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The New Civil War: Banksters vs. Middle-class Homeowners and Workers

By   Follow Me on Twitter     Message Richard Clark     Permalink
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Because of the ongoing securitization process, banks frequently can no longer prove that they own the mortgage for any house on which they want to foreclose, and so they are (according to Congresswoman Marcy Kaptur, MSNBC's Dylan Ratigan and others) in the process of working with Congress to try and eliminate property rights altogether, for growing numbers of Americans.   With "rocket dockets" now judicially operational in many states, there are huge and growing numbers of rapid-fire foreclosure hearings, and many home owners without adequate legal representation are getting thrown out of their homes without due process.   This has become a profitable money-making routine for a great many banks.   (Click here for illustrative video clips that are the basis for all that follows here.   After you watch the first video clip, click on the word "playlist' in the lower right hand corner of the video-clip screen to get access to the others.)

According to Ratigan, Kaptur and others, systemic and catastrophic failures in the real estate market, if not corrected, may well lead to failures within the financial and economic system of our country.   Exactly how would this come about?   Here's a clue:   By means of the growing number of "rocket docket" foreclosures that are operating without due process, the courts (with congressional help) are in the process of abrogating our homeowner property rights.  

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One of the fundamental principles this country was based upon was a clear and open, stable system of property ownership, and that is now essentially being thrown in the garbage as a result of the mortgage securitization process that has led to all these foreclosure-mill foreclosures.  

Property rights are the very foundation of America's socio-political-economic system, yet for a great many Americans those very property rights are in the process of being taken away by banks that are in collusion with government by way of the money-bearing lobbyists the big banks have hired to essentially buy the legislation they need from Congress.   If by this means it becomes the prerogative of banks and the Congress to give and take away property rights as they see fit, we will no longer be living in the free country that our founding fathers began for us.

All these problems started with the housing bubble and the subsequent crash, and until we can begin to get banks to start modifying loans, instead of immediately jumping to foreclosure proceedings, the property rights of ever growing numbers of Americans are going to continue to slip away.  But the banks don't want to grant any more modifications than is absolutely necessary because they fear that the more they grant, the more they will be forced to grant, and that could prove very very costly to them.  For them it vastly more profitable to foreclose on (i.e. steal) as many homes as possible.

One reason that the foreclosure crisis is getting worse is of course that our unemployment/underemployment crisis continues to worsen.   The median wage continues to fall as American jobs continue to be given to low-wage workers in or from other countries.   As a result, almost 7% of American home owners are now more than 60 days past due on their mortgage payments.

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Another reason so many foreclosures are occurring, is the highly unethical, if not fraudulently criminal, dual track procedure that many banks now follow, in which they secretly prepare to foreclose using one computerized system, all the while telling the homeowner that they at the bank are preparing to modify the homeowner's loan (using their other computerized system), thereby stalling and deceiving the homeowner until such time as the homeowner gets so far behind in his or her mortgage payments, waiting for the promised loan modification, that foreclosure proceedings suddenly spring into action, much to the surprise of the beleaguered homeowner who will soon no longer be a home owner, as the bank takes the final steps to seize and thereby steal his property.    

Never forget that these very banks have received billions of dollars in bailout funds from the very taxpayers they now, in many cases, seek to defraud, cheat and steal from.   This therefore is a war we are in.   The banksters are fighting against the American people, who must now wake up if they are to effectively meet this war that has been launched against them.

A plan to cover up the "fraudclosure" & convince Congress to make it legal


Amid mounting questions about the foreclosure process, and billions of dollars in lawsuits initiated by homeowners who feel they are having their homes systematically stolen from them, the banking industry is pouring money and lobbying hours into protecting their interests at the expense of ours.   Right now, lobbyists on Capitol Hill are pushing for legislation that would not only legalize their current securitization process, but affirm the bankster database, MERS*, as the exclusive means by which this country will track mortgages.

*MERS stands for Mortgage Electronic Registration Systems, and is a private database stealthily set up by the banking industry to allegedly keep track of all the bundled/securitized mortgages (accounting for 60% of all mortgages, 66 million in total) that are being profitably sold from one institution or organization to another.   By this means the banks were able to escape the need to pay the fees normally associated with such transfers while at the same time removing these transfers from the scrutiny of any government or regulatory agency.  

If such legislation takes place, the banking industry will in one fell swoop succeed in getting rid of all the "fraudclosure" lawsuits, with Congress's implicit approval, and Americans will be left with much-weakened property rights, and banks will be affirmed and confirmed as America's largest real estate holding companies.   But growing numbers of homeowners would then soon be out of their house and out of options.

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Aiming to stop such legislation is Ohio Congresswoman Marcy Kaptur, who is introducing counter legislation prohibiting the government, through Fanny Mae and Freddie Mac, from buying mortgage securities coming from MERS, thereby incapacitating the bankster-initiated MERS program.   According to Kaptur, more than half the toxic mortgages registered at MERS have been generously purchased from private banks by either Fannie Mae or Freddie Mac.   But why should these two institutions, which are backed and funded by the American taxpayer, be in this way continuing the transfer of wealth from American workers to the big banks?!   Kaptur suggests that the banks be forced to buy back these toxic mortgages so as to let their investors take the loss, not the American taxpayer.

According to Congresswoman Kaptur, Congress has thus far failed the American people in this mortgage foreclosure situation.   All the big banks in this country and all their emissaries, including MERS, march to the tune of six megabanks that now control two-thirds of the nation's capital.   This massive distortion of capital control must be ended.   Home loans must once again be provided by local banks that do not bundle them together for purposes of selling the resultant bonds to gullible investors like pension funds -- thus enabling these big banks to hold the nation hostage with the argument that if the big banks are allowed to fail, then all the pensioners, with money in these pension funds, will take a major financial hit.   But of course the big banks, with their immense army of well funded lobbyists, are not going to allow such a transition back to sanity without a major fight.  

Kaptur points out that when the Savings and Loan institutions collapsed in the early 90s, ordinary banks decided to take over the business of making home loans.   The problem was that as long as home values appreciated at a relatively slow rate, these banks could not make all that much money from handling 30-year mortgage home loans.   As a result, the banking industry made a deliberate decision to take steps that would result in the hyper-inflation of the price of housing in this country, thereby churning the market and stimulating a superabundance of home sales and bank profits.   And for awhile they made plenty of money, right along with real estate speculators and home owners generally, at least those who traded up from one home to another to another.   Yet look what this deliberate hyper-inflation of home prices and the accompanying mortgage securitization and associated gambling casinos finally led to!   -- a financial disaster for the vast majority of us.

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)

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