Further commentary (by me) not required.

I’ve really come to think that what happened at a macro level was that union membership declined after the 1970s saw the end of our steel industry, among others, and the Democrats wanted some of that Wall St. money the Republicans had always gotten, to make up for less from the unions. From that point on, the power of the banks grew on a bi-partisan basis, right up to the bi-partisan repeal of Glass-Steagall in the late 1990s.

We didn’t notice because they had us arguing about prayer in schools and stem cell research, and whether Sadam Hussein was intent on taking over the world… or who’s going to be the next American Idol.

Then the ratings agencies downgraded a small number of mortgage-backed securities on July 10, 2007… and the bond and credit markets froze solid almost overnight. Two weeks later, banks wouldn’t lend to each other… they were hoarding cash. No one would buy the loans, cause no one would trust the bonds. Banks like Indymac, WaMu, et al… with tens of billions of loans on their books drowned in their own crap when they found they couldn’t sell them. And housing prices fell off a cliff.

All the banks needed to do was suggest that irresponsible homeowners borrowed more than they could repay, and throw up a few examples of people without jobs that used stated income loans to buy million dollar homes, and human nature took care of the rest.

Now, we have to try to get the truth out before we all learn it the hard way, like through 40 years of economic malaise.

the new chapters may include the fair housing violations and lawsuits from predaotry lending against the banks that did the pred lending like allegedgly chase/emc and others like Allegedly wells fargo and then the homeowners reading their orignal mortgage documents to discover undisclosed internest charges embedded in the promissory note or deed of trust.

uh oh did I say undisclosed like truth in lending yep I did or how about no balloon paykment s declaration in bold letters on the TILA document or how about the demand feature box being checked to show balloon payments . or how about the amorization period fo rthat little second being 50 years instead of 25 like they told you.

or how about this one.

the SOFTWARE that calculates your mortgage payments from your mortgage servicer has never been certified or checked to see that it is consistent with your mortgage origination docs.

in my docs, I calculated a little 1/8th of a pooint innocuous every six month charge if it accumulates like I t hink it does in the computer not in the mortgage docs. it adds a
Whopping 6.5 points or interest to the calculation to the mortgage payments over thirty years.

WOW now aint that special. and how about that FORBEARANCE policy adopted by the allegedly non judicial foreclosure states on all of this as well as the so called fed regulators.

just wait til thenational urban league hears about REDLINING in baltimore md against wells fargo because of PRedatory LENDING. NOW AINT THAT SPECAL. AND GOOD OLD hud GETS 4 MILLION CIVILI RIGHTS COMPLAINTS TO ADJUDICATE. NOW THAT IS A BUREAUCRATS DREAM.

THE WHOLE PIPELINE FOR MORTGAGES IN USA IS A FRAUD AND A PonzEII MADE OFF WITH OUR MONEY SCHEME AND IT IS JUST BEGINNING TO UNRAVEL.

OH BY THE WAY.

WHO IS THE MAJORITY STOCKHOLDER IN Mers DISCUSSED IN TODAY S POST

jp mORGAN CHASE.

AND ALL THESE MORTGAGES ARE TIED TO DERVATIVES TRADING.

NOW TRY NOT LOOSE ANY SLEEP ON THAT NEXT MELTDOWN.

GREAT JOB O NTHE POSTING.

AS i SAID EARLIER EVERY HOMEHOWNER EVEN IF IN FORECLOSURE SHOULD KNOW WHO THE OWNER OF THEIR MORTGAGE EVEN IF IT A TRUST. THOSE 800 ATTORNEYNS IN NEW YORK REPING THE INVESTORS IN BEAR STEARNS ARE IN MY VIEW ALLEGEDLY SUING THE FED WHO ALLEGEDLY OWNS THOSE TRUSTS AFTER USING ALLEGEDLY TARP TAXPAYER MONEY TO GIVE TO CHASE WHO SERVICES THOS SAME PREDATORY LOANS.

too BIG TOO faiL. omg WHAT BUREAUCRAT THOUGHT THAT ONE UP. REMEMBER ROME. THEY SAID THAT TOO.

CARPE Diem
David B.

may all bank ponzii schemes made off wit h our home equity be banished forever and our equities and wealth be restored from the profitsof the wrong doers. and goldman sachs owns one of the servicers in the californiacation class action. litton mtg servicers is owned by goldman sachs and that president has not gotten fired yet either.