Salon.com has published an article by
I had just about given up on mainstream media to start writing about the truth about foreclosures. Suddenly we have two writers putting together a story that tells it the way it is. The only thing I would add is that the banks have successfully created the illusion of a declining problem. The fact is that the number of foreclosures is going just as strong as ever but it is being managed by the banks so that it does not scream “emergency.”
If those affected by foreclosure were a voting bloc, we’d treat the crisis as the ongoing emergency that it is
The fact remains that those were most affected by foreclosure have less opportunity to vote. Their lives torn asunder by illegal mortgages, fraudulent foreclosures and even more fraudulent auction sales of their homes, they find refuge with friends and relatives but it is only temporary. I would say that if those who have been or will soon be affected by foreclosure were hit with this monster all at the same time, we would treat it with perhaps as much urgency as 9/11. But because the numbers are controlled by the banks as they switch from one geographical area top another, they are able to get articles published in one area about how the foreclosure crisis is over when in fact it is full steam ahead, taking the country as a whole.
So here is a little tidbit you should know. The entire securitization thing was a sham. Investment banks are giggling over the fact that they pulled the wool over everyone’s eyes, perhaps with the help of the government they control. Here is the truth of it, as far as I can tell, and I am certain of this based upon interviews, background info, and my own digging: with securitization the investment banks ushered in a new era where they created initial public offerings of securities issued by private trusts, sold them to pension funds and other investors and then, remarkably, kept the money instead of turning the proceeds of sale of MBS to the Trust. Yes they did an IPO and they have kept the money from the proceeds leaving the trusts and the holders of securities issued by the trust, in the dust.
It might take you awhile to wrap your brain around that. But once you do, you will probably know as much as I do about securitization and securitization fail.
Filed under: foreclosure