This has been written about over and over again, but after reading the comments on the latest article up at Huffington Post by William K Black,(a former banking regulator, whistle blower and analyst) it is clear that this topic continues to need sunshine. Listening to pundit television talking about how the proposed stress tests are going to save the day, makes it clear that we are still not facing reality. See the article here:
http://www.huffingtonpost.com/...
The mortgage collapse was not caused by irresponsible homeowners. I have been sharing my story and linking to stories just like mine to shed light on the massive accounting fraud, and violations of TILA and RESPA laws that were occurring in these sub prime loans. To hear Obama lump the homeowner in with these criminals is an insult to me. I am tired of hearing the rhetoric when I have been fighting criminals who feel they have a right to extort money from me.
When Bushco deregulated the banking laws in 2003, it set the tone for the next phase of the republican plan. This included speeches by Bush encouraging homeowners to buy, buy, and buy some more. This was a set up from the beginning to help Bush hide the fact that the economy was going south.
I have diaried extensively about my situation and you can read about it here.
http://www.dailykos.com/...
http://www.dailykos.com/...
I have shared articles about the possibility that this fraud scheme has helped to fund terrorism.
http://www.aina.org/...
http://www.timesonline.co.uk/...
http://communicatormagazine.com/...
And I have written about speculation that the economic crises hitting us in Sept 2008, might have been perpetrated by terrorists.
UPDATE: Here is list of complaints about GMAC and mortgage fraud as well as violations of RESPA and TILA. One sad story after another. We are bailing them out.
http://ibloga.blogspot.com/...
http://www.atlanticfreepress.com/...
With so much written about fraud. Why are the homeowners being scapegoated over and over again in the media. Why is it that we are not talking more about the possibility of a massive fraud scam?
Please read the article by William Black. Follow the links on my diaries about his testimony before the Agriculture Finance, Nutrition and Forestry Committee in Oct 2008.
Read my story and note the facts about what happened to me. Note the fact that even as GMAC Homecomings Financial is receiving bailout money they continue to fearlessly perpetrate this crime. Until we see the books, until we see the paper work we have no idea about what these banks have really been up to. The cost to millions of homeowners and tax payers is indisputable. It's time for us to stop blaming homeowners and talk FRAUD.
According to William Black and Nobel prize winning economist Krugman, the stress test is a lie. It will not tell us anything that will help solve the problem in front of us, and may mask the criminal behavior of these companies.
All I want is a fair loan, with reasonable fees. All I want is for property inspection fees, and escrow manipulations to stop. I want the fees that the judge asked them to remove to be removed for good and not added to the end of my loan. I want the truth to be told.
If I have to write an article every day...so be it. We have to get to the bottom of this problem or the solutions that Obama says he wants will not fix the true problem.
Let me add a link to other complaints about GMAC mortgages. Accounting fraud, violations of RESPA and TILA. One sad story after another.
http://www.consumeraffairs.com/...
Another link to a story about how the Bush administration perpetuated the problem. Thanks to the person who added the links in the comments.
http://www.washingtonpost.com/...