Beyond ForeclosureGate - It Gets Uglier

Michael Collins

The ForeclosureGate scandal poses a threat to Wall Street, the big banks, and the political establishment. If the public ever gets a complete picture of the personal, financial, and legal assault on citizens at their most vulnerable, the outrage will be endless. (Image)

Foreclosure practices lift the veil on a broader set of interlocking efforts to exploit those hardest hit by the endless economic hard times, citizens who become financially desperate due medical conditions. A 2007 study found that medical expenses or income losses related to medical crises among bankruptcy filers or family members triggered 62% of bankruptcies. There is no underground conspiracy. The facts are in plain sight.

Too LIttle Too Late? The Money Party at Work

Too Little Too Late?

The Money Party at Work


By Michael Collins

Wash. DC, Feb. 19 -- President Obama announced a $75 billion assistance package to address home foreclosures yesterday. He also promised a $200 billion infusion into Freddie Mac and Fannie Mae, the nation's underlying lenders. That's exactly $275 billion more dollars than the previous administration committed to citizens to help ease their very human crises surrounding foreclosure.

Is this enough to stem the tide for those losing their homes? Will those "who have played by the rules," as Obama calls them, be salvaged the indignities and financial oblivion that begin in earnest if they're thrown onto the street? Or will those who broke all the rules profit immeasurably?

Blackwater Domestic Operations this morning, posted a ommentary by Holy Juan, with the story that Blackwater has been hired by mortgage loan companies to evict homeowners who have had their mortgages foreclosed. I can't vouch for this source but the story is important enought that I wanted to bring it to your attention.

NEW: Former GOP operative explains why Republicans will use foreclosure lists to block voters

Originally posted 2008-09-15 10:17:05 -0600 - a subject dear to many of us - standingup

Published this morning the next in what is becoming a series about the GOP's voter suppression tactics this election cycle:

Former GOP operative explains why Republicans will use foreclosure lists to block voters

By Eartha Jane Melzer, Michigan Messenger 15-SEP-08

Unfair but "probably" legal, using foreclosure lists provides cheap and effective strategy for McCain campaign

Lose your house, lose your vote -- the latest incursion against voters' rights

Thanks Rayne... this trend is definitely one to watch! -- if anyone is so inclined to buzz the original Michigan Messenger story, here's the buzz link. (originally posted 2008-09-10 02:23:09 -- cho)

Want to make sure this story gets broad coverage across the internet, because this could happen in other states and particularly swing states.

Michigan Republicans plan to foreclose African American voters

The chairman of the Republican Party in Macomb County Michigan, a key swing county in a key swing state, is planning to use a list of foreclosed homes to block people from voting in the upcoming election as part of the state GOP’s effort to challenge some voters on Election Day.

“We will have a list of foreclosed homes and will make sure people aren’t voting from those addresses,” party chairman James Carabelli told Michigan Messenger in a telephone interview earlier this week. He said the local party wanted to make sure that proper electoral procedures were followed.

Rigged Casinos and the Plunge Protection Team: Bernanke acknowledges greater intervention in the markets

Back on Saturday when I promised to write more about Kevin Phillips and his take on the Plunge Protection Team, I had little idea that the PPT would have such a public coming out party so soon.

This morning, according the to Wall Street Journal, Fed Chair Bernanke said “federal regulators, policymakers and private sector groups are already taking steps to address some of the concerns laid bare during the turmoil last year.”

Translation #1: The myth of the free market is debunked.
Translation #2: Investing in the US Stock Market is about as wise as gambling in a rigged casino.

Movin' On

No! Not from ePluribus Media, silly.

About a month ago I kindof disappeared from here. If any of you checked my home Blog you will already know why. Just in case you didn't, I am reposting the diary I put up before I (thankfully) did not slip through the cracks of this bush league economy.

On the Sub-Prime Crisis

Many of you already knew that we were probably losing our home in the first wave of foreclosures hitting this state and the country. I have been sort of busy the last couple of weeks with this issue and (some of) you may have noticed that my Blog has been dormant because I have been so busy.

The bad news? We have given up trying to save our home.

Ohio Helps Homeowners Facing Foreclosure to Save the Dream

OhioNews Bureau

ONB COLUMBUS: What do Ohioans facing home foreclosure and Shakespeare’s legendary Prince of Denmark have in common? Both hope a dream can help them escape “the slings and arrows of outrageous fortune.”

For the growing tide of Ohioans facing home foreclosure “to sleep: perchance to dream: ay, there’s the rub” could be one way to keep their American Dream of owning a home alive long enough for circumstances to change sufficiently to allow them to tell the wolf of foreclosure that prowls outside their door today to go away.

Should fraud and other laws be enforced , and how, or should banks be bailed out?

originally posted 2008-03-09 12:04:24 -0500

This is material on some of the different ways in which people are approaching the question of how to deal with the fall out from the housing and mortgage crisis. There's quite a few links here, and not so much comment. I hope you have time to work through the links

Have you seen any foreclosure signs?

Although the wagging heads are predicting that IBM's report yesterday would jump start a rally on Wall Street today, yesterday's drop of 306 points on the DowJones suggests that many aren't feeling so optimistic.

Last night at board meeting in town, one of my townfolks confided that two houses out of the 10 on their little cul de sac sprouted Foreclosure signs just in the past two weeks. That's a scarey 20% -- though a laughably small sampling.

But we are an "out of the way" pocket and pretty conservative financially (not a lot of real estate speculators in our tiny town), so such in your face evidence was startling.

Is anyone else seeing evidence in their neighborhoods?
UPDATE below.

Fears of Recession Prompt Ohio Governor to Offer Worker Buyouts

OhioNews Bureau

ONB COLUMBUS: Wind and snow are cooling off Ohio, as is the specter of an oncoming recession, that could further chill the state’s already ailing economy.

With light snow flakes falling as if they were blown off the canvass of a Norman Rockwell painting, the message Ohio Governor Ted Strickland offered today as a strategy to bolster the budget from the hungry jaws of economic recession probably didn’t warm the cockles of the hearts of state employees, many of whom could be offered early retirement buyouts to get them off the payroll.