There is a problem with foreclosures in America.
With all the bundling of mortgages, sold around the world as securities, based on shoddy paperwork on the front end and back end of these sales, the big question in many cases is: who actually owns the deed/mortgage on the foreclosed home?
You have multiple claims on each home because so many pieces of the original mortgage are owned by multiple investors all trying to get “their” money back.
As with all banking scandals and bubbles, it is the job of Conservatives to go spin this as “poor black people misrepresented their loan applications and caused this problem” throughout the media, deflecting all blame from the flawed markets, blind with greed risk analysis firms, and unregulated, corruption-inducing capitalism.
Well try and spin this one.
Did these risky applicants force the entire banking and mortgage industries, and now the foreclosures market, to forget how to fundamentally operate? A guy making nothing, with no assets and no job forced the hand of the entire housing market? And the mortgage market?
For Republicans, Tea Baggers and complete partisan hacks, the answer is yes. Blame the little guy when you know it was obviously the big guy’s fault.
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