http://thenewamerican.com/economy/se...tate-fire-sale
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Incredible. First they relaxed the loan requirements to borrowers based on a 'credit' score, then followed that up with (liar loans, No Down, No Documentation Loans) then they pulled the rug out from under the borrowers by destroying the currency and jobs, then they passed legislation paying themselves for bad loans (TARP) and sold the paper to vultures. They got paid twice. The vultures have no legal standing because they failed to properly document the property transfers in various county clerk's offices so they pass more legislation which says that they did not have to follow the rule of law. Then they foreclose on the families, toss them into the streets, and claim ownership of real property. Who is going to jail over this?
Sure. Soon we will all be renters. Only the wealthy will actually own property.
So what did we have? An industry that acted irresponsibly.
They ran up the price of housing until it crashed.
Then the government ripped off everyone to bail them out.
Now they are going to be able to buy back the assets at pennies on the dollar and start the process all over?
Could the fact that we've all been ripped off decade after decade through the counterfeiting of the money supply for wars, manipulation, and fraud, to the point even sound business models can't keep up and stay in business, that even though they think they can keep their game running, the rest of us are just relegated to watch.
I suppose this is where we break out the popcorn.
P.S. Since it is our property, in the very least each one of should receive a share of the funds brought in. It should be the same way when they log our forest, or pump our oil, or a number of other sales. If I ran a company like this and stiffed the shareholders they way the government stiffs us, I should probably be in prison instead of making big contributions the way they do.
I feel sick to my stomach. Just wtf are we to do?
I can tell you what I'm not going to do... rely on politics to solve this problemQuote:
Originally Posted by Pauls' Revere
Wait until they find out that ALL the titles of any property sold over the past decade are clouded and that it will on average cost more to sort that out than they will get in profits from the transactions.