We are in a serious mess. Greed has cornered itself in a box canyon and I expect a shootout soon. The banks sold trillions of dollars of mortgage-backed securities and failed to “perfect” the title transfers as well as shoddy handling of paperwork. This is not a new revelation but has been brewing for two years. In the meantime, banks tried to get HB 3808 passed through Congress knowing that the chickens would come home to roost. President Obama would not sign this bill into law, especially before the November 2nd elections. He is the only one who would be on record, as noted below.
American Families versus The Big Banks
You have three direct parties in the MBS issue: the borrower (average American family), the lender (Big Investment Banks), the investor (pension funds, other banks, Federal Reserve[after disclosure of the toxic debt]). Why do pension funds exist? For the American family. Who pays for the Fed’s actions? The American taxpayer (or family). Ultimately, this issue is between the Big Banks and the American family. The problem is that the American family does not seem to be well represented in this issue. The banks know this. Congress is charged with the fiduciary duty to represent the welfare of the American family. The banking industry is the largest contributor to Congressmen re-lection campaigns. Hmmm.
U.S. Congress versus the American Families
House Bill 3808 was an attempt to make it easier for lenders to bypass the notarization process by allowing “electronic” notarization. I don’t know about you but when I executed a mortgage on my house, I had a mountain of paperwork to review and had to sign my name more than 10 times on various documents to insure that there where no loopholes for me to get out of my mortgage debt in court. The mortgage company attorneys made sure of that. However, when it came time to sell that mortgage paper upstream the banks often bypassed the same pain of paperwork they forced on the borrower. Since they knew they had cut corners, they wanted Congress to “fix” the problem with a new law- HB 3808. It is interesting to look at the apparent deception surrounding this law. When I attempted to find out if my Congressmen voted for the law, this is what I found:
Apr 27, 2010: This bill passed in the House of Representativesby voice vote. A record of each representative’s position was not kept.
Sep 27, 2010: This bill passed in the Senate by Unanimous Consent. A record of each senator’s position was not kept.
Source: http://www.govtrack.us/congress/bill.xpd?bill=h111-3808 See for yourself! I sent an email to each of my Senators asking their position on this bill. I suspect I will not receive an answer until after November 2nd.
The Law of Unequal Weights and Measures demands restitution. Though I don’t condone those who borrowed above their means, the banks were the experts in the mortgage transaction and deceived the borrowers into thinking they could qualify for the loan. Now that the mainstream media is finally reporting on this travesty, those in power will be forced to do something about it. Will the American public finally wake up to the exploitation that has been occurring for decades?
The following interview provides exposure and clarity to the issue at hand: