Let the Foreclosures Continue!

GMAC Mortgage resumes foreclosures in 23 states

GMAC said last week it has hired legal and accounting firms to review foreclosures in all 50 states. Bank of America Corp. also said today it has resumed foreclosures in all 50 states.

Bank of America starts thaw in foreclosure freeze

Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

lol, SO... where does it go from here people? They are continuing the foreclosures, and they think there's nothing you can do about it. Things should get pretty heated up quick in this move I think...

reply to post by Heyyo_yoyo


And they would be right?
Seriously, citizens freedoms of all countries have been practically stamped out and nothing has been done yet.

I can see the banks getting away with it... And people will continue on with a slight grumble in their breath.

It's unfortunate that I have to say this, but with a Republican victory this November comes more deregulation and gross numbers of home foreclosure increase.

Think about it when you vote. America is not for sale.

reply to post by Heyyo_yoyo


As I've stated in another thread or two...

This is nothing more than a land grab to put property ownership into the hands of a very elite few - while turning the standard of life for most into glorified surfdom.

A nation of property owners is turning into a nation of tenants and it will soon be the norm to RENT rather than to own. Spurious mortgages were just a means to this end.

There are a bounty of rights that go along with land ownership which will mostly cease to exist for the average person as renters don't share those rights.

All in all, to quote a sage prophet, it's just another brick in the wall.

~Heff

And do you think that the TPM Conservatives will stop this?




*tears* Yea right! These guys are going to take away what little lube the banks have been using.

I've always seen resessions as no more than a land grab created and manipulated by the rich, who will do anything to ensure the wealth transfer from our pockets to theirs continues at the pace they wish, they feel nothing will stop them.. but this time round I do wonder, I wonder if they have not gone to far.


UK satire of the house price slump (Madness cover from the 80s) and I personally feel the emotions contained in the vid can be applied today

Originally posted by Heyyo_yoyo
SO.. where does it go from here people? They are continuing the foreclosures, and they think there's nothing you can do about it.

They are right - there will be nothing citizens can do about it. Legislation will be passed to protect them if it comes down to it... remember too big to fail? Well, they still are aren't they?? I haven't noticed any of them getting any smaller.

I LOVED! how the senate already passed the interstate notarization act a few weeks ago without even so much as a fart in the wind. Although Obama rejected it they're still going strong on foreclosures. Untouchable and apparently unstoppable. *Smh*

While the banks that offered nefarious and devious loans urged by regulators and congress are partly to blame, so to are the countless number of people that bought into the notion they can afford a $500,000 home on a $30K/year salary. Couple that with the love affair with debt by the consumer (don't believe me, go down to your 'poorest' neighborhood and get an idea of the massive amounts of discretionary spending that occurs).

There are at minimum two parties involved here. Couple the collusion by the Government to inflate the housing market and make home ownership 'affordable', you create the disaster we witnessed.

But to just levy the blame upon the banks and not hold any of the people and their insatiable appetite for material goods they cannot afford and technically never really owned (that being on debt), is turning a blind eye to the whole situation.

This is what happens when the People ignorantly allow the Government meddle in economic policy.