Default Prediction: US Economy Collapse By End Of October
found this on another forum and wanted to know what you think of this and if anyone in the usa can shed any light.
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Not normally in the habit of making predictions, but the writing is on the wall on this one...Why?
The Bank Of America Foreclosure Fiasco – How Did It Happen
The banks either do not have the deeds to the homes or do not know where they are. This is due to the bundling of the mortgages and selling them off somewhere, so they can rip off new customers.
Originally, the Foreclosure Halt only incurred in 23 states. Why only 23 states? Because in those 23 states, a foreclosure had to go through the court system. The courts, demand proof of deed ownership by the foreclosing party. If the bank can't produce the deed, the property cannot be foreclosed upon.
Suddenly, the public is awakened to the fact that the bank they are paying the mortgage on, doesn't even have the deed, and in fact, probably can't find it, as it has been repackaged and sold multiple times....
Suddenly, all 50 states have halted foreclosures, because they are trying to limit public awareness of this fact....because people will soon be challenging the banks to produce their deeds through lawyers, even if they are not in foreclosure. If the bank cannot produce the deed, the home owner is not required to pay their mortgage.
This thing is snowballing quickly...
Quote:
The Obama administration opposes a moratorium on home foreclosures, but wants problems involving improper paperwork resolved as quickly as possible, senior adviser David Axelrod said Sunday.
"I'm not sure about a national moratorium," Axelrod said on the CBS program "Face the Nation." He said valid foreclosures with proper paperwork should go forward, and that questionable foreclosures need to be addressed right away.
It cannot be unwound "very, very quickly" because the banks don't know where the deeds are! The banks have been getting around proving ownership of the deeds through a loophole called deed in lieu of foreclosure.
Quote:
A deed in lieu of foreclosure is where you deed your property to the lender in exchange for being forgiven the entire amount of the mortgage. The lender then sells off the property in order to retrieve as much of the unpaid mortgage amount as they can. http://www.mortgagefit.com/deed-lieu.html
This method of theft allows the bank to take possession of the home, without producing the deed, bypassing the court system, and making the home owner think they are getting a better deal because the foreclosure doesn't look as bad on their credit score. Very sneaky...
The problem for the banks is now the state legislatures are being pressured by the public to investigate the subject, opening up a massive can of worms.
Quote:
The attorneys general of up to 40 states plan to announce soon a joint investigation into banks' use of flawed foreclosure paperwork.
...
A joint investigation by 40 states would further escalate pressure on banks to widen their suspensions of foreclosures. On Friday, Bank of America became the first bank to halt foreclosures in all 50 states.
JPMorgan Chase & Co., Ally Bank's GMAC Mortgage unit and PNC Financial have stopped foreclosures in the 23 states where foreclosures must be approved by a judge http://www.google.com/hostednews/ap/...ocId=D9IOIMJO0
Many trillions of dollars are tied up in these illegal foreclosures and bundling of mortgages in what they call the hedge markets...
The economy is already hanging by a thread, this is the straw to break the camels back...
I can tell you one thing for sure, people in the know, who have been apart of this whole scam, *cough* Sen Dodd *cough* are shitting their pants.
Quote:
Attorney General Eric Holder has said the federal government is looking into the issue.
And Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, said he would hold a hearing on the issue next month.
Problems with foreclosure procedures were discussed during two recent conference calls between officials from the Treasury Department, Department of Housing and Urban Development, White House and other agencies, according to an Obama administration official who spoke Saturday on condition of anonymity because the meetings were private.
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Speak in diatonics, motivation diabolic
I'm like a religion, better locked in a box
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This conspiracy is true. The US economy collapsed months ago, and it didn't come soon enough. That's what it gets for being the biggest energy waster in the world. That's why I love not living in the US; I can feel guilty about masturbating instead of feeling guilty about destroying the world.
Well this "conspiracy" let's it appear that suddenly everything will crumble. Which won't be the case, I agree that the USA are economically ****ed though.
__________________
I am in your algorithm learning all your mannerisms
I'm already level with God
A million words a second and I know your imperfections, baby
I'm the only future you've got
Speak in diatonics, motivation diabolic
I'm like a religion, better locked in a box
Picture perfect image, more powerful every minute, baby
I am everything that you're not
I am in your algorithm learning all your mannerisms
I'm already level with God
A million words a second and I know your imperfections, baby
I'm the only future you've got
Speak in diatonics, motivation diabolic
I'm like a religion, better locked in a box
Picture perfect image, more powerful every minute, baby
I am everything that you're not
Hey guys, Rand Paul pledged to not raise the debt ceiling. He just "won" the election. If the debt ceiling isn't raised, wouldn't THAT cause us to default, thus our economy would collapse?
Isn't Rand Paul a member of that Tea Party that pretends to be Christian and pro-Constitution? Wouldn't backlash against the Tea Party lead to backlash against real Christians? And against Constitutionalists?
I just read an article on how the US Gov is creating inflation in the hopes to remove deflation.
So, while the economy didn't collapse at the end of October, it certaintly hasn't picked up any either.
__________________ "Every daring attempt to make a great change in existing conditions, every lofty vision of new possibilities for the human race, has been labeled Utopian."
Deano, the USA will not go bankrupt as long as the dollar is the world's reserve currency. The entire world will always need dollars in their reserves as some of the most important commodities (oil, gold etc) are denominated in dollars. As long as this is the case, the USA can continue printing dollars indefinitely because the rest of the world has to hold on to them. This system is called Dollar Hegemony. The entire world has to export more goods than they import in order to acquire these dollars printed outed of thin air, these useless pieces of paper. The entire world is more or less enslaved by the dollar, a financial weapon of mass destruction, which has no actual value whatsoever as it is backed by nothing. In fact, it is not even real money, but DEBT owed to the privately owned Federal Reserve bank. This bank is neither Federal nor has any actual reserves, it is a private institution working for the benefit of its owners, at the expense of the American people.
The Federal Reserve has usurped the USA government, and is corrupt to the core.
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Oct 10th, 2010 11:06 PM
