Americans need to understand, first and foremost, that most mortgages are not owned by the bank that is the plaintiff foreclosing on them. Most of these mortgages are owned, nominally at least, by Fannie/Freddie or institutional investors or foreign governments.
When “the bank” wins a foreclosure….they don’t win at all…they just turn the property over to whomever they were lying and committing perjury in court in order to obtain the judgement. (Bank of America does not own or hold the note and mortgage that is the subject of the foreclosure.) But no one seems at all concerned with opening up this pandora’s box. Why is this? Certainly part of the riddle lies in the fact that if Americans really understood what was happening with the foreclosure system and with the larger financial system, we’d all be in a great deal of a panic.
But Florida is in a Housing Recovery….Right?
You’ve read the headlines…..property values are increasing…..right? Wrong. While some subset of the overall inventory of homes may be showing year over year increase in sales…..(the sales database), this small fraction of the overall universe of property generally…and residential property specifically…does not mean that the overall value of property is increasing. Granted, the banks are conspiring with one another to inflate the value of those existing sales and manage the flood of inventory onto the market (sound like price fixing…doesn’t it?), but the reality is, this is only improper market manipulation for which there will ultimately be a MAJOR CORRECTION!
So next time you drive by that abandoned home in your neighborhood…the property long since vacated….decaying, losing value every single day….consider the dirty underbelly of foreclosure and the perverse market forces of government conspiracy with the banks.
The public conversation and perception of foreclosure would change so dramatically if the general public took the time to understand the fact that mortgages are not owned by “The Banks” and that “The Banks” are merely debt collectors standing in courtrooms, destroying neighborhoods and throwing our neighbors into the street because it would be a tad bit too unsettling if this were all done in the name of….The Bank of China or The United States Government or The Ochoa Drug Cartel. But in fact, these organizations…and many more unsettling characters are the real, ultimate beneficiaries of the foreclosure chaos.
For those of you paying a mortgage….understand that your payment merely goes into the larger pot of international finance….to be divvied up, fractionalized and traded among and between the Financial Wizards that rule every aspect of our daily lives…both seen and unseen….
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