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.
Showing posts with label housing. Show all posts
Showing posts with label housing. Show all posts
Wednesday, April 13, 2011
Saturday, October 9, 2010
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.
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.
Monday, September 20, 2010
Tinkerbell, Fairy Dust and The American Economy
It was announced with great fanfare by economists in Washington today that the "Great Recession" beginning in 2007 was over officially in June, 2009.
Say, what?
Apparently, in a townhall style meeting held by Mr. Obama later the American public just isn't buying it.
Those economists are failing to disclose, it appears, just which economy they are speaking of. The American economy, or the global one?
Could it be that the global economy has recovered, at the cost of the American economy which still is in a freefall, from the looks of those lining up still at the unemployment offices, and social service agencies.
I still am scratching my head, since the American economy began its freefall in 2006, back when the mortgage crisis began and the bubble burst in the West, Southwest, and other parts of the country, and that was in June, 2006.
I should know since I was one of those affected whose "creative" refinanced loan based on British LIBOR interest rates was scheduled to readjust (and for which hefty closing costs on that loan in which I was forced to take out due to escalating costs of ownership during the bubble), and who then watched the value of my home decrease then by the week it seemed while I was attempting to then sell it.
I was luckier than many, although the true circumstances under which I "lost" my home were egregiously assisted by state and federal banking and governmental friendly property statutes that had fundamentally changed even the terms of my ownership since I purchased my small townhouse back in 1994, and a court action then that upheld "the state" and its special interests groups over my property ownership rights in a house I had lived in for over 12 years.
I don't think that GM plant in Detroit has reopened, or am I missing something?
And the new jobs created in Louisiana appear to be coastline cleanup jobs, most held by the former fishermen and shrimpers from that region post Katrina, Gustav and Deepwater.
A member of the Wall Street linebackers attended the townhall, bemoaning the beating the bankers took (although if my memory serves, many of them were soaking up the rays in California with pina coladas with their executive bonuses, weren't they, when this all began?)
Seems that the housing market hasn't rallied, but then the terms under those loans that are now being offered for refinances haven't really changed much at all, simply a half percent or so drop in those lending rates. And fixed rates still, unless credit reports are in the 700's, are rare and hard to obtain.
It is those usurous loans which are now the bread and butter of the banking industry, and apparently Americans still are having a hard time justifying buying even a "cheap" home that they may in turn lose during the next housing meltdown within the next decade or two, since this cycle harkens back to the 70's 80' and even 90's in its scope, although affecting many, many more due to the amount of those loans which were marketed to the public by both East and West coast banking houses.
Foreclosure contracts at the get go, and how many now since so many thousands have been affected can, due to their lack of jobs, savings or bad credit, even qualify for those "interest only," cheap deals, or would have the means or inclination to put much "sweat equity" into those purchases?
Between those affected in both the 90's and this cycle, that removes quite a few Americans from ever having another shot at the American dream.
The jobs which have been created appear to be mostly directed toward those tech, science based jobs, or construction due to all these "disasters" that keep occurring on top of the piss poor economy and many of those jobs are going to foreigners at any rate due to all the insourcing and outsourcing.
So I guess my question is, who's writing these economic reports?
The author of Peter Pan, James Barrie?
Or are these reports actually bi-partisan efforts, since it seems that the only "change" that has occurred since the last election cycle, is simply a change of the face behind the podium, and the supporting players from the blue team now in this global economic rebalancing act.
Or is Robin Hood also a major player here too?
Taking from the poor Americans on balance, and redistributing their wealth, or whatever is now left of it from the formerly middle class private sector minions, globally?
If those dates are correct, must be another new invention of science-based technology.
The Tinkerbell calender.
Say, what?
Apparently, in a townhall style meeting held by Mr. Obama later the American public just isn't buying it.
Those economists are failing to disclose, it appears, just which economy they are speaking of. The American economy, or the global one?
Could it be that the global economy has recovered, at the cost of the American economy which still is in a freefall, from the looks of those lining up still at the unemployment offices, and social service agencies.
I still am scratching my head, since the American economy began its freefall in 2006, back when the mortgage crisis began and the bubble burst in the West, Southwest, and other parts of the country, and that was in June, 2006.
I should know since I was one of those affected whose "creative" refinanced loan based on British LIBOR interest rates was scheduled to readjust (and for which hefty closing costs on that loan in which I was forced to take out due to escalating costs of ownership during the bubble), and who then watched the value of my home decrease then by the week it seemed while I was attempting to then sell it.
I was luckier than many, although the true circumstances under which I "lost" my home were egregiously assisted by state and federal banking and governmental friendly property statutes that had fundamentally changed even the terms of my ownership since I purchased my small townhouse back in 1994, and a court action then that upheld "the state" and its special interests groups over my property ownership rights in a house I had lived in for over 12 years.
I don't think that GM plant in Detroit has reopened, or am I missing something?
And the new jobs created in Louisiana appear to be coastline cleanup jobs, most held by the former fishermen and shrimpers from that region post Katrina, Gustav and Deepwater.
A member of the Wall Street linebackers attended the townhall, bemoaning the beating the bankers took (although if my memory serves, many of them were soaking up the rays in California with pina coladas with their executive bonuses, weren't they, when this all began?)
Seems that the housing market hasn't rallied, but then the terms under those loans that are now being offered for refinances haven't really changed much at all, simply a half percent or so drop in those lending rates. And fixed rates still, unless credit reports are in the 700's, are rare and hard to obtain.
It is those usurous loans which are now the bread and butter of the banking industry, and apparently Americans still are having a hard time justifying buying even a "cheap" home that they may in turn lose during the next housing meltdown within the next decade or two, since this cycle harkens back to the 70's 80' and even 90's in its scope, although affecting many, many more due to the amount of those loans which were marketed to the public by both East and West coast banking houses.
Foreclosure contracts at the get go, and how many now since so many thousands have been affected can, due to their lack of jobs, savings or bad credit, even qualify for those "interest only," cheap deals, or would have the means or inclination to put much "sweat equity" into those purchases?
Between those affected in both the 90's and this cycle, that removes quite a few Americans from ever having another shot at the American dream.
The jobs which have been created appear to be mostly directed toward those tech, science based jobs, or construction due to all these "disasters" that keep occurring on top of the piss poor economy and many of those jobs are going to foreigners at any rate due to all the insourcing and outsourcing.
So I guess my question is, who's writing these economic reports?
The author of Peter Pan, James Barrie?
Or are these reports actually bi-partisan efforts, since it seems that the only "change" that has occurred since the last election cycle, is simply a change of the face behind the podium, and the supporting players from the blue team now in this global economic rebalancing act.
Or is Robin Hood also a major player here too?
Taking from the poor Americans on balance, and redistributing their wealth, or whatever is now left of it from the formerly middle class private sector minions, globally?
If those dates are correct, must be another new invention of science-based technology.
The Tinkerbell calender.
Saturday, January 23, 2010
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.
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.
Saturday, September 19, 2009
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.
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.
Thursday, July 23, 2009
National Association of Realtors: More Spins on The Housing Crisis
During the last week there has been a great deal of reporting on internet sources that the mortgage crisis and home foreclosure situation is looking up, and that there has been an increase in sales for the third straight month of homes sold throughout the nation.
And just where are those figures coming from?
No surprise, the National Association of Realtors who just might have an ulterior motive in spinning or inflating the numbers due to the market conditions at the present time, and number of jobless and homeless now which has swept the nation since the manipulated "mortgage" crisis and bank bailouts which just so happened to occur during the last presidential election cycle.
In fact, the June 19-21 headline of USA Today also said it all: "Foreclosures Heading Through The Roof."
More Americans are lining up at the soup kitchen, than at the realtors offices, since the homeless now and jobless stats are really off the charts and not this high since the last great depression, also manipulated by the European owned Federal Reserve, branch bankers and Washington.
As far as my personal knowledge and reports from my former home state of Arizona, one of the states hardest hit due to the boom and bust cycle and the many retirees on fixed incomes that also were hard pressed to come up with increasing property taxes and insurance which contributed to some of what is occurring also left out by the media, and those predatory "interest only" and other "creative" loans sold mostly by regional and national California domiciled banks.
Although the State of California doesn't share the entire blame for the now mostly Western and Southwestern home situation, since most of those loans were also underwritten with extra "propert stripping riders and provisos over and above the actual loan documents themselves by the governmentally created Freddie Mac and Fannie Mae. How Freddie Mac and Fannie Mae could have been "bankrupt" at all due to some of those usurous loans and terms really is quite inconceivable as one who was forced into such a refinance position and had to refinance a home in 2004 can attest.
It would appear this claimed increase in sales and "recovery" appears to be wishful thinking.
In Arizona, California, Michigan, Nevada and Florida due to also progressive overbuilding in those states for literally decades, and now thousands unable to qualify for fixed rate low interest loans with black marks on their credit records at this point, it will take literally decades - if ever - for the housing market to stabilize, from this 45 year Arizona resident.
In those western border states now in particular, due to the open borders situation and escalating drug war violence which I'm sure that also has affected the marketability of those houses significantly, since who wants to live in a state in which there is a foreign invasion and civil wars now going on due to federal negligence in "providing for the common defense," its actual primary function. Instead of now attempting to "reform" the health care industry according to a "business" model ala Soylent Green and Adolph Hitler on cost/benefit actuary "business" modes and standards.
Plus the fact that few now in this country trust the banking industry now in general. Nor are willing to go into those sliding scale and interest only loans that they are still marketing, some of which are not even based on the U.S. prime interest rate, but the European market.
Nothing essentially has changed which lead to this catastrophe to begin with. And most in the World War II, boomer generation or younger have moral difficulties paying "usurous" sums in order to purchase a home, a home which is now in many areas of the country due to the loan terms and assundry restrictive "use" restrictions and additional costs and provisions, and associated junk fees and charges tacked on for those purchases, nothing more than a foreclosure contract to begin with.
So...nice try, realtors. Since a great many of you also pushed and marketed to many of those retirees and others more home than they really could afford in order to get higher commissions also in the process, the trust in your "industry" also now is about zilch.
Especially those of us who lost ours, and who have made sure we speak the truth, rather than the spins, on just what lead to this, and the commercial and banking interests that were truly responsible - of course, along with the criminal element now residing on Capitol Hill and in our state legislatures who have been in collusion with the corporate interests and their primary "special interest" campaign backers for literally decades.
And the National Association of Realtors is high up on that list also.
Along, of course, with the bankers and their minions - the foreclosure lawyers and scam artists and their breathren in federal and state government.
And just where are those figures coming from?
No surprise, the National Association of Realtors who just might have an ulterior motive in spinning or inflating the numbers due to the market conditions at the present time, and number of jobless and homeless now which has swept the nation since the manipulated "mortgage" crisis and bank bailouts which just so happened to occur during the last presidential election cycle.
In fact, the June 19-21 headline of USA Today also said it all: "Foreclosures Heading Through The Roof."
More Americans are lining up at the soup kitchen, than at the realtors offices, since the homeless now and jobless stats are really off the charts and not this high since the last great depression, also manipulated by the European owned Federal Reserve, branch bankers and Washington.
As far as my personal knowledge and reports from my former home state of Arizona, one of the states hardest hit due to the boom and bust cycle and the many retirees on fixed incomes that also were hard pressed to come up with increasing property taxes and insurance which contributed to some of what is occurring also left out by the media, and those predatory "interest only" and other "creative" loans sold mostly by regional and national California domiciled banks.
Although the State of California doesn't share the entire blame for the now mostly Western and Southwestern home situation, since most of those loans were also underwritten with extra "propert stripping riders and provisos over and above the actual loan documents themselves by the governmentally created Freddie Mac and Fannie Mae. How Freddie Mac and Fannie Mae could have been "bankrupt" at all due to some of those usurous loans and terms really is quite inconceivable as one who was forced into such a refinance position and had to refinance a home in 2004 can attest.
It would appear this claimed increase in sales and "recovery" appears to be wishful thinking.
In Arizona, California, Michigan, Nevada and Florida due to also progressive overbuilding in those states for literally decades, and now thousands unable to qualify for fixed rate low interest loans with black marks on their credit records at this point, it will take literally decades - if ever - for the housing market to stabilize, from this 45 year Arizona resident.
In those western border states now in particular, due to the open borders situation and escalating drug war violence which I'm sure that also has affected the marketability of those houses significantly, since who wants to live in a state in which there is a foreign invasion and civil wars now going on due to federal negligence in "providing for the common defense," its actual primary function. Instead of now attempting to "reform" the health care industry according to a "business" model ala Soylent Green and Adolph Hitler on cost/benefit actuary "business" modes and standards.
Plus the fact that few now in this country trust the banking industry now in general. Nor are willing to go into those sliding scale and interest only loans that they are still marketing, some of which are not even based on the U.S. prime interest rate, but the European market.
Nothing essentially has changed which lead to this catastrophe to begin with. And most in the World War II, boomer generation or younger have moral difficulties paying "usurous" sums in order to purchase a home, a home which is now in many areas of the country due to the loan terms and assundry restrictive "use" restrictions and additional costs and provisions, and associated junk fees and charges tacked on for those purchases, nothing more than a foreclosure contract to begin with.
So...nice try, realtors. Since a great many of you also pushed and marketed to many of those retirees and others more home than they really could afford in order to get higher commissions also in the process, the trust in your "industry" also now is about zilch.
Especially those of us who lost ours, and who have made sure we speak the truth, rather than the spins, on just what lead to this, and the commercial and banking interests that were truly responsible - of course, along with the criminal element now residing on Capitol Hill and in our state legislatures who have been in collusion with the corporate interests and their primary "special interest" campaign backers for literally decades.
And the National Association of Realtors is high up on that list also.
Along, of course, with the bankers and their minions - the foreclosure lawyers and scam artists and their breathren in federal and state government.
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