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Moratorium on Foreclosures? Heavens, No, It Might Ruin the Recovery

Posted on | October 12, 2010 | No Comments

Little Nell is carted off from her house to allow it to be foreclosed upon.

The housing market recovery depends on foreclosure mills?

How’s this grab ya? Despite the foreclosure scandal with banks and other financial institutions not having the necessary paperwork to foreclose on properties in arrears, having fraudulent paperwork, the discovery of “robo-signer”, the guy who processed thousands of foreclosures a month by the simple expedient of never reading any of the paperwork…despite Americans being thrown out of their homes, and a growing number of banks calling a halt to their own foreclosures, we can’t declare a nationwide moratorium on mortgage foreclosures because “it might hurt the housing recovery.” WTF? Our recovery depends on being able to throw people out into the cold? How seriously FU’d is that?

There was a time, in living memory even, when banks wanted you to pay your mortgage. If you were having trouble, they’d usually be more than willing to restructure your loan, because they made more from successful loan repayment than from foreclosing. But somewhere along the line, all that changed. Now, banks make MUCH more from foreclosing–since they’d made side bets on the fact that you would NOT be able to repay your loan–and the Snidely Whiplash’s and Mr. Potters of the world have been having a field day.

Now the housing market is driven by the necessity of foreclosure to ensure that properties keep changing hands in some insane version of musical chairs. Recovery is not defined as stopping this game. No–recovery is continuance of the status quo, with everyone running around and around to a lunatic rendition of “Pop goes the mortgage!” One person in the administration (who shall remain nameless for demonstrating THAT HE’S AN IDIOT) has opined that we should not stop foreclosures just because there are so many fraudulent ones, because there are others that are perfectly legitimate. This idiot never pauses to consider that with so much fraud, lost paperwork, improper filings, we have no idea which foreclosures are legitimate and which ones aren’t! Better that 10 people lose their homes unjustly than one scofflaw get away with a few months of squatting.

It’s time we stopped defining the recovery in terms of the money boys and instead, in terms of you and me. After all, a rising tide floats all boats, not just the big yachts.

In other news, today is my true birthday. I get a day off for it every year, but only in one in 7 does the holiday actually land on the date. I’ll accept the tribute anyway, despite that people think the day off has something to do with Mr. Columbus. Your good wishes are accepted and I extend birthday greetings to all the other October 12ers out there who were lucky enough to be born on MY birthday :)

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