The following article appears in today’s edition of Market Oracle. It’s a pretty clear and straightforward explanation of how one of America’s cornerstones….private property ownership, is being utterly decimated…and how homeowners all across this nation will soon be nothing more than slaves eking out their meager existences on a nationwide plantation called the unUnited States of America. I don’t know the author Bill Butler, but he nails the facts and his conclusion seems spot on:
The untold story in the foreclosure crisis unfolding across America is that, following a foreclosure perpetrated by one of the October 2008 Bailout Banks (e.g. Bank of America, Citibank, JPMorgan, Wells Fargo) Fannie Mae or Freddie Mac suddenly appear as the record owner of Average Joe’s home. These federal government sponsored entities then go into local housing court and get a court order authorizing them to evict Joe. If Joe resists, these supposedly charitable institutions obtain a writ ordering the local sheriff to forcibly remove Joe from his home.
