Sep 23, 2008
I can tell you that most of the people using this blog site as a resource are male. As it turns out, though, the women who write in tend to be better informed at the start. One would think that this would give women the advantage. Yet the opposite is true, as this submission from JM shows:
As a woman I can tell you that single women, with or without kids, who own a home threatened by foreclosure often have a ‘victim’ mentality and will not fight like men. Low self-esteem and passive responses are often a problem for these women. Many of them had men in their lives at one time, and left the ‘financials’ to their spouse or male partner. Other women are just beaten down emotionally trying to make ends meet with little or no emotional support.It has been my experience in corporate America that the fear factor is very much in play for women to fight for their rights. However, the women who drum up the confidence to achieve that courage to face their frustration and fears, are able to comprehend the intricacies of the problems of living paycheck to paycheck and trying to keep financially afloat. They can wind up better prepared for their venture into fighting foreclosure than most men. It’s just getting to that point is extremely difficult for most of women for the reasons stated above.
The only thing I would add is that the myth supporting the blaming of the victims in this mortgage meltdown is rising to the level of total belief in the minds of many of the victims. They are being told by mainstream media that this financial mess is all their fault for going after houses they couldn’t afford and taking loans they couldn’t repay. The facts seem to get buried under all the shouting and scaring of each other.
The facts are that most of the mortgages that are going bad were the concoction of people in the financial services industry. They even went so far as to hire 10,000 convicted felons in Florida to serve as “licensed mortgage brokers.” The most “upstanding” Wall Street people and bankers who are now in the trash barrel are there not because of some secret conspiracy amongst 20 million people borrowing money, but because they are human trash — because they lied, cheated, stole, and now wish to add insult to injury by taking the money and getting your house too. That’s right. The people foreclosing on your house have been paid in full and they are treating YOU as the trickster.
Picture a square room.
- In one corner is you, a borrower who used to own a house that was paid off or nearly so until someone came knocking on your door and convinced you into taking a today only special that would make you rich. So now you THINK your house has a mortgage on it that is larger than the value of your house. But the truth is there is no mortgage and there is no note because the “lender” who gave you the loan was paid in full by someone else who had bigger and better plans for that signature of yours on those papers.
- In the second corner is an investor who put up enough money to fund your loan and pay off a couple of dozen people in between.
- In the remaining corners are the bank and the investment banker.
- UP comes the FED from the middle of the room, sprinkles fairy money at the investment bankers, more fairy money at the bankers, and a little more at the investors. Mainstream press calls that a “bailout.” In fact it is a blow-out.
- YOU are left holding the bag, unless you STAND UP FOR YOUR RIGHTS and declare your home is yours and not theirs.
Why the bailout/blowout? Because there is no mortgage, there is no note and in some cases, there isn’t even any property. So all the paper issued to investors on these mythical transactions is worthless and in this case Wall Street outdid itself. Tens of trillions of dollars were created and littered around the world. And now the world knows not to trust American finance because we don’t know how to police ourselves.
The current Paulson initiative is just another Iraq war resolution or Medicare Part D — sign now or else the world will end. Have you read it? It gives him complete authority to pay the money in any amount under any terms he deems fit without oversight of any governmental branch including his own. Do you smell something?
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