- Personal Finance
The Stupid American and Mortgage Default
Ok Prove Your Intelligence Here America!
Is being underwater on a loan the fault of the Lender or the Borrower
Either the poll Was Fixed or the American Public Is Incredibly Stupid.
There is no hope of financial literacy for the American public if one is to believe the astounding poll taken by Fannie Mae. The poll found that a majority Americans believe that it was the borrowers fault, not the lenders, when it comes to the blame for bad mortgages. What this is is a giant sleepwalk by the American public. The plan was to scam the borrowers. It was the fault of the lenders all along. The scam was organized and carried out by the lenders and their backers, the Wall Street financial banks that sold these crap bonds throughout the world.
The poll found this astonishing fact:
But industry fears of strategic default may be overblown, as nearly nine in 10 Americans and more than seven in 10 delinquent borrowers believe it is unacceptable to stop making mortgage payments altogether. Fannie found that only 39% of delinquent borrowers and 9% of underwater borrowers have seriously considered stopping payment.
This makes me sad and embarrassed to be an American. Since when does a scam rob you of the right to walk away from it? What is the ethical requirement to pay usury or unfair loans? There is no religious ethical requirement that I can think of. These banks are not your trusted neighbor, who you want to pay back. These banks are part of a very dark system that requires whatever you are foolish enough to give them.
So many of you people are so ill informed that you must be listening to liars or you are gaming the system to try to keep your own home values from crashing.What I mean is: it is in the homeowners interest to say that house prices have bottomed, as the poll reveals was the majority opinion. It is in the homeowners interest to say that it is the fault of the borrower, as that will keep the weak and wavering from walking away, or so they think.
But in the long run, it may not be in the homeowners interest to think that the banks are not at fault. The banks will scam us again if we don't "get it". The too big to fail banks must be laughing at we Americans after this poll. They must think that they can get away with anything!
While a small majority, 53 percent, felt it was the borrowers fault not the lenders, that is still a majority. And with all the education out there about what the banks have done this is an unacceptable majority! Worse yet, only 39 percent of people who are struggling have thought about defaulting. That is ridiculous. The prices aren't going to bounce back. You are throwing your financial futures away.
Dumb Americans, tell you what. I am putting a poll of my own on this site, and you can vote here. Tell me what you really think. Stand up for whatever you think. But remember, the big banks were given off balance sheet privileges in Basel 2, way before the liar loans. But the framework was set. And the scam was put in place. So learn a little here, and here and here before you vote.
The fact that banks are now allowing a writedown of principle is pretty much an admission that their loans were a scam.
Disclaimer: This is a protest website. Your tax or legal exposure for walking away is something you should check out with an attorney. If you have the balls, just hide underground, as this is a sort of guerrilla war that is being fought against the Class Warfare that comes from the top reaches of financial power.
James B. Stewart's Article is Pure Propaganda
James Stewart wrote an article in defense of Fannie Mae, who said those who strategically default cannot get a mortgage for 7 years. (With the potential demise of the 30 year mortgage that may be a good thing for borrowers!) The article by Stewart is full of propaganda:
1. It is propaganda to say that borrowers were the cause of their demise when it is a proven fact that thelenders were in control of the process of ponzi lending. The housing scam was the fault of the international banker cabal, the big money behind the lenders.
2. It is propaganda to say that the decline of housing prices won't be helpful to an overpriced housing market.
3. It is could be propaganda to say the house prices will return to bubble levels anytime soon. That is pie in the sky dreaming without the rekindling of securitization and the flow of easy money lending once again. With the potential demise of the 30 year mortgage this will not likely be the case.
4. It is propaganda to say that people don't have the right to walk away from scams. What rule in the cosmos says you don't have that right?
There was once a man named James Stewart, who, in It's a Wonderful Life, was a moral banker. In defending immoral bankers, Mr. James B. Stewart, you prove that you are no Jimmy Stewart. No, you were, indeed, misnamed.
The Fed Says the Recovery Is Not Sustainable Without Jobs Recovery.
How many of you stupid Americans believe in a "jobless recovery"? Wall Street scamsters have been telling you that we can have a jobless recovery because of productivity gains, etc. But the Federal Reserve says no. We cannot have a jobless recovery. That means that the stock market is in jeopardy. At Seeking Alpha I wrote about the grave danger to the stock market. So far, many Americans have been smart to stay out. I wish they were as smart about the culpability of the banks and their shadow banking system and NAR saying that real estate almost always goes up, which got people who were unsophisticated into the crap mortgages that they need to walk away from today.
Dylan Ratigan. The Fed is a Ponzi Scam
More Economic Information to Get Smart! Watch the Videos Down This Page Too.
- Warning From Paul Miller Who Covers Fannie and Freddie That 30 Year Mortgages May Go Away
Paul Miller, an analyst who follows Fannie Mae and Freddie Mac said on 6/16/2010 that the 30 year mortgage will go away without the two GSE's continuing to guarantee loans. This interview with Mr. Miller was...
- Stopping the Housing Spiral Is Another Government Scam. Boycott Housing. Boycott Trusting Wall Stree
I have talked to many young folks who want to buy a home. But the housing market is not adjusting so that they can afford to buy their first home. Investors are competing and are spending cash. But the fact...
- Tea Party Republicans: I Wish I Could Believe You When You Say You Want to Cut the Lifeline to the B
Being an independent voter, I have no skin in the game regarding Republicans versus Democrats with regard to the credit meltdown. Both parties clearly were involved in allowing the Ponzi housing loans to...
- Proof the Stock Market is Manipulated by Investor Class
A recent article by me on the Seeking Alpha website indicated that reverse repos could bring the stock market down and increase volatility. The issue is that reverse repos, a method championed by Ben Bernanke...
- Predatory Mortgage Servicing Fraud First of a Series | RISMedia
RISMEDIA, April 6, 2010Its been more than three years since I wrote an article about mortgage servicing fraud. Im a little older, but its still
- The Fascist Government Will Continue to Screw the Middle Class
Find Debt Solution strategies As I wrote for Seeking Alpha awhile back, the Federal Reserve private bank wants to sell bonds off their balance sheet in the form of a reverse repo, while also trying to sell...
House Prices Must Decline in a World of Globalized Trade.
Globalization requires more competitive wages, and the US is not competitive in the world stage. Emerging markets are eating our lunch. As a pundit once said on CNBC. the Chinese make things and we sell each other insurance! So, it while it is likely that global wages will increase in emerging markets, Americans will not likely see across the board wage increases if America is to be competitive.
Housing is a major expenditure that is making it difficult for people to be willing to work for less or forego raises for long periods of time. Housing has been inflated. Fannie and Freddie may have been a good idea as a temporary fix for the Great Depression. But keeping the agencies and providing easy money for all these years, coupled with the no money down easy money of the shadow banking system in the most recent bubble, has raised prices of houses to levels not sustainable in the global economy.
Therefore, It is essential that housing prices, rents and utilities, etc. come down in price, or we will never come close to being competitive on the world stage. This explains the "Jobless recovery" which is no recovery at all. It explains why Americans have fallen prey to no money down scams and refi scams. This is the work of the shadow banking system and it is necessary that people, dumb Americans more than others, wake up! Wake Up!!!
Americans need to shed debt any way they can. Americans need to walk away from toxic mortgages in order for this country to become more competitive. Yes that is right, in order for this country to become more competitive, people must shed debt and realize that the shadow banking system was a PLANNED SCAM. Otherwise, as wages decline, people will find that there is little appetite for buying houses, forming households, etc. People will hunker down in extended families and demand for housing will decline. In a global economy, either house prices decline or demand must decline where there is a mature economy competing with emerging markets. This is basic economic principle. Wake up Dumb Americans!
The wealthiest of Americans have a vested interest in:
1. seeing real estate not decline.
2. lowering wages for Americans and making America competitive.
These contrary manifestations of greed by the uberrich becomes a vice grip around the necks of Americans. Teach your children. Understand what is going on here and don't be so stupid, America.