Loosen up your girdle, Helen, here comes another potential scam on the American public.
We have read all of the reasons and explanations about Wall St.
But, read this idea.
Now that we know that most of the mortgage notes were securitized and sold off as investments of an asset based trust.
What does that mean? It means that when you signed that mortgage note, it was already scheduled to make up the assets of a to be formed trust.
With the formation of the trust document, your mortgage note disappeared.
The investors into this trust bought investment certificates that they only had to register a number and not their name.
So, this book entry allowed for a very loose type of transaction.
Who was to say that maybe some of the investors were shady characters that accumulated a lot of US cash for arms smuggling or dope production.
Well, now that we have an idea of what happened to your mortgage note, along comes another "pig" at the trough.
Now, I don't want anyone to think that when a bank, legally loans you money for a mortgage and they keep the note and service it, they should get paid for their loss.
But, how about those banks/lenders that never put up a dime, your note was converted into this asset based trust and when it went sour, the insurance company paid off the investors.
In, other words, your bank/mortgage company does NOT own the note.
BUT, here comes a government bailout or a short sale and who is being "unjustly enriched"? The same group of "pigs" that got paid a commission when they serviced your mortgage.
Now they have their hands out to get paid again from the government that you will end up paying anyway and they get paid for something that they might not own.
What is the answer? Simple.
Before these "cheats" are allowed to get one thin dime, they must PROVE they are the OWNERS of the note and have the ORIGINAL note.
No "hocus -pocus" from the Wall St.
lawyers or fancy talk.
Who should get that money? If the bank cannot prove they are the owners, then that money should go the local community where that abandoned home is sitting.
This money will go a long way to create a local job to make this home livable and just, maybe, someone will buy it.
Worst case scenario is that the home is brought up to standard and is livable but the "cheats" on Wall St are not enriched again.
As long as we have bureaucracy and continual "professional obsolescence" the "fat cats" in Washington and on Wall St will not look into this travesty, but simply treat this as "spoils of war".
Meanwhile, here we are looking for a job at the local Wal-Mart, trying to feed our family and the endless spigot of greed keeps flowing.
I recently read an article about how the French were curious about why this country was not building prisons but the French were consumed with building enough prisons to accommodate their prisoners.
This was in the early 1800 hundreds.
In fact the man's name was Alexis Tocqueville and the year was 1832.
He reported back to the French Government that he could find no secrets here in America where he could determine why we had far less prisons than the French.
He reported that we had no superior universities, bridges, farms, industrial centers or anything that he could make the determination as to why we had less prisons.
But, he did report one thing.
He said "The Americans go to church and pray.
They are a good people unlike our citizens, they are close to God" That is the reason for the lack of prisons.
They are good people.
We have more crime because we are not close to God.
I didn't create this, it was written.
There is an old adage that goes like this.
"A lie well believed is just as good as the truth".
How long do we have to treat these "thieves" in high government and finance as our leaders and fortune tellers.
When are we going to make them work for their paycheck and answer to their boss.
The American People.