Can Confidence Go Up While Expectations Go Down?

Dec 5, 2012

What’s the Next Step? Consult with Neil Garfield

For assistance with presenting a case for wrongful foreclosure, please call 520-405-1688, customer service, who will put you in touch with an attorney in the states of Florida, California, Ohio, and Nevada. (NOTE: Chapter 11 may be easier than you think).

Editor’s Comment: Moving Day so I need to make this short. I am infuriated by the continued disinformation from the media. The article below written by Elliot Njus for the Oregonian, is a well -intended and still misleading statement of the facts. If you read the article, the young couple bought a house at the top of a legitimate market and then the market fell due to normal market forces and cycles.

That is not what happened. They were cheated from the start by an intentionally bad appraisal to induce them to sign papers creating the appearance of a debt that was not supported by the values they were given by the other people at the table. And the debt was not even payable to the the managed pension fund that supplied the cash for the loan!

The writers are correct that this young couple and millions like them now have diminished expectations for their lives. And it is also true that those diminished expectations will lead to a drag on consumer confidence for decades — but not just because of the trauma of foreclosure or loss of money. What was destroyed by the banks was TRUST, and that can only be earned back over long periods of time.

Between the lying, cheating, forging, robo-signing and manipulating the Libor index such that nobody knows what the adjustment should be on a legitimate ARM, very few people will enter into real estate transactions or any other purchases without being suspicious of both the financial system and government, including the judicial branch of government.

Why isn’t anyone asking the most basic question: if the banks were using pension fund money to fund the mortgages, why did the banks get the proceeds of insurance and federal bailout? Why has that money not been applied against the balance due from borrowers?

The truth comes out slowly. And eventually, at the end of the day, the facts will be known. But it is already too late for those who committed suicide, broke up their marriages and gave up on the system. In an economy driven by consumer spending, how can anyone expect consumers to maintain confidence in a rigged system?

Housing Crash leaves a generation of young homeowners underwater: Diminished expectations

Posted in bubble, Corruption, Eviction, securities fraud |