Eventually, the taxpayers will own all the distressed houses. We'll own all the strip malls. We'll own all the empty big box marts. We'll own all the REIC's fraud.
We'll buy it up and pennies on the dollar from the failed banks, the failed flippers and the failed developers. We'll spend trillions to do it.
And maybe one day, after cleaning up the mess, we'll sell it and only lose a trillion or two.
So, when will it be? When will Americans finally get to that day of reckoning, and understand that they have NO choice? When will that day be that Angelo Mozilo's fraud becomes my responsibility and your responsibility, and your kids' kids' kids' responsibility?
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16 comments:
And to add insult to injury, RTC2 will be just like RTC1. A relative in the banking industry was involved indirectly to the first scam.
I call it a scam, because he told me that the politically connected got first shot at all the best properties, or groups of properties.
The government (taxpayer) bought the garbage for pennies on the dollar, the a$$holes who got us into the mess formed investment groups and bought back the trash at pennies on the second dollar, as it were, on top of that!
Anything that was left over was offered to the common scum (you and me,) and even we didn't want it, for any price. Properties were abandoned, went into further decay, and eventually were demolished.
I see that the No.2 at CountryFried has formed his own company to buy up the landfill contents he helped create, (that's pending foreclosures from the banks and government,) for a pittance, in most cases, restructuring the FB's debt
to less than half the former monthly payment, since the CW a$$hole got the property for next to nothing. Of course, that's my tax dollars making up the un-seen other half of the FB's new mortgage.
I don't ever expect to see it, but ANYBODY who contributed to and created this debacle should not be allowed to profit from RTC2.
Unfortunately, they are thye one's with the money.
Plus, what about the guy next door to the FB, you know, the one still making his mortgage payment on time, in full?
Dammit, where's his free ride.
This economy will ONLY turn around when bad behavior stops being rewarded, even if it is for the best of intentions (keeping someone in their house, for instance.) Until faith and trust in the financial system are restored, we will continue on the downward death spiral.
So this is how we bubble sitters get to buy an affordable house, right?
America is Dead.
Deep down, you know I'm Right.
DIE U PIG
"And maybe one day, after cleaning up the mess, we'll sell it and only lose a trillion or two."
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Who will we sell it all to?
This kinda sounds like what happened after the Soviet Union broke up, and all the government-owned industries were sold to a handful of oligarchs.
These pigs became wealthy beyoud belief, all because they somehow secured a place first in line to buy, at a fraction of the true value of those assets.
But this is America. Thus couldn't happen here, right?
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Right?
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Right?
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Right?
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Uh-oh...
Excerpts from an article regarding mortgage fraud about two years ago:
"Mortgage fraud, described by the FBI as the fastest-growing white-collar crime in this country, can include non-truths, falsified or misleading statements about employment, wages, W-2s, income tax returns, bank statements, rental agreements and home address."
"So, why does this matter for law-abiding homeowners?"
"In my opinion, the huge increase in the market a few years ago was directly related to mortgage fraud, as is this period of adjustment we are currently going through," she said. "Three years ago, occupancy fraud -- when a borrower misrepresents to the lender that they are either going to occupy the property or use it as a second home, but in actuality they are going to rent it -- gave an illusion of increasing demand, and that drove up real estate prices."
- J. Morgan Alexandra
Alexndra, who has five California university degrees, including ones in real estate, accounting, management, escrow and computers. She also is a graduate of the Internal Revenue Service's tax law school in San Francisco.
RTCII or no, we have a long way to go before the last of our wayward chickens come home to roost (IMHO). So very entertaining - hahahahahahahahahahaha!
Smug Bastard
I don't know RTC2, but I for one will sleep better now knowing that Babs Boxer here in Kalifornia is 'on-the-case'. Hows this for bullshit:
I WANT MY CHEESE --- WAAAAH!
Dear Friend: (always, I am her Friend, really, Dear Stupid, helpless Taxpayer:)
The recently passed American Recovery and Reinvestment Plan (H.R.1), better known as “the stimulus bill,” is often described as a series of very large monetary figures. But the real goal of the bill was to create jobs, jumpstart growth, and transform our economy for the new century.
Almost everyone in America will see the change that will be created by this bill. Let me provide some examples of what it will mean for average Californians.
About 95 percent of all working families will qualify for the Making Work Pay tax cut. Working families will receive between a $400 and $800 tax cut, with an estimated 12.5 million Californians eligible for this tax cut.
If you have children in California schools, they may see classroom, lab or library improvements as part of the plan to modernize schools. More than 1,200 California schools will receive modernization funding. Other funding for schools will also help to update technology and enable disadvantaged students to excel.
If you have children in college, 522,000 families in California will be eligible for the American Opportunity Tax Credit to make college more affordable. This program creates a partially refundable tax credit for four years of college and puts higher education within reach of more Californians. The Pell Grant for college loans will also be increased to provide more funds to pay for college.
If you receive Social Security benefits, or SSI, you will likely receive a one-time payment of $250.
If you become unemployed, you can receive an additional $100 per month in unemployment insurance benefits, and your benefits will be extended if you remain unemployed. More than 2,395,000 Californians have lost their jobs in this recession and this extra money will help boost them and our economy with their added purchasing power.
If you or a family member have become unemployed and you had health insurance, you will receive assistance in continuing your employer-provided health insurance coverage for up to nine months. The federal government will pay up to 65 percent of your health insurance premiums during this period of unemployment.
If your neighborhood has foreclosed and abandoned houses, funds are provided to help local governments buy up and improve homes and make them available to renters or future buyers.
If you are in the military, funds are provided to upgrade military medical facilities, housing, and childcare facilities. Funds are also provided to upgrade veteran medical facilities and to make repairs at veterans facilities.
If you are a first-time home buyer, you may be eligible for an $8,000 tax credit toward the purchase of a home. And if you live in a high-cost area, you will have greater access to low-interest mortgage loans.
If you are concerned about increasing crime in these hard economic times, the bill provides federal funding to hire more police officers through the COPS program.
If you have a health problem, or even if you just regularly visit your doctor, your medical records will be computerized, enabling faster access to medical records and saving billions of dollars in health care costs.
If you travel on America’s roads, freeways, bridges, or transit, you are likely to see improvements, upgrades and modernization including freeway construction, modernization of infrastructure that includes energy savings, and rail and transit construction to reduce traffic and gas consumption.
These are just examples of the good programs included in this historic legislation. And while it is just a step in a long road to economic recovery, it is a crucial one.
Sincerely,
Barbara Boxer
United States Senator
One of the most dispicable people ever born, right up there with Bushco and Cheneyburton. I had a girlfriend like this once but she died.
California, the Welfare State.
It's the last bullet. They are gonna throw out useless bailouts (dividing America while they are at it) trying to save the reckless 9% of mortgage holders at the expense of everyone else.
Each new plan will stall the Wall Street slide. Once it gets where they know it needs to be, 4000-5000 Dow, they will unload the RTC2 and Wall Street will take off and start a real recovery.
Unfortunately, by that time they will have pitted neighbor against neighbor, city against neighboring city, states against states. They will have thrown out any hope of an America united around Obama because people are super pissed at the idea of changing the rule of law (and simple basic rules of fairness) for a small special interest group (bubble-specuvestors).
Thats not all, they will have also completely destroyed America's moral compass. Old folks have found out they were stupid to be responsible, and the young are seeing that the way to prosperity is dishonesty.
GT Charlie
BTW - Dow/Marketwatch headline:
CITI IS NEWEST PENNY STOCK!!
Look this is all a sham. The taxpayers own nothing but fiat money debt. The feds bail out banks with taxpayer money and give it to the crooked banks to manage. It's all control. They POWN us all its over. Why do you guys think it's anything diff? The name of the game is control. We have little. All we can do is save but then they will inflate it to nothing in the end so buy some land and seeds now...
The day before civil war breaks out?
This is how Obama’s housing plan is going to use the tax dollars of America’s renter population (100 million people). We should be very, very upset people. Where is the anger?
Your tax dollars are going to be used to enable your landlord to profit even more from you.
What do you gain? You gain another step DOWN the class ladder in America. Renters are no longer second class citizens, we have been downgraded to simple chumps, or cattle for the housing gamblers! Riot!
From a Real Estate forum yesterday:
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I am torn.
I read the details of the new program and it appears I will qualify for a refinance to a 2.00% 30-year-fixed. This will give me a $425 payment on a condo I own, which I will immediately rent back out at $1100/month.
I hate, hate, hate, the idea of this program. However, I am tempted to do it. I pay taxes to this horrific government. I am tempted to take part in this horrific program. What do I do?
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response:
I don't think the program you are referring to is available to investors, is it?
I admit, however, that I don't know the details of these F'd up bailout programs because I'm a free market guy and if I do read them I feel like throwing up.
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My remaining condo was purchased as owner-occupied. I rented it out months later. I have no problem moving into the condo again for a few months in order to drop my payment in half. I'll save $30k over the next five years alone.
Of course, most people will simply commit fraud and fake occupancy through simply changing their addresses for a few months. How the feds don't see that is beyond me. Strike that. The feds are retarded.
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I've been a home owner for several years, and I never once thought I could use my home as an ATM machine when my actual bank account tells me I can't afford something.
People have to learn the hard way now that they can't try living beyond their means.
Scale back, it won't hurt any of us to do so, and we're at a point now where most in this country have no choice but to live more humbly.
A house (home, condo or rental) is nothing more then a place to rest your head at night.
It's time to rip down this whole thing called the "housing ladder" since many have already fallen off of it into the hard cold streets.
Stay where you are - there will be plenty of empty houses over the next several years (actual good ones in nice areas) to choose from at very low prices - perhaps back to 60's pricing.
You have the mobility to move around and choose, so take your time.
Ronnie Renter said...
So this is how we bubble sitters get to buy an affordable house, right?
The largest most lavish mall in our region went up for sheriff sale today. They couldn't refinance a $80 million note.
No bidders :( just a bunch of gawkers.
Elections are coming up in a couple of years. We always talk about it, but isn't it time to vote most of them out? And before that, maybe some class action lawsuits against some of those congressmen, some brokers, bankers, the rating agencies, the SEC? We have to figure out a way to stop the madness and reward the honest and responsible. No easy thing.
People have to learn the hard way now that they can't try living beyond their means.
I don't think anybody has learned anything.
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