Yes, there are many of you who say, "if you cannot afford the payments then you should be foreclosed on" and to some degree under very different circumstances I would be he first to agree with you. But let's look at the facts, the real facts on how this foreclosure crisis began and who was responsible for it.
The real culprits here are - you guessed it - the banks and our friends at GS. Why are they to blame you ask? Well, it was their decisions to lower qualification guidelines, devise creative methods of securitization to "spread the risk" and then conjour up fancy names for securities (junk) that would insure against failure. In other words, the likes of GS (the premier bond trading company), Merrill Lynch, Bear Stearns and Lehman Bros not to mention banks such as HSBC, Deutsche Bank, JPMorgan and Bank of American, all interested in the creation of hundreds of thousands if not millions of mortgage notes for sale to a fraudulently informed investing public worldwide. Enter please, the criminal conspiracy accomplices - the rating agencies, Moody's Standard and Poors and Fitch - who knowingly - gave these mortgage backed securites (MBS) false "AAA" ratings which in fact told the investing public that there was little risk in these investments.
So what does all this have to do with being foreclosed on legally or illegally? A great deal. Let's look at some logic not fact that I have researched. As guidelines for mortgage qualifications continued to be lowered, more and more people purchased homes - sometimes multiple homes - that they truly could not afford. These people did (notice the past tense here) deserve to be foreclosed on LEGALLY. I believe that as the so called "mortgage meltdown" began in mid 2007. the majority of those purchasing multiple properties, second homes and even primary residences did lose these properties to the banks. (the legality question still does exist, however)
But, again, it is my belief that the majority of foreclosures since then are not due to people who over extended themselves, purchased multiple properties or second homes. The majority of foreclosures today, I believe, are due to Great Recession which still has milllion upon millions of people unemployed.
This excessively high rate of unemployment as a result of the Great Recession and the Great Recession itself is a direct result of the extensive greed that permeated the banking industry causing them to operate fraudulently, outside the view of the SEC and other regulatory agencies. These banks (perhaps led by the biggest bond traders of them all - GS) were the sole reason we had a worldwide economic crash all tied into mortgage securites and things called derivatives - things that you can gamble with but don't really exist.
Today it is my belief again that the majority of foreclosures are against innocent victims who through no fault of their own found themselves unemployed and perhaps stripped of their savings and found that their investments became worthless in the wake of the economic crash.
Let us also keep in mind that while the people of this country began suffering and losing the banks who created this mess to begin with all began profiting. Our friends at GS showing greater profits then pre economic crash. What's up with that?
Of course, our government stepped in to help but helped the wrong ones. Instead of helping us, the people, as they are supposed to do, they chose to strip us even more of any financial freedom by bailing out those that hurt us to begin with.
Calling themselves Too Big To Fail they instilled fear into some, fooled many others and gave a good excuse for prominent (bought and paid for) politicians who knew better to fund them to the tune of trillions closing a blind eye to the multitude of criminal activities they engaged in to create their extreme wealth which then caused the financial destruction globally.
What is important about this 60 Minutes piece is that it in no uncertain terms discloses - by admission of some involved - the frauds that banks have committed in the effort to take back homes ILLEGALLY. I emphasize illegally as this precedence could and most probably will - if left unchecked - cause a demise of our entire judicial system removing any equity that must exist giving preferential treatment above and outside of law to those that have priority status in our society such as banks. This blatant disregard for justice and dispensation of laws in our courtrooms will create a two tier system in our country. One system that must obey the law and be punished by it and those that do not need to obey any laws and can walk free and profit by breaking the laws. Our courtrooms will become shams where the guilty will go free and the innocent will suffer by punishment.
This story is big and as 60 Minutes says by its title, the second wave is coming. Illegal actions, condoned by our courts and those judges who close a blind eye to the laws they have sworn to uphold will cause the demise of this Republic as we know it and as our forefathers imagined it to be.
Freedom does not come without sacrifice but loss of freedom due to power, greed and a disregard for law is not a sacrafice any should ever have to make.
Please watch both of the video segments. The first is the one aired, the second is one aired on their web site only as a continuation.
The next housing shock ...from CBS 60 Minuteshttp://www.cbsnews.com/video/watch/?id=7361572n&tag=contentMain;contentAux Sorry, embed did not work correctly. click on image at left to link to video.
Mortgage mess: Who really owns your mortgage?Sorry, embed did not work correctly. click on image at left to link to video.
This is important. Pass this along to everyone you know. We must put the "just" back in justice.
This is the beginning of what I am calling FORECLOSUREGATE.