The Market Oracle Oct 20, 2010 Chris_Kitze
Posted on Wednesday, October 20, 2010 11:27:12 PM by An Old Man
Foreclosure-gate is heating up and the mad scramble for what's left of $45 trillion in real estate is guaranteed to leave homeowners homeless, pension funds unable to pay their pensions and even some of the biggest banks insolvent. A great housing goat rodeo was created when some of the 65 million mortgages on U.S. homes didn't follow proper legal procedures;
Fraud by homeowners who lied on their loan applications Fraud by banks who didn't follow proper legal procedures around the notarization and processing of mortgage documents Fraud by investment banks who packaged this junk and resold it to unsuspecting pension funds Pension funds promised returns to their pensioners they could never achieve
Lies, lies, lies and more lies. In this jockeying for position, the only thing guaranteed is Leona Helmsley's Law i.e. "Laws and taxes are for the little people." But the little people are starting to fight back in the U.S. and we'll get to that after we do a quick review of the situation at hand and how we got there.
