The financial crises; exposing the truth...

As I noted in an earlier blog, when it is a little ol' consumer up against a big corporation, there just doesn't seem to be any compelling reason for that mortgage servicer, or big bank to TELL THE TRUTH.

This week, Richard Zombeck wrote a great blog that is indicative of what many homeowners have been screaming about for some time. His blog; Government Tactic: Help Banks by Lying to Homeowners over at the Huffington Post is passionate and eye-opening --with several great comments -be sure to read it in its entirety here.

Here a few short excerpts;

"...To add to the homeowner's stress and assure Fannie Mae of a continued open season on American Families, Executive Vice President for Credit Portfolio Management, Terence Edwards issued an outright threat to homeowners, creating a new rule punishing anyone who stops paying their mortgage and walks away from their home by not allowing those who choose that path to get a Fannie Mae loan for seven years."

So not only did Fannie Mae purposely string homeowners along with no end in sight, and draining savings and causing millions of people sleepless nights while they  wait for the shoe to drop, they essentially closed the exit to the burning building while they lit the wick.

Here's an excerpt from one of many comments that correctly points out that's it often what we don't hear -that speaks volumes...

"At this point, we are still not using "crime words."

We're hearing rhetoric that says, "banks are Too Big To Fail," when it is abjectly obvious that they failed, rather spectacularly, a long time ago.

And we're NOT hearing words like:
* securities fraud
* racketeering
* swindling
* money laundering
* fraud on the market
* deception

Furthermore, we are NOT facing up to the "enabling crime," which is Bribery. We continue to use words like "lobbying" and "campaign contribution." The Supreme Court of the United States, clearly demonstrating that it is just as subject to Bribery as are the other two Branches, happily declares that Article 2 Section 4 of the Constitution does not mean what it says, therefore "corporate freedom of speech" is somehow "constitutionally protected."

And so it goes..."

Read the rest of this comment and article in it's entirety here.

You may also want to keep reading, and view this video from ProPublica;




Banks' Self-Dealing Super-Charged Financial Crisis  

Over the last two years of the housing bubble, Wall Street bankers perpetrated one of the greatest episodes of self-dealing in financial history.

Faced with increasing difficulty in selling the mortgage-backed securities that had been among their most lucrative products, the banks hit on a solution that preserved their quarterly earnings and huge bonuses:

They created fake demand. MORE