Here We Go -- US to Sue Banks Over Housing Bubble Mortgages

Originally posted by Azdraik
Love the people here saying the Gov should nul and void the mortgages. Or that the bailout money should of been used to pay off the foreclosures.

Genius idea guys. /sarcasm

What about the people who knew better then to go buy a 300k home when you are only making $15/hr?
Is it our fault people who bought homes did not read their contract? Why should anyone get a free ride for being stupid, gullible, or just plain uninformed on how mortgage contracts work?

Should I and others like me have to cover the cost for those that wanted to use their house as a credit card?

Tough luck imho if you made a bad choice man up and deal with it. Really the Government has already done enough. We don't need the type of assistance they always offer.

If you understood how a mortgage actually works then you would understand there was never any money loaned. They create money on your promissory note They get all teh benefits of being able to create money from nothing and you get to become a slave when you are the one who provided them the basis for the money they created. All you got for your trouble was 30 years of paying back money that you provided the bank and made them millions with.

You paid for the house several time over and the bank made millions off your note. So yes ever mortgage should be cancelled it is a scam to make you a slave and make the bankster rich by stealing you property and money

If you really want to try and understand it (most don't) here is a thread I created on it with links etc. www.abovetopsecret.com...

I think the government should also sue Nancy Pelosi, Barack Obama, George W. Bush, and Henry Paulson among others who misrepresented the quality of tons of companies and institutions that they then forced the American taxpayers to buy into -- even as numerous ratings agencies and economists said they were insolvent, bankrupt, failing, etc, etc. Take Fannie and Freddie asking for yet another bail-out for instance. Or Solyndra. Or Bank of America. If the government really wanted to help the situation, they would let these businesses crumble in the natural way.

And then... if they really wanted to help the situation... they'd re-enact Glass-Steagall.

Look into H.R. 1489: Return to Prudent Banking Act of 2011, currently at stage 1 of the legislative process. It aims to revive the separation between commercial banking and securities businesses, as similarly done in the Banking Act of 1933, AKA Glass-Steagall, whose repeal in many ways led to financial crisis we're in.