The Fox is guarding the hen house and the money changers are the den of thieves. One of the biggest causes of foreclosures is the mortgage payment policy of Freddie Mac. If you are over one month late on your house payment Freddie Mac will refuse one full payment, it will only accept two full payments unless you are over two months late then it will only accept three full payments. It will refuse your money and because the lone is insured, Freddie Mac will not have to wait thirty years for repayment, It is more than happy to force you into Foreclosure to cash in on the mortgage insurance it forces you to pay for. So for every trillion dollars in mortgages there is forty trillion dollars in mortgage insurance. Foreclosures are a very good thing for very few and is why ( AIG ) American International Group went bankrupt, It insures mortgages. The U.S. government then rewarded AIG one hundred and fifty five billion dollars for its failure, caused by fraud, and greed by the government and corporations since 1887.
Another reason for so many Foreclosures, Deregulation of everything by the U.S. government controlled by corporate America. Greed does not equal truth and honesty or even common since fairness.
The U.S. Treasury prints money, then gives the money to the Federal Reserve Bank for the cost of printing, So one hundred dollar bills to one dollar Bills go for about ten cents a copy, I wish I could buy one hundred dollar bills for ten cents a copy, I would be very happy to buy one dollar bills for ten cents a copy. Three or more of the five top banks of the U.S. Federal Reserve Bank are foreign banks, two German banks and the Bank of London, and the other two, my understanding is an Italian and Israeli bank, its all a big secret, the bank will not share that information, and has never been audited, ever.
The Federal Reserve Bank will loan your home town bank the money to loan you based on how much money your home town bank can keep in its safe (vault) called its reserve (deposits) The federal Reserve bank sets the reserve rate, so if the reserve rate is set or changed to two percent, your home town bank would need two cents in the vault of depositors money to loan you a brand new dollar of new money from the Federal Reserve Bank to you the customer at a set interest rate over a set period of time and in most cases the customer must put up some kind of collateral worth at least the value of the loan or more and then the customer pays back the money in full with interest then your bank keeps it share and pays back the Federal Reserve bank, but if the customer can not pay back the loan the bank seizes the collateral and then sells the collateral to pay back the loan.
Today when you barrow money from your home town bank, to buy a home, your bank can loan you the money, and wait thirty years for you to pay it all back, or it can sell your loan. Today most banks and mortgage companies sell their home loans and mortgages to a corporation set up by the U.S. government to buy mortgages from banks called Freddie Mac and Fannie Mae. So your bank is no longer at risk, it has all the money it loaned you back and then pays back what it borrowed from the federal Reserve bank.
So your happy in your new home, Your bank is happy, it does not have to wait thirty years to be paid in full, and the five top banks of the Federal Reserve Bank is very happy about all the money it has back that only cost it ten cents a copy.
So every one and every thing is happy, and living happily ever after. Well some of the home owners are going through a living hell, Thanks to Freddie Mac, it wants to make a fast buck too.
Freddie Mac does not service the loans it is responsible for, it pays something else to that for it. One of the servers for Freddie Mac loans is a company called Greenpoint Mortgage which is owned by a credit card company called Capital One, and together are the worst entity I have ever had to deal with in my life time, the right hand has no clue there is a left hand, Its job is false credit reporting and payment collections and forced Foreclosures for Freddie Mac.
Freddie Mac has nothing to worry about because it bundled up all the loans it bought from banks and chopped it up into pieces and sold them to investment bankers on Wall Street and are over insured at about forty to one, So who or what is the under writer for Freddie Mac?
Today everything is going wrong, thanks to corporate control of the U.S. government, that has deregulated everything. We the People are being Raped by the corporations of America with the blessings of the U.S. government. Nine thousand familys are losing there homes everyday and now the U.S. government is going to make them bail out the criminals who through them out on to the streets and STOL there homes from them for the mortgage insurance money, If I burn down my house for the insurance money I am going to jail, and today the ENRON loophole is still on the books, allowing for the overpricing of energy, contributing to foreclosures, now add the credit default scheme to the picture. Capitalism can only work if it does not own and control the government, just like it has, since 1887.
I do not have a problem with home town banks, They are the back bone of this great experiment called the U.S. of A. , MY problem is with mortgage companies committing intentional fraud, with the blessing of Freddie Mac and AIG and beyond. Our home mortgages and retirement funds do not belong in Las Vegas, or on Wall Street.
The Republican and Democratic parties are corporations, Freddie Mac is a campaign slush fund for both parties.
I sincerely believe, with you, that banking establishments are more dangerous than standing armies.
Thomas Jefferson, 1816
If you Gamble in Las Vegas and lose your bet, atleast you get a free drink.
If you give your betting money to a thing, to Gamble aginst you on Wall Street and lose your bet, you lose far more than just your bet.