defaults-short sales-foreclosures
Some news from the lender front. While the economy is really, really hurting a large number of people, and a large number of businesses, some folks are just plain prospering. An example of how to buy assets for less than ten cents on the dollar is here.
I previously posted here the intention of Fannie to buy back a pile of mortgages over 120 days delinquent, and now Freddie is going to do the same thing. When you hear the talking heads on the news opining that things are improving, take into account the huge number of foreclosures this situation will lead to. Also consider that the liabilities of these two GSE's, (government sponsored enterprises) are not figured into the administration's deficit figures. That large sucking sound is your tax dollars leaving you for the boys and girls in Washington and their friends.
A lot of the news we hear is intended too convey that government behavior and the actions of lenders are designed to ameliorate the woes of borrowers and help them through a rough patch.
This article about the plans of CitiMortgage to "help" troubled borrowers is part of the propaganda campaign. If you think for one minute this is an altruistic move, think again. When the incredibly complicated mess of the mortgage security market is finally sorted out you'll find that the government which enabled the huge profits gained by the lenders will have shielded them from the risks of of their bad bets, and have in fact further enabled even larger profits funded with your tax dollars. Goldman Sachs is an early example, but simply the highest profile to date. There are others and will be more still. There are those "too big to fail", and the rest of us, "too little to care about".
For those in trouble or headed that way, our free booklet is available here and if you want a referral to an experienced attorney anywhere in the country, visit here
We'll continue to offer informational links on matters of interest to borrowers, or anyone with an interest in watching the politicians steal our money and pay off their friends.
As usual,
Thanks for visiting.
I previously posted here the intention of Fannie to buy back a pile of mortgages over 120 days delinquent, and now Freddie is going to do the same thing. When you hear the talking heads on the news opining that things are improving, take into account the huge number of foreclosures this situation will lead to. Also consider that the liabilities of these two GSE's, (government sponsored enterprises) are not figured into the administration's deficit figures. That large sucking sound is your tax dollars leaving you for the boys and girls in Washington and their friends.
A lot of the news we hear is intended too convey that government behavior and the actions of lenders are designed to ameliorate the woes of borrowers and help them through a rough patch.
This article about the plans of CitiMortgage to "help" troubled borrowers is part of the propaganda campaign. If you think for one minute this is an altruistic move, think again. When the incredibly complicated mess of the mortgage security market is finally sorted out you'll find that the government which enabled the huge profits gained by the lenders will have shielded them from the risks of of their bad bets, and have in fact further enabled even larger profits funded with your tax dollars. Goldman Sachs is an early example, but simply the highest profile to date. There are others and will be more still. There are those "too big to fail", and the rest of us, "too little to care about".
For those in trouble or headed that way, our free booklet is available here and if you want a referral to an experienced attorney anywhere in the country, visit here
We'll continue to offer informational links on matters of interest to borrowers, or anyone with an interest in watching the politicians steal our money and pay off their friends.
As usual,
Thanks for visiting.
posted by Douglas Doss | 7:34 PM
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