Well Done! I am glad that you wrote about the true power of the people and I am glad that more people are seeing what can be done. I would like to see this message spread to the general public and see how the BANKS react to millions of Americans that have either lost their home or know someone who has DECIDE that ENOUGH is ENOUGH!
Thank You for Writing about this!
goldnmypoc Dud?
Joined: 20 Mar 2009
Posts: 12
Location: Charleston, SC
Banks can be blamed from now until forever but government has the ability to stop the nonsense. Obama has the ability to call a stop to it all. This is simply a national crisis, a national security hazard to this country. This is terrorism at it's finest and we are all effected. Take our retirement, take our jobs, and take our homes, then take what is left through taxes to pay off the bailing out of the terrorists. Oh and take our government officials too, who have benefited repeatedly with terrorist payoffs. After all this financial terrorism we should be seeing many brought to justice BUT there is no justice for the dirty capitalism that has rampaged through this country.
Banks are nothing more than organizations dedicated to greed. They will literally say and do anything for the sake of profit. Their executives would put their own mothers on the street if it meant making another dime. Watching the aggregation of dozens of banks into the big 4 which now control the overwhelming majority of mortgage loans and other consumer credit should be cause for serious concern. These organizations have grown so large that they and their stooge servicers blatantly disregard any "rules" or "regulations" they are supposed to follow because they know they are "too big to fail."
Today, these institutions represent the greatest threat to our freedoms to have ever existed. They can almost literally impose their will on our elected officials. Consider just a few examples. The "cramdown" bill was passed by the House of Representatives but LOST in a Senate comprised of 60 "Democratic" Senators AND despite the supposed support of the President. The President has all but forgotten about the MILLIONS of homeowners faced with foreclosure the vast majority of whom are now "Prime" borrowers. If the millions of foreclosures this country faces are not stopped the financial crisis we face today will become tomorrow's fond memory. The middle class of this country is being decimated and despite absurd fantasies to the contrary our economy will continue to decline until and unless the housing crisis is directly and immediately addressed. The very notion that "irresponsible" homeowners created the current crisis exemplifies total ignorance of what actually happened. As a former "insider" (First Vice President of a bank) here's what really happened.
Mortgage lenders were told by FNMA and FHLMC to begin using "FICO scores" in the mortgage underwriting process (1995). Non-bank, non-thrift mortgage lenders gained access to money from Wall Street allowing them to bypass regulated lenders. Well over half of all mortgage loans were being originated by Mortgage Brokers. By 1999 some lenders were approving loans based solely on a borrower's FICO score. The problem was that FICO scores have NO RELATIONSHIP to a borrower's ability to pay a loan yet borrowers presumed there was a connection. When Countrywide introduced the "Final Solution," the No Income, No Asset loan, the end was near. Every single loan product that has brought us to where we are was designed and developed by LENDERS not homeowners. World Savings invented the "Option ARM" but few consumers understood it meant their loan balances would increase every month. "Stated income" loans were developed by lenders. NO CONSUMER ever dreamed up even the idea of a loan that would vastly exceed a borrower's ability to pay the loan - that kind of vision required blind, unabated greed.
Learn the facts about these loan products, the loan origination systems that would automatically approve a loan for anyone with a FICO score over 700, the decision to stop verifying income or assets and the all to real fact that easy credit lead to exploding real estate prices and then explain why a homeowner who was told his or her payments would be $1,500.00 is at fault for where we're at when the payments quadrupled 12 months later. There are 3 parties at fault for where we're at: Lenders, Investment Banks and the Federal Government which refused to regulate this industry.
It's time to stop the madness, stop foreclosures and, hopefully, save this country. My only hope is that it is not too late.
_________________ Greed breeds ignorance, the sort that results in eternal damnation!
goldnmypoc Dud?
Joined: 20 Mar 2009
Posts: 12
Location: Charleston, SC
After reading this week about simmons bankruptcy we can see that not only home mortgages are involved in these gangster transactions but a good deal of commercial and business loans are also. We have yet to see all of what this depression has to offer up, there will be more to come. That is my case for government responsibility in rules and regulations governing out capitalistic society from harming the whole country.
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