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.

Washington, States Now Even Outsourcing Government Jobs?

Recently I had another wake-up call and experience that essentially proves that the increased outsourcing and insourcing of American jobs spreads across both political aisles, all campaign promises and representations to the contrary.

An acquaintance of mine on the federal Food Stamp Program, which is merely "administered" through state and local social service offices failed to receive their benefits for the month which were scheduled to be deposited on the 2nd (the program makes the distributions according to the last digit of the recipients social security number). This individual then attempted to contact the number printed on the plastic food stamp debit card issued through Quest, which apparently has this enormous government contract in a great many states.

Dialing the number printed on the card simply provided a menu of options, none of which addressed the failure to receive the benefits due. So instead called another number printed on the card for lost or stolen cards, and waited through the "choose your language" option until the "rotary" dial option was given which indicated at that point they would be transferred to a customer service representative. This took about five minutes to get through all the menu options.

The individual who then answered the phone requested a social security number and birthdate "for identification purposes" and had a heavy East Indian accent. A request was then made by my acquaintance as to just where this call center was located assisting Americans and the retailers printed on the card. The Quest representative then declined to provide the location of their offices "for security purposes," however my acquaintance then made a second call to the center, and another individual with an East Indian accent then also answered the phone and requested the same information (social security number and birthdate) from them.

So apparently, our federal food stamp program is now, through Quest, being "administered" through call centers located in New Delhi?

Apparently, this question also was one in which the representative wasn't authorized to answer, and simply then directed my acquaintance to go to the local state social service office to then inquire as to why the hold-up, which was ony discovered after they had gone to the grocery store and found out that the benefits were not available that were due to be deposited on the 2nd.

So outsourcing even those call center jobs for social service benefits, which essentially makes these East Indian call center representatives employees paid with U.S. taxpayer funds is now SOP?

This week it was also announced that Mayor Bloomberg, the enthusiastic supporter of the Islamic Center proposed to be built within a few blocks of Ground Zero in Manhattan, has also joined the Obama Administration's fight on childhood (and adult) obesity apparently.

He has proposed that food stamp benefits be further restricted in at least New York to "healthy" foods (which I guess the state is going to hire a dietician to judge), and further bans placed on just what those food stamp benefits can be spent on over and above the bans on cigarettes, alcohol, and household products.

Soda (or pop in the West) was listed as his primary beef with the benefits program in eliminating "sugary" drinks from those individuals on the welfare and food stamp rolls.

I wonder how many martinis the Mayor drinks at some of those conventions and fundraisers?

Mr. Bloomberg, doesn't New York City have enough other problems with a little more priority rather than addressing the dietary choices of the homeless and jobless in that state who must go through reams of paperwork in order to simply have food?

Taxation without representation, at this point in America's history, doesn't even begin to describe the level of corruption originating quite clearly on the East Coast, which has now definitely spread to the West.

I'm not real comfortable having an East Indian, or any foreigner, in possession of my social security number. I mean, I doubt that in a mere seven years when I "officially" will qualify there will be anything left at all given the rate this Administration and the last dipped into those sums, while denying through this "regulatory" body benefits to many homeless and jobless "over 55" year olds already that have been majorly impacted by this American depression, which social security when initiated was clearly meant to provide during that first depression, but still...

And if I am wrong as to the location of this call center and it is in the U.S. merely preferring to hire either foreigners or new immigrants, just what does that say also about the "corporate" priorities running rampant and increasing in their hiring practices?

I mean, two out of two calls?

When even the U.S. government contractors paid with taxpayer sums are not "hiring American" is it any wonder that the U.S. economy is not rebounding?

Hello, Washington?

AP Reports Unemployment Claims Down, Economy Up?

The AP (American Propaganda) press reported today that due to a perceived reduction in the amount of unemployment claims for the "4th straight month" as reported to them by the U.S. Department of Labor, signs that employers have stopped laying off some of their employees.

And reaffirms the economists prediction that this "recession" ended in July.

Although the amount of "new" jobs reported by and large have been government jobs under this and the previous administration and simply funded through the general public's taxes by the taxpayers instead of those unemployment benefits by those major corporations.

And I would not hesitate to question whether the true number of jobless has decreased. During this entire recession/depression there has been no figures published of the amount of new businesses that have gone under, owners of which are not eligible for unemployment benefits nor any other type of social welfare benefits.

And if my experiences have been any indication, most of those government agencies are simply directing the homeless and jobless to the social service government grant civic organizations and churches to assist them, rather than the welfare offices, SSI or the unemployment offices.

So those figures are not at all indicative of just how many remain without a job, or have lost their businesses during this manipulated meltdown. Nor has the mortgage and foreclosure mess been addressed adequately in that arena, and from all indications it does appear that the housing market is not improving since absolutely nothing has been done in order to address the loans and terms under which most of those homes were sold which also led to the foreclosure tsunami.

Namely, loans that were "creatively" sold and marketed that were not even based on the U.S. currency, but the British LIBOR, and upfront fees and costs even in order to get those loans which now make purchasing a home more of a liability, than an asset.

This is, after all, the third banker/Washington market manipulation in housing in my lifetime, as a former resident of one of the states most affected - Arizona. And those 50+ page loan documents that are now part and parcel of this major purchase have put many a potential homeowner alone off purchasing a home at this point, not to mention any and all that have been affected this last cycle who are now both wiser, and have warned their posterity about the changes in the housing market which make that foreclosure "steal" nothing more than an instrument in which during the next cycle, it will be their home on the auction block.

Seems the distant AP press is as clueless as this Administration, and the last.

I wonder if they have walked into any of those unemployment offices lately, or are simply phoning their articles in on their iPhones?