The Biggest Living Lie: The Worst is Over

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EDITOR’S NOTE: The Banks, Realtors and the Media are telling us that foreclosures are at their lowest levels since 2007, that you better try that short-sale before end of year or else you’ll owe taxes on the fraudulent amount demanded by pretender lenders, all giving the impression that the worst is over. It’s a living lie.

The fact is that there are is a shadow inventory of more than 10 million foreclosures to come and they are already starting, just as the media tells us the foreclosure rates are dropping. They want people in this Country and others to believe that this is the the time for bargain hunting because this is the “bottom.”

Banks want it because they want to unload the inventory they acquired through forged instruments on behalf of non-creditors who had no right to foreclose and who didn’t even have the right to service the loans. All those homes are subject to reversal and awards of damages because the full accounting has never been provided to any of the borrowers and because the creditor — the investors who put up the money — are after the investment banks for selling them a pig in a poke.

Realtors want you to believe it because they want you to sell, buy — anything that will move property —- because they want those commissions. And the media is going along with these planted articles because the big advertisers that pay their salaries will go away if the newspaper, magazine or media station maintains a constant drone of the real news: that we are only half way through this tragedy, that housing prices will continue to decline, that new buyers who take out mortgages are going to be under water the moment they sign the paperwork and they may lose the home when the real homeowner comes home to claim it.

In short, they are putting lipstick on a pig and calling it beautiful. (no insult to pigs intended). We are to believe that since “only” 1.9 million homes were foreclosed in 2011, things are getting better. If you were told in 2007, the year they are using for comparison, that there were going to be 1.9 foreclosures in the following years what would you have called it? I would call it a crash. But we have grown so accustomed to these huge numbers that we don’t see the enormity of the problem still facing us.

See Full Artilce in USAToday

NEW YORK (AP) – About 1.9 million homes entered the foreclosure process in 2011, fewest since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac.

There have also been problems with the way some lenders were handling foreclosures. Specifically, they have been signing off on home foreclosures without first verifying documents — a practice referred to as “robo-signing.” Many of the largest U.S. banks reacted by temporarily stopping all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” RealtyTrac CEO Brandon Moore said.

The listing firm anticipates that 2012’s foreclosure rate will be higher than last year’s, but will remain below the peak of 2010.

High unemployment, a sluggish housing market and falling home values remain major factors in homeowners falling behind on their mortgage payments. Many borrowers also have simply stopped paying their mortgage because they owe more on the mortgage than the home is worth.

RealtyTrac said 2011’s foreclosure activity is 34% lower than 2010 and the lowest since 2007. The Great Recession began in December 2007 and ended in June 2009.

In 2011, Nevada, Arizona and California were among those with the most foreclosures. Among other states with the highest foreclosure rates for the year were Georgia, Michigan, Florida, Illinois, Colorado and Idaho.

Tags: bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee, WEISBAND
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