Monday, October 18, 2010

Selling the American Dream

For the first time in history home repossessions exceed 100,000
with 1 in 371 U.S. homes receiving a foreclosure notice in September.
Banks have seized more than 816,000 homes in the first 9 months of 2010,
on pace to seize 1.2 million by the end of the year.
More than 288,000 seized in the 3rd quarter of the year alone (July-September)
Over 930k have received foreclosure-related warnings in that period (1 in 139 homes).

States with the highest foreclosure rates:
1) Nevada - 1/69 properties
similarly has the highest unemployment rate in the country
2) Florida - 1/148
3) Arizona - 1/159
4) California - 1/178
5) Idaho - 1/204

"Robo-Signers" and fabricated documentation have caused the process to steamroll
in what many have dubbed "Foreclosure Gate".
Many "foreclosure mills" went so far as to give employees gifts such as jewelry & cars
to forge and alter documents required by courts in foreclosure proceedings.
To speed up the process, employees ordinarily signed 500 documents a day without reading any of em'.

50 states have called for investigations into the matter
with major mortgage holders such as Bank of America even temporarily freezing foreclosures until the mess is sorted out, and for good reason:
at one point they went so far as to foreclose on a house they didn't even have a mortgage with,
a house that was paid with cash in full.
They're now being accused of racketeering in regards to the "snatch & grab" tactics used to swindle homeowners out of their number one asset.
Coming on the heels of the IMF, & many others calling for a new currency to replace the dollar,
banks are realizing soon enough the dollar won't even serve as proper kindling.
Therefore they want real assets which will retain their value,
in that regard it doesn't get much better than the American dream:
picket fences and 2 car garages and such.

Many mortgages were fraudulently pledged to multiple buyers at the same time.
In some cases, mortgages were repeatedly sold to buyers.

Despite the whole debacle, the Obama administration,
who might I add serve bankers & corporate interests rather than the people who elected them,
refuse a foreclosure moratorium.
Business as usual from the White House capitalist puppets.
Wall Street has even gone so far as to blame homeowners for the fiasco,
and its no wonder, analysts estimate the banks may lose an estimated $150 billion over the matter.
With Citigroup alone counting for $22-billion in losses.

Many blame Mortgage Electronic Registration Systems (MERS)
a company created by the banks to handle 60% of the nations mortgages.
A company with no employees but thousands of officers.
Basically once a mortgage is acquired it's entered into the MERS system and the original paperwork is shredded, leaving no paper trail and only digital data to backtrack.
Once payments are behind the MERS system enters the mortgage into a database
which then awaits human approval to be set for foreclosure.
Sounds easy enough until the system begins pumping out foreclosures at will and the humans for which they are assigned just sign the documents without ever reviewing them.

Stand up for yourself if you suspect wrong doing.

Take the Earl family, a married couple and their 9 children.
The family fell behind on payments and were sequentially evicted,
the home was then sold to an investor who remodeled the home and sold it to another family.
The Earl's then returned and with the help of a locksmith, changed the locks, and hunkered down.

For those of you who still don't get it:

who's who in the foreclosure scandal

industry catalog & price sheet for fabricated foreclosure documents

after woman buys home for $1,000 at auction, house haphazardly bulldozed

These diabolical weasels not only want your nest egg, now they want the entire nest!

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