Two things are obvious: the human cost of foreclosures is rising and has become permanent. And the cynical way in which the banks and servicers are managing the news by playing whack-a-mole with data analysts has resulted in a form of victory for banks and servicers who mostly have no real interest or authority for the loans they are saying they are “enforcing”.
If you get news feeds like I do you see two diametrically opposed feeds regarding the number of foreclosures — one says foreclosures are off by 64% and the other says they are worse than ever. Wall Street has managed the news by starting increased in foreclosure activity in areas where they allowed the pace to slow. And they take their foot off the accelerator in areas where the rate of foreclosure is high — only to return later to do the foreclosures.
The reason is simple — they want foreclosures off the radar. As long as it is not on front pages across the country editors are not going to push their reporters for stories on foreclosure. At this point it is plain as day that if investigative journalists really did their work, it would be a lot easier for them now to report on Wall Street corruption and the absence of legal authority to foreclose or make any claim on a mortgage and note in which nobody in your chain of title has ever loaned money to a borrower or paid money to acquire the loan documents.
As long as the fourth estate doesn’t do its job on Wall Street corruption, the Banks will retain control of our government. We had a coup d’etat in 2008 and its time that we took notice of that change.
The mortgage crisis was not just an economic event. It was an act of economic terrorism. Both the Bush and Obama administrations missed this because they did not know enough about it. So they ended up not only negotiating and paying the terrorists but getting their intel from them as well. And it still going on. As long as the only intel used by any presidential administration comes from the perpetrators, the correction needed in finance will never happen.
Write letters to the editor on the newspapers and other media you see you read and ask them to get more active in reporting on foreclosures.
Filed under: foreclosure