Posts Tagged ‘Credit Bubble’

Land Owners to Serfs No Matter How You Slice it… A Quick Look at Modern Feudalism

Saturday, November 7th, 2009

New Fannie Mae Program *Allows* Homeowners to Turn in Deeds for Leases with Fannie Mae.

Can someone tell me how this is different than the massive foreclosures on American farmers in the 1890’s?  Really?  I want to hear how.

Homeowners now have the *marvelous* option of becoming tenants to Fannie Mae for one year instead of being homeless destitute foreclosed upon homeowners!

Oh Goodie we get to be tenants in our own homse because the banks created a housing bubble that made our home worth more than anything we could actually afford to live in and then took that profit and is now wiilling to RENT us OUR HOME (for one year) until they figure out how to take us for ever as a new “tenant”???

This is an interest only loan gone berserk. This is pure and simple debt slavery where you never own a thing you simply rent – and pay – or you could just call it what it is: Modern Feudalism.

Hello new world.

Goodbye old one…

Fannie Offers Leases for Deeds Trade Your Home for a Lease Today!

Because…  YOU CAN!!!

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Speaking of Change… Or Not

Saturday, October 17th, 2009

Seems some year and some ago, there was a great energy of change which was moving across this land.

But that change has come to a stand still. It’s as if someone turned back the clocks and threw us back in time.

Nothing seems to have “Changed” at all. We have had a war over health care in the streets as the Media has pitted those who need care against those who do not want anyone including government to control their access to what they believe keeps them healthy – which mostly is NOT the medical establishment – and we have had no movement of any substance on any major issue facing us.

Worst of all, as our nation has gone into this crisis led by the same Paulson, Geithner and Bernanke; so we still are being led down the garden path by the very people who created the debacle. The same who led us here are still leading us further astray. This is not change.

We simply keep falling for the rhetoric and not asking the real questions. Why? Because the guys we hired to do that job up in Washington are still all owned by the guys we need them to regulate.

The change that we came to the table for is not here, and it is time to talk about it honestly and directly.

The United States of Goldman Sachs is still running this nation. and so are the Bandits of America and CountryFine. Homeowners and good people all across the nation are eating dirt because the banks decided to go on a joy ride with credit at everyone’s expense and to their enrichment.

What I don’t get, excuse me, pardon me, is that while the blogs online are talking about it, NO ONE is doing anything about it except the same damn guy who has ALWAYS been doing something about it and that is Ron Paul.

I have watched this country sink into an ever deeper miasma of self doubt and fear and loathing and yet no one seems to be willing to stand up and ask the simple question. Where are the investigations of the fraud mongers? Which CEOs and “Federal Agents” have colluded to create this colossal financial catastrophe and who is on their way to jail?

Yet the land is dark and silent and the people keep taking their lashes and I wonder why they are so patient and so vigilant in a system that will trade their soul for a “loan mod” that will not reduce their principle balance nor their past dues but only trick them once again into an interest only cost inducing kick down the road…

A kick that will cost them only the waiving of all their rights as borrowers in ANY and ALL previous transactions; but which will leave them still completely burdened with the owing of the debt while the property which underlies it continues to fall.

This is like a death trap spiral in a cobra pit.

You cannot get out because you cannot qualify to get out and if you do qualify to get out the cost is everything plus waiving all your rights to any legal retribution to the lender for past wrong doing. Talk about the perfect con. They get you coming or going – with short sales with “borrower contributions required” on non recourse home owner loans (you know the kind of loans that the lender has to agree are limited to the real property for recourse – can’t ask for or seek funds from the borrower if those loans go bad… . – Well, not any more; the terms just changed.

Now they are going to take either a promissory note or cash from the seller losing their home in order to sell their home in a short sale and avoid foreclosure. So you either pay cash or promissory note or you lose your non recourse status, or to keep it you have to allow the house to go to foreclosure, not take the short sale and cost the taxpayer more money and put a foreclosure on your credit history.)

Or loan mods with increased monthly payments, no principle write downs and all the junk late fees and additional charges just thrown to the back of the loan for the borrower to pay later – while he pays off a loan worth twice what his house is now worth for the privilege of going broke trying – it’s all here. You have to try to qualify – to waive all your rights to ever hold them accountable for the fraud they just perpetrated on the entire economic system with their inflated bubble lending and MBS production mills.

MBS. I think that has to stand for More BS. MBS the truth is in the acronym. A pile of it too. They are now making all of us accountable for their fraudulent tactics against us!

MBS. I think that has to stand for More BS. MBS the truth is in the acronym. A pile of it too. They are now making all of us accountable for their fraudulent tactics against us!

This man who came in talking change is now telling us that he thinks the FED can deal with it?

This is bought, sold and paid for. Sorry but that is just a fact, so don’t talk rhetoric to me. The Goldmand Sachs of America still stands and he is their poster child. Change, my ass.

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The Planet Money Adam Davidson Elizabeth Warren Interview

Sunday, October 11th, 2009

Elizabeth Warren gets into it with Adam Davidson of NPRs Planet Money – This is one of those pieces to listen to just to see where people think people are on the issues – but while it’s great intellectual food for thought (maybe) it still leaves aside the most major of all the underlying issues which is when does the corruption and pilfering stop?

Apparently, not here.


Planet Money Interview Adam Davidson and Elizabeth Warren May 2009

We note that all pontificating aside, not much has changed in the five months since this interview came out – the banks are still foreclosing on homeowners at a record clip; the government is now subsidizing private investor’s acquisitions of those “troubled assets”; new hedge funds are springing up to purchase the housing inventory left in the wake of the “credit induced housing bubble”; and, just by coincidence, no one has made a single move to begin prosecution of the most massive control fraud and public fleecing in America’s history. We note that the COP (Congressional Oversight Panel) under Elizabeth Warren DID come out last week and chastise the Tresury for its failure to provide any type of meaningful relief to the millions of Americans still facing foreclosure.

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Meet William Black: Federal Investigator Charges “Control Fraud” Against Mortgage Lenders

Sunday, October 11th, 2009

Unlike the movie Meet Joe Black, there is no good guy wealthy Anthony Hopkins character in this modern day real life drama. William Black is the former Savings and Loan investigator responsible for putting over 1000 S & L execs behind bars in the Savings and Loan Scandal.

In this interview with Bill Moyers, Black explains just what he sees having gone on in the current mortgage crisis.

Read the

Full Transcript of Bill Moyers and William Black Interview

Watch the

Flash Video of the Complete Bill Moyers and William Black Interview

If you really want to understand what has gone on in the creation and expansion of what William Black calls a top down control fraud engineered entirely by top level bank executives looking for “off the chart profits”, this is the place and Mr. Black is the man.

William Black is no conspiracy theorist; he is a hard nosed investigator with a stellar track record of uncovering and prosecuting those responsibie for financial fraud. It is his position that the current mortgage crisis is was brought about by just that – a massive internally driven fraud by top level bankers.

BFR Webmaster Note: We give Mr. Black and this information our highest rating.

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Stanford Economist John Taylor – A Voice of Reason

Sunday, October 11th, 2009

If you are looking to expand your understanding of the economics behind the current crisis, a great place to start is by reading the works of

John Taylor – Stanford Economist, Author and Professor

On his blog

Economics One

you’ll find cogent discussions of current events, as well as plenty of resources for learning right along with his economics class students.

For serious students who wish to get a deeper knowledge of the current crisis, we recommend his two most recent books:

The Road Ahead for the Fed

: with George Shultz, Allan Meltzer, Peter Fisher, Donald Kohn, James Hamilton, Myron Scholes, Darrell Duffie, Andrew Crockett, Michael Halloran, Richard Herring, and John Ciorciari, 2009
And

Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis (Hoover Institution Press Publication)

BFR Webmaster note: This educational resource has our highest rating.

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