Poverty, Uninsured Americans at all-time high

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EDITOR’S COMMENT: Whether or not Obama’s Jobs plan works or is even passed, the drag on the economy is still going to be there until we address the cause. Despite decisions from trial and appellate courts across the land, the media, the government and even the people of our nation continue to look the other way on the issue of housing.

It isn’t a matter of shoulds and coulds. It is simply a matter of practicality. Some method must be launched restoring wealth to the great majority of Americans who lost most or all of what they had in the last few years. The method that is most immediately available is to recognize the securitization scam for what it was and realize that we are running on smoke and mirrors if we continue to pretend that housing prices are going to improve.

In case after case, we see that when the documents are scrutinized, the defects are fatal to the perfection of the liens and the attempted transfer of property and liens in defiance of the requirements of law and all to the detriment of investors, homeowners and taxpayers. The Banks caused this mess and yet we shy away from letting them suffer the consequences. We insist on throwing the burden onto those who can least afford it, and the very people who could re-start our ailing economy.

Even members of the bankruptcy bar who once scoffed at these defects are ready to accept that the liens are defective. Main steam players in the judicial system understand that the real creditor is absent from claims, foreclosures, sales, and seizures. The idea that is being spun now is that the payments or proceeds due from sale of homes should be escrowed while the issue of the real party in interest is sorted out. That begs the question of whether the real creditor wants anything to do with these foreclosures or any attempt to collect on them. They know, like we know, that the foreclosures and the sales are bogus. They know, like we know that the securitization of housing debt was faked.

The investors want a seat at the table, to be sure, but they want no part of the securitization scam in which they were victims, not players. The answer is not to let the foreclosures continue contrary to the requirements of law, but to resolve the issue through vehicles like the Resolution Trust that was used in the S&L crisis. As it stands now everyone except the banks are getting hurt by the faked foreclosures, the slump in the housing market and the sliding economy. Add them to the mix, and you create the escape valve for millions of people who are trapped beneath debt that is both noncollectable and unfair.

The vacuum created by investors abandonment of foreclosure claims should not fall as a collateral benefit on the banks that created the mess.

News Alert: U.S. poverty rate rises to 15.1 percent, number of uninsured Americans hits record high (corrected)
September 13, 2011 11:34:58 AM
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The Census Bureau reports the number of Americans in poverty jumped to 15.1 percent in 2010, a 17-year high. About 46.2 million people, or nearly 1 in 6, were in poverty. That’s up from 43.6 million, or 14.3 percent, in 2009. It was the highest level since 1993.

The number of people lacking health insurance increased to 49.9 million, a new high after revisions were made to 2009 figures. Losses were due mostly to working-age Americans who lost employer-provided insurance in the weak economy.

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |