Mortgage

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?

Freddie Mac hit the Brakes, on the Easy Credit Party

great collection of data, again, by jamess. Originally posted 2008-10-10 13:58:16 -bumped, cho

These guys were perfectly happy to get you into that New Home, "No Matter what it takes," during the hay-days of the Ownership Society.

Hedging their bets -- about exactly WHO owns your Mortgage?

Promoted as jamess provides us with information that all of us need to know more about to help understand our current crisis - standingup

In the Olden Days (B.D. -- Before Deregulation)

1) you want to buy a House

2) you put 10-20% down and got a mortgage loan, after intensive scrutiny of your income and creditworthiness

3) you spend 30-years making monthly Mortgage Payments

4) you take Ownership of your Home, free and clear.

5) IF you fail to make Mortgage Payments, for 3 months or more, a Snidely Whiplash character would show up from the Bank, and promptly put you out on the street.

Fortunately (or unfortunately?) in these 21st century days of Investment Banks and Hedge Funds, riding herd in a "wild west" electronic economy with little to NO Oversight, you may still default on your Mortgage -- yet too often it seems, that No One really knows, exactly WHO owns your House, when you do ...