The Fed is now where mortgages go to die. Thousands of mortgages on homes that do not exist or on homes that have more than one “first” mortgage are now going to the Fed to disappear.
US NEWS-
Since it began operations 98 years ago, the Federal Reserve System has performed functions that are vital to the financial system. Yet the fact that the Fed now plays some important roles doesn’t show that the Fed is the only institution capable of playing those roles, much less the best at doing them. In fact, history shows us that private institutions have been more capable at carrying out many of the Fed’s activities. As the Fed begins a new and indefinitely large round of quantitative easing, it’s time to consider whether the Fed, compared to its alternatives, has been doing more harm than good.
[USNEWS]
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Sorry, Mortgages are not going there to die, they are going there to be foreclosed upon by the GSE’s, who, by virtue of being backed by the Federal Government, stand a better chance of grabbing your home through illegal foreclosures than the banks do in today’s “push back” from the American People. Kind of like “taxation without representation”. We, The People, have no say and no oversight on the Fed’s actions, they know it. The latest rounds of bailouts is a TAX as it uses money from the Federal Reserve but nothing voted on by our “representatives”. Write your congressman, flood their offices with calls, letters, faxes. Demand that they take control and fix this mess one way or the other. If not we will have no rights in this country unless they are given us by the UN mandated managers of America.
I wonder if people could go to the Fed to die. You know, reduced burial expenses and so forth.
Makes sense Sara, two things we can count on, death and taxes!
Actually, I think the Fed is where the Accounts go before Nasdaq. On my friend’s last Modification App. the Fannie Mae Number was the Loan number now trading on Nasdaq in The REIT, Mtge, according to Clayton and His Bloomberg Securitization.
Google “The Wealth of a Nation is in How It Redistrebutes its Wealth” by justaluckyfool.
I have just one simple foolish question and I hope for a profound answer.
Where is that one great attorney that will file the $7 TRILLION class action suit against the lenders. All mortgages have one fraudulent action in common. The buyers were not allowed to decline
the lenders appraisel,period. If even questioned, they would be denied the loan. There is NO “arms length transaction” when the lender has the value certified by someone “that works for only the best interests of the lender,” knowing if their value is not high enought; they will be dismissed on that one and may not get another.
justalucky@aol
Please add:
If only Bob Montgomery were still with us.