Economic Musings-
The surprising tale that I will attempt to pen in this blog entry has a very familiar cast of characters; the Obama Administration, the Housing Bubble, “Toxic Mortgages”, and Too Big To Fail “TBTF” Banks among others. While the headline of TBTF banks in a $25bil mortgage settlement is known to many, the underlying details of the settlement are less known and quite appalling when you pull back the covers.
The wounds on past and present homeowners are still fresh from the housing crisis. As Jonathan Laing points out in this weekend’s Barron’s cover story, “five million of the country’s 76million mortgage holders have lost their homes to foreclosure or lender ordered short sales since 2006, and an estimated 14million more own more on their homes than their properties are currently worth. In all, some $7.4 trillion in homeowners’ equity has been destroyed according to Mark Zandi…”
Cries for Accountability
While blame deserves to be cast upon numerous parties for the housing bubble, Americans have rightly called for accountability on the TBTF banks. Accountability for what? Among other faults, robo-signing became prevalent among TBTF banks as they forged mortgage documents in order to ensure proper paperwork was done to foreclose on properties.
Details of the $25bil Settlement (in the words of HUD) & Public Lauding
“On February 9, the Department of Justice …
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You have to realize who is providing the information inwhich we all know the banks lie… they have my documents , deeds, property profile , transaction history so screwed up!
They have taking my father off of the property profile as ever been the owner from 1987 to 1998 along with the only legal security interest on my property,
They have in the sales history that I purchased the property in 2002 when I inherited it in 1998 and that I owe them $438,000.00 when my mortgage was paid in 2001, 9 months before they pretended to refinance to a fixed rate, I paid on this fraud balance for nine years to find out that wasn’t the only loan they opened, 8 more were opened not all of them stole money some were just for collecting fraudulent insurance money from all of the the insurance policy’s they took out on these loans, putting some of these on automatic payment stealing money from my checking account…
Going totally unnoticed until I was handed a credit report… these loans that they illegally put on automatic payments stole over $300,000.00 from my checking account over a nine years period stealing everything I owned and now they are trying to steal my home of 25 years that they owe me 9 years of payments plus all the money that was stolen from my checking account!
IS THAT NOT NERVE OR WHAT ?
So you can’t go by any statistics they provide… all lies.
Concrete evidence they owe me nine years of payments plus $300,000.00 they stole from me.
Their records claiming I owe them $438,000.00
All to get out of paying me what they owe me and get a free house and they just might get away with it because I have no money for an attorney!
To put it into perspective..
I recently watched an attorney infomercial about a 30 billion dollar trust-fund which was established to pay the victims of mesothelioma.
Since the number was close to the 25 billion dollar settlement I was curious to see how many people it was expected to affect.
Approximately 3,000 people per year.
http://www.cancer.org/Cancer/MalignantMesothelioma/OverviewGuide/malignant-mesothelioma-overview-key-statistics
The mortgage fraud settlement had minnows on the case when the public needed sharks…