client at the cost of so many others and can not understand for the life of me just how that would not have been in violation of at least several SEC or United States Code provisions.

But the true victims actually are the American homeowners mostly in the West and Southwest who were sold most of those bad loans which Goldman Sachs has admitted full well knew were bad while they were unloading them.

People who were first time homebuyers, or who were forced into refinances in those states due to the rising costs of ownership during that very short boom cycle, many of whom also were owners of homes during a similar scenario involving Charles Keating in the 1980's - who was selling risky investments to elderly retirees in also the West and Southwest and who ended up losing their homes and everything they had when Lincoln Savings & Loan went bust.

Many of these risky and bad CDO's were also guaranteed by Freddie Mac and Fannie Mae.

We all know what happened then since it is and has been the American people who are also bailing out those two entities, all for Goldman Sachs' investors, since the homeowners whose loans were involved and their interests are far down the list and in which at this point for many actually have no underlying debt, as it were, since they were resold.

AND the American people were billed for cash advanced literally in the millions directly to Goldman Sachs (a part owner of our own Federal Reserve actually, according to several reports), so actually it appears Goldman Sachs was using Congress to write themselves their own checks, while billing then those costs to the American public at large on their investors behalf.

And yet it is and was the American homeowners who are still being threatened by these banks and lenders in bed with thsoe Wall Street wheeler dealers and Washington, and few have been able to refinance under more favorable terms since Congress has yet to address the actual terms of those bogus contracts to begin with.

In fact, most of Congress and Obama's attentions have been in attempting to hawk refinances instead to get more and more Americans, it appears, into some of those bogus loans in order to use to pay back some of these investors, apparently.

Or for those "new" jobs created in the mortgage industry of now "mortgage counselors" to settle those debts with those investors by renegotiating the terms of those loans as the middle man with those homeowners, weighing the cost/benefit against foreclosing on the property and reselling it as to which would get those investors and those banks affiliated with Freddie Mac and Fannie Mae more.

Many of those loans, of course, were sold through California lenders which were not even based on the U.S. currency, but on the British LIBOR rates.

In the banking industry, the connections between New York and Wall Street and California and those mortgage bankers is strong.

After this week's bust and play acting by the Senate with respect to any true financial sector/Wall Street reform, I'm wondering when those in Washington will get around to addressing the fallout to the true victims of this passion play.

The American people, and mostly those American homeowners in the West and Southwest which New York and its brash comedians maligned in a roundabout way once again last Saturday night.

Watch Washington give Goldman Sachs a lengthy tongue lashing, as what occurred today by selected Senators needing some face time with the media for the upcoming elections, and then purportedly levy a heavy fine.

While the true victims continue to lose their homes, jobs and even lives in the West and Southwest due to Washington's continued political maneuvering protecting the bankers and appeasing the foreigners while raping the citizenry.

The Mortgage/Foreclosure Rescue Is No Rescue

It appears that the much ballyhooed mortgage rescue for all those homeowners living in primarily the West and Southwest, and Michigan appears to have been no rescue at all.

Last month once again saw a record number of foreclosures in those states and there has been no significant rebound of the housing market throughout the nation. Of course, the boom and bust cycle has been blamed by the mainstream media in claims that most of those buyers either "borrowed too much" or bought too much home.

As one who lived for many years in a state that has seen these boom and bust cycles since the 1970's, Arizona, I can tell you there is much more to it than that.

What lead to this disaster simply has not been widely reported, nor has been addressed in any significant manner by either this, or the prior Administrations.

What hasn't been disclosed in the mainstream media is the fact that most of those states are "foreclosure friendly" states to begin with, and states with a high turnover rate due to the fact that they are retirement states for most of the Canadian and East Coast retirees.

And that most of those new loans and refinances weren't simply "creative" loans, or even "interest only" loans at all, but many were not even based on the U.S. prime interest rates, but on the London banking rates (the LIBOR, or London Interest Bearing Origination Rate).

At the current exchange rate, that means most of those loan adjustments will be based on a currency rate that is one and a half times that of the U.S. dollar at this point.

Which means that an adjusted rate of 3% based on the London market rates is another one and a half percent over one based on the U.S. prime.

With all the publicity and mass media promotion of the Fed's slashing interest rates during this economic tsunami, little has been said that if a home mortgage rate isn't even based on the U.S. prime, the Fed's slashing of interest rates isn't going to assist in any significant manner whatsoever those home buyers who were "sold" loans based on a foreign currency and interest rate.

Which begs the question, how in the world could U.S. charter banking institutions be selling mortgage loans in this country that are not even based on the U.S. currency to the American public?

One of the prime lenders of these loans was based in Michigan, and most of the others were based in California, although even the Michigan bank which is under investigation at this time, it was announced, heavily sold loans in the West and Southwest through its offices there. However, nothing has been published on the London bank rate loans some of these entities were selling to the unsuspecting public.

Interestingly enough also, those states that are affected have the highest number of Canadian retirees, or as with Michigan, border Canada. Which would mean perhaps that those banks were attempting to compete with the Canadian banks for a share of the Canadian market for homes purchased by Canadians in the United States but using "their" currency rates in order to so do thus bulking up the profits of those lenders in the process.

And they were bankrupt?

Which is even more troubling that banks in this country which are federally insured by the FDIC and Fannie Mae and Freddie Mac would be compromising the economy of this country on behalf of foreign investors in second "vacation" home properties, or were somehow unaware that their affiliated banks were selling loans based on a foreign interest rate or currency. That would be highly suspect, as such information would be readily discernible during any bank audit, and I'm sure one or two of those big box lenders especially in California had to have been audited during that boom.

Although many of the Canadians especially in Arizona only live in the United States for six months out of the year, they don't pay any U.S. federal or state income taxes nor a proportionate share of the sales and other taxes United States full time resident citizens pay, although as with the bank bailouts, it was the United States citizens that ate the risk for those banks that wrote many of those loans for those foreigners who defaulted also, since many were second homes to begin with and while they may have lost their investment for most of those huge closing costs that also were a part of some of those loans, they didn't lose their true "home" at all.

Not like the Americans who were also sold those loans in order to both bulk up the profits of those banks, and also assume some of the risk through the backdoor for those loans which were sold to the Canadian market.

While Obama then "saves" the pension plans of the GM Canadian workers, while giving the "buck up, we all must sacrifice" speech to the U.S. autoworkers in Detroit then that were laid off.

It appears this proclaimed "citizen of the world", as with the last Administration, is more concerned with appeasing the "world" audience and investors, rather than protecting the homesteads of the U.S. citizens.

Since the actual terms and conditions of those loans actually have not changed when there was no meaningful regulatory functions included with the bank bailouts.

Instead, it does appear that in this Administration is promoting now primarily refinances, and advertising these slashed Fed rates for new home buyers and purchases with tax credits, it would appear, again the "hook" so that instead of "rescuing" or protecting the U.S. citizens home investment, the Obama Administration is simply working for the European bankers and attempting to get more and more Americans into those fraudulent London market rate loans so that even more Americans lose their homes during the next boom and bust cycle.

This "rescue" sounds more like a set up for the next generation, and those retiree boomers, or possibly the "new" Americans that Congress and this Administration, as the last, wishes to "legalize," who cannot read English or at least might have a little trouble with all that legalese now in those 50 page loan docs.

You know all those "kids" that this Administration and the last used at election time in order to score points with the voters, to be the next victims in another ten to twenty years, in order to lose even the small amount of equity they may have built up with those usurous rates.

I do believe that there may be more important legislation needed here than the No Child Left Behind Act in order to protect America's children from the banking industry so that maybe they, too, can someday truly realize the American dream of home ownership and not simply "stewardship" for the British or the U.S. banks working in partnership of their home and land.

And now these properties in the West and Southwest are once again being hawked in the East Coast and Canadian markets for the upcoming boomer generation - many of whom are hardly the golf cart type, but be forewarned all you East Coast and Canadian tenderfoots. Promoting all the "steals" now that can be had.

The term "steal" is actually quite accurate, in this case, literally.

The British bankers are on their way to reclaiming the West and Southwest for the Crown, with the assistance of the Tories in Washington who apparently are selling not only a great deal of our vital industries and infrastructure to foreigners through the "global" stock market, but now even the private land in this country through the backdoor by not simply not regulating the U.S. banks and their lending practices, but actually facilitating a British takeover of our entire country parcel by parcel, as it were.

New Home Buyers: Beware the LIBOR

Although the mortgage meltdown is still continuing primarily in the West and Southwest and Sunbelt States since the only real assistance that has been facilitated by the new Obama Administration has been directed toward new home buyers and pushing refinancing (which actually stimulates the bankers and Wall Street once more with all those upfront fees and costs for those new loans), hopefully take the advice of one who lost hers in this tsunami for various reasons - escalating property taxes due to the short lived "boom", property insurance costs due to its then increased valuation tied to those rates, auto insurance costs due to the open borders thefts and higher than normal accident rates for the Phoenix metro area, and ease and enjoyment of it due to covenants and restrictions on the property that increased in severity and costs of my enjoyment of it inflicted by "the state" after its purchase during my 12 year "ownership" of it.

Read the fine print, especially with respect to the basis for the loan itself.

My loan actually was sold by one of those "riskier" lenders due to a refinance that I was forced into for some of the above reasons, and was based upon a London market based rate - the LIBOR.

Not even U.S. prime, mind you, but a London banking rate.

Since the British pound or Euro is at higher levels in the currency exchange market, of course, that also made the increases in the ARM rate that was also a part of the loan terms increase even more than one based on the U.S. dollar and U.S. prime.

How those banks could sell loans based on the British market in this country, I haven't a clue.

But new home buyers and refinancers look out and read that fine print and make sure it is based on at least U.S. prime, since it doesn't appear any further regulation of those banks was at all part of this "rescue" for those still at this juncture losing theirs.

In fact, absolutely no regulation at all has been included addressing the terms of some of those loans in their "usurous" terms and interest rates, and of course the huge junk fees that were charged in order to even get some of those loans to begin with.

Last month again saw more foreclosures, and also a slower market than the year before.

Apparently, the buying public is getting wise to the fact that a home purchase at this point in this country is becoming more of a liability, than an asset and a "high risk" investment that can be snatched from them during the next banker/Congressional manipulated meltdown.

Take a clue from one who learned at an advanced age (56) and after 12 years of "non-ownership" and one who this was not the first home purchase, and had legal knowledge and experience - be careful before signing on the dotted line since it seems the market is now geared toward the sharks, and not the Constitution with respect to home or land property rights and ownership.

The tsunami was one huge "taking," facilitated by Congress and the Fed in their negligence since those loans were primarily sold in the West Coast market and strangely Michigan for several years during that boom and bust cycle, and fixed rate and assumables have almost gone the way of the dinosaur for added banker profits - meaning you may qualify for that home today, but since those rates are based on a foreign currency and market better now than that of the U.S. - it will be, of course, Americans and not foreigners (from Canada and Europe now living in the U.S.) who will lose those homes.

Or those that can't speak English in order to even read those now forty to fifty page loan documents to begin with.

And remember that any lawyer legally required at closing by the states, works more for the industry than for you since most are referred by those title companies, banks or realtors getting those huge fees also at close of escrow.

Beware the LIBOR.

Washington Facilitating Foreign Leveraged Buy-Out Of American Assets?

For Any And All Conserve-ative Americans (not Global Socialists):

Due to many recent events, and some independent research I have done on my own rather recently as a now political refugee in stateless exile from the State of Arizona due to the ramifications which have progressively occurred to many long term residents and former natives in the loss of their homes, jobs and very state to an invasion now that is occurring from Mexico with the federal government's explicit support (hence, twice attempting to provide a "pathway to citizenship" and also amnesty for Mexican nationals in this country presently), and other rather recent legislation that was foreigner friendly at the cost of Americans, it is long overdue in asking some fundamental questions.

Is Washington purposely facilitating a leveraged buyout of American assets, in corporate speak.

After the truth of the bogus "foreclosure rescue" scams have now come to light more and more as throwing money at the Federal Reserve bank branches that were primarily responsible for writing some of those overly restrictive, and high cost "low interest" or "interest only" loans (when many were loaded with junk fees and costs also on the front end) as being nothing more than using those banks to "buy down" those investor's debts in order to then flip those properties for more banker revenue, the MO in Washington is becoming clearer.

Those homes now are being depressed to the point that if Mr. Obama (as Mr. Bush) again pushes for an amnesty, some of those properties taken from the existing Americans who were raped of much of their assets, and now with credit reports precluding any new home purchase for at least a decade, that it will be those "new" Americans that will be seeking some of them.

Who, of course, won't speak very fluent English and thus prime patsies for the next economic manipulation and depression in the next 20 years under those now 40 year loans. That has been the case since this is the third such manipulation in the Southwest in 30 years. First in the 70's, then during the savings and loan Keating disaster, and presently.

Right now, foreign investors own a great deal of stock in some of America's foremost industries, some outright now such as China and the Hummer Division. And even a great many of the American public utility companies, believe it or not, when Washington and the state governments afforded those "public" corporations then to privatize.

Even our nuclear power plants at this point, since Palo Verde in Arizona was privatized after the ratepayers were promised the moon in reduction of utility costs in order to "go green" and go nuclear.

After which, rates skyrocketed then to provide for those foreign investor profits, since their currency also was then higher than our own due to Federal Reserve manipulation.

Which is, after all, owned by the European and British banking cartels.

Interesting enough also, while then homeless yet also concerned for the somewhat declining health of my elderly parents who live outside New Orleans and were evacuated for both Katrina and Gustav recently, and as a now struggling artist and photographer I visited the French Quarter while I was there for an extended period of time during which time my mother suffered two heart surgeries for blockages in her arteries by a South American heart surgeon.

As having both a public and private supplemental plan provided by AARP, the corporate practice to which he belonged failed to check for a blockage when her blood pressure was off the charts and did relatively nothing insofar as testing basically until she eventually did suffer the inevitable.

At that time I also had a chance to visit the still recovering New Orleans greater metropolitan area.

And made a visit to the French Quarter, which I had visited on former trips with my family since my extended family has lived there over 30 years.

The area is still struggling and rebuilding. Mostly with federal contractors hiring illegal immigrant labor for much of the construction, and has it own now Hispanic Chamber of Commerce in order to promote their agendas and welfare.

And the homes which were built on the only really habitable land there in the French Quarter which was surveyed by those original settlers and chosen for their settlement as a port on the highest ground available, are still standing and suffered relatively little damage due to the degree of construction used by those original inhabitants. And of course also built on the highest ground near the Mississippi.

Many are now listed for sale mostly by a British real estate firm, Sotheby's of London, and being marketed to mostly British and Candian citizens.

In fact, I ran in to several of them while walking through the Garden District taking some photographs.

Due to the differences in accents, it didn't take a formal statement of country of origin. Some of the licenses and identifying personalized stickers on their vehicles also were in plain view.

And the most famous "new" American who now owns a good deal of our media and internet news sources is also a former Brit from Australia, Rupert Murdoch.

And bringing his British style of reporting and political agendas with him in the process as not really also assimilating to this country, but attemping to make it more like his own.

So for all you foreigners wishing to leave yours in the belief that America still stands as that beacon of freedom and liberty, and land of opportunity in order enjoy the fruits of your labor, and lower taxation I have news for you.

The British won the war, apparently, without most of the American public being aware, and without firing a shot.

They simply bought our bank. And have progressively also been buying up most of our valuable real estate.

Including those homes now being lost that you hear about on your news in the Southwestern United States for the Mexican nationals, and Canadian retirees.

Who, of course, will be the next victims in this global pyramid scheme.