Is Housing Crisis Suppressing Voter Turnout?

The answer is yes, a large number of the block of people who are deemed “likely to vote” are unlikely to cast votes this November. How many of these would have voted one way or the other is up for debate, but my guess is that many would have voted for democratic candidates. If my theory is right, that explains why Republicans are not saying anything about the housing crisis, which is the elephant in the living room. Until we fix housing we can’t fix the rest of the economy.
So perhaps that explains Republican apathy to the plight of homeowners and former homeowners PLUS the usual computation that renters vote less than homeowners, and renters usually being from the lower end of the economic spectrum see Republicans as the problem, not the solution.

But that doesn’t explain why the Democrats have gone dark on this issue. The article below suggests that since the millions of displaced homeowners might be hard to register to vote, that they are not voting anyway and so the Democrats have made the calculated gamble that since they are not voting anyway, why should Democrats put forward proposals likely to inflame Republicans and perhaps sway independent voters away from the Democrats if they put some concrete proposals on the table. And then there is the old problem that Wall Street is giving money to both sides, which corrupts the voters’ ability to choose anything different than current policy.

Romney, as usual, has at least been consistent — he has been on every side of this issue too. He has offered the conclusion that the free market will make the correction and that the housing market should be allowed to hit bottom — but then he says that he and Ryan have a plan to fix the housing crisis. The ignorance of politicians in both parties is understandable considering the complexity of devious ruse called securitization of mortgage debt. But the Presidential candidates have staff, advisers and analysts to help them understand the issues. At this point, they must know enough to know that the foreclosure crisis was manufactured out of thin air and that the banks are running the show.

But I must admit that listening to Obama and Romney, neither one of them seems to have a clue. Both speak of the market “bottoming.” Any economist or analyst worth his or her salt will tell you we went through the floor and now we are in the basement digging ourselves a deeper hole. The ability to manipulate the information we get about the “recovery” is not an acceptable substitute for actual policy to start a real recovery.

Because the crash of the housing market and the economy that went down with that ship affects people of all classes and political ideologies, I have the advantage of speaking to a wider audience than a candidate running for political office. I am running for my country. And in my surveys of people from all political spectrums, it is clear that more than 75% of the country’s likely voters are intensely aware of the threat of another crash arising from the unwillingness of regulators and law enforcement to bring the perpetrators to justice and force restitution back to investors and homeowners who were tricked into this scheme.

I think both Obama and Romney are miscalculating if they think that housing problems are not going to play a major role in this election. I do see signs of life with administrative actions against the banks and each of the “largest settlements” ever recorded; but the truth is that these settlements are large only when compared with the wealth of the average citizen individually — not the wealth stolen from all citizens collectively.

Many people think I am out for justice, as though anyone has a workable definition of that term. Or that I am attempting to bring due process back to the courts. Of course I want “justice” and due process but that isn’t the point. I want the country to recover from the economic crash beyond avoiding the edge of the cliff we were at when Obama took office. OK, give him applause for backing away from that cliff and give him credit for turning a marketplace that was losing 750,000 jobs per month into one that is producing 100,000 jobs per month. That is a million job swing and it deserves at least some kudos.

But it is true, like anyone in any job, that Obama could have and should have done better. It’s also true that we have no evidence that Romney could have or would have done better. He just won’t say which of the programs he would have kept and which ones he would eliminate and what programs he would propose to get us out of this mess. Each of the die-hard Republicans and Die-hard Democrats thinks they know the real strategy after the election is over. The truth is they don’t know and one of the things that nobody knows is what else will happen that will cause another bump in the road. Both candidates have been presented with a laundry list of real likely risks to the economy and national security that neither one has mentioned.

My answer is simple. If you steal something, you get punished and give back what you stole. That includes “intangibles” like ID Theft, which is routinely practiced by Wall Street now at both ends of the securitization spectrum — the investors and the the homeowners. What is it going to take to get people to notice that the banks have taken over the marketplace? When your bank asserts that it has a right to “borrow” that TV you bought with a check, will that start you wondering?

In a normal economy financial services — i.e., trading paper back and forth to hedge real transactions — made up about 16% of our gross domestic product. Now the government reports that the same sector accounts for around 50% of all transactions counted in gross domestic product. That means we are substituting a lot of meaningless derivative trading for actually making things, selling them, and providing services that people want. We need to stop listening to slogans and start thinking about the world we want to leave for our children and their children.

SEE http://www.businessinsider.com/president-2012-candidates-are-ignoring-housing-2012-8

19 Responses

  1. @ML There is another Assured guarantee title–? something like that

    tied in to ahmsi by common shareholders—-guarantees mostly muni bonds from default–i wonder if this one has a title division—-it would be a neat trick for an originator to force title insurance to an affiliate offshore —–then strip out the cash by dividends –leave the title co a shell—justify high insurance price with screwed up titles—i wonder …well when you can hide offshore as most insurers do–anything is possible

  2. @dcbreidenbach
    N ot only does Fidelity want to keep their Title prices high, if all the fraud would surface and be addressed Fidelity would have a lot of Indemnifying to do.

    Better they support the candidates so that they refuse to pay attention to all the illegal foreclosures

  3. @dcbreidenbach
    Titles are screwed by most of the divisions of Fidelity, IF NOT ALL.

    Fidelity, the parent company of LPS Docx, produced most of the fraudulent
    Documents for their network of attorneys that facilitated the fraudclosures
    And illegally registered thosebogus titles in land registries all cross this Nation,have now contributed a lot of Romneys campaign money – how is that for Fidelity and Foley trying to always be one step ahead of covering their rears.

  4. @ML
    Have I got it right—if titles are screwed up by one division of FINS—–then the title division gets the ability to charge increasedpremiums to write title policies? seems like FINS would want to spin that division off to avoid what would appear to be

  5. @Carie
    how are you?

  6. iN 2008 after Astoria Federal Savings & loan stated in NYSC that they didn’t own my two condos when the banks previous debt collector attorneys auctioned them off to straw buyers I wrote a simple letter to William P Foley CEO of Fidelity Title “what went wrong that you New York attorney finds himself fighting for a forged deed”
    and Fidelity’s answer to me was “it is proper to fight for a forged deed.
    Fidelity Title runs theIr business by FRAUD;

  7. @CARIE

    Your observations vis the neverending mortgage debt continues to take my attention–to try to understand the points you describe in a greatr context. As I consider the breakdown in application of UCC 3-501 re proof of note ——if you get a document back that superficially purports to meet the standard–it will be upon the statement of opposing counsel: ie presto chango here is the original note. The indorsements are undated—etc. Hardly approaching evidentiary authentication as is evinced by Fed Ev R 901—-The UCC reinforces the aujthenication rules wth the specific instructions that the presenter show authority–This must at least reach the attorneys. Yet they will not demonstrate proof of representation.

    Thus clearly if one gives consideration to the collection agency–or servicer—the UCC rules necessary to prove satisfation and release of note are not being met–even where defense attys are knee deep.

    The note must be supported well enough to withstand attack by a subsequent claimant–who will cite the above rule as proof of the makers responsibility re proof–

    People dont get their notes back when they pay off the note either.

    The only person that can release the mortgage or invoke the DOT–outside Arizona —see Bain case in Washington state. Is the person that had right to enforce the note—and they must show how they have that right under 3-501—

    The rule of recovery of the promissory properly marked has become systematically ignored. Thus, the releases of mortgages as well as satisfaction of note is often ignored. The titles of all homes with mortgages are clouded –like Ebeneezer Scrooge these homes are haunted by mortgages past, present and future–as title insurance issues at time of sale. The sloppy servicing standards is inflicting every day substantial harm on the title and insurance costs associate with title. This will be the lasting harm–look at servicers who have affiliates in the title insurance area –and you will see the economic incentive for intentionally clouding titles. People will have to pay a fortune over time to pay title insurance to make homes marketable.

    The best defense against this private label attack on title would be for the GSE to retain its ongoing mortgage–unisured–shifting from one financing to another–if not attaching to the home. Thus the GSE could preserve its superior lien despite the machinations of the collection agencies.

    This is a sad state of affairs–but Carie –would this make sense as a possible reason why they do as you say??? I hope ypu have time to think about this–the implications are very significant

  8. @CARIE re proof of satisfaction see UCC 3-501
    “Upon demand of the person to whom presentment is made, the person making presentment must (i) exhibit the instrument, (ii) give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so, and (iii) sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made”

    Paid in full or specific reference to the amount paid is recommended in literature. Notably–if an atty for a plaintiff seeking foreclosure proffers the original note–the indorsements and that atty’s authority to present that instrument is required

    this is a form of authentication. The note is not self-authenticating such that you the maker must accept without question—this would be your opportunity to refuse presentment if the note appears to be false or the offered proof of authority fails. Deny it–request the cpourt reopen the matter and if necessary deny the court had jurisdiction for lack of standing of the purported holder –if the holder cant prove its interest at the time of delivery of a magic note–then it did not have standing ab initio

    § 3-501. PRESENTMENT.

    (a) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft made to the drawee.

    (b) The following rules are subject to Article 4, agreement of the parties, and clearing-house rules and the like:

    (1) Presentment may be made at the place of payment of the instrument and must be made at the place of payment if the instrument is payable at a bank in the United States; may be made by any commercially reasonable means, including an oral, written, or electronic communication; is effective when the demand for payment or acceptance is received by the person to whom presentment is made; and is effective if made to any one of two or more makers, acceptors, drawees, or other payors.

    (2) Upon demand of the person to whom presentment is made, the person making presentment must (i) exhibit the instrument, (ii) give reasonable identification and, if presentment is made on behalf of another person, reasonable evidence of authority to do so, and (iii) sign a receipt on the instrument for any payment made or surrender the instrument if full payment is made.

    (3) Without dishonoring the instrument, the party to whom presentment is made may (i) return the instrument for lack of a necessary indorsement, or (ii) refuse payment or acceptance for failure of the presentment to comply with the terms of the instrument, an agreement of the parties, or other applicable law or rule.

    (4) The party to whom presentment is made may treat presentment as occurring on the next business day after the day of presentment if the party to whom presentment is made has established a cut-off hour not earlier than 2 p.m. for the receipt and processing of instruments presented for payment or acceptance and presentment is made after the cut-off hour.

  9. Neil says here:

    “Of course I want “justice” and due process but that isn’t the point. I want the country to recover from the economic crash…”

    Justice and due process isn’t the point?

    Does Neil want the fraud to continue to be buried and have homeowners modify the false default debt? Is that how we will “recover”?

    Sigh.

  10. Jan van Eck, I just love your idea! And sense we have them at GITMO with trained personal at ready, I think a few waterboardings will get to the truth.

  11. Joann – Sorry – Did not go through.

    Effective 2013 SSA will not mail checks anymore. You can use your children’s address or a friend if you live with them. You can get a debit card or savings account at a local credit union or Walmart. Direct Express is backed by the Treasury Dept. and lots of people do not trust or want to use them. Good Luck.

  12. Joann – Please read below.

    Cheryl

  13. There is a perfectly valid strategy that will self-resolve the housing/foreclosure/phony-filings issues in less than six hours. Mr. Obama has the ability to institute it, but he lacks the will, or the moxy. Under the “Patriot Act,” he can roll down to Goldman Sachs or Bank of America on Wall Street, have the US Marshals scoop up 20 top managers, cuff them, toss them into a prison transport bus, transfer to a Marshal’s Airplane at JFK (think: Tommy Lee Jones), haul down to Gitmo, and toss them in there for indefinite detention. Next morning, one phone call each to their chums on the Street, to advise that they are having breakfast with the mujaheddin. Foreclosure mess all over by noon.

    You can even let them go, 6 months later, no charges ever filed. No right of return, of course, Israel supplies that; next stop, Tel Aviv.

  14. An here’s another one that effects homeless seniors (link below)…..can you get one of these direct express cards if you don’t have a bank account or a street address? Can you get SS if you don’t have a street address?

    Can you camp in a state park if you don’t have a street address? Is is legal to park on a street overnight in your town? Just wondering.

    Everyone with a street address should wonder – how many times a day do you write that down on an application for anything? When is a street address required? What happens when you haven’t got one anymore?

    http://www.ssa.gov/pubs/10073.html

  15. Thought of a few more to add to previous post re can you vote i without a street address…..

    Can you get a storage unit if you don’t have a street address?
    Can you get cell phone service if you don’t have a street address?
    Can you get YMCA or health club membership if you don’t have a street address?
    Can you purchase health insurance if you don’t have a street address?
    Can you buy a car if you don’t have a street address….or even sell a car?
    Can you buy an airplane ticket or train ticket?
    Not everyone lives in a shelter or qualifies to live in overcrowded shelters. Not everyone is counted. Not everyone qualifes for social services especially if they are employed but still broke and homeless.

    So how many lost votes is that? Is it a drop in the bucket or not? How many invisible homeless are there? Which party gives a —-?

  16. Wha about rising numbers of transients and homeless including the “lucky” working homeless?

    Can you vote if you don’t have a street adddress?

    Wondering about all these too….answers could be different in different states but in general…and don’t assume there are not many in middle class now wondering…

    Can you get a PO box without a street address
    Can you continue a court case pro se without a street address
    Can you get food stamps without a street address
    Can you keep your bank account open without a street address
    Can you pay bills or save money if you don’t have a bank account
    Can you get a driver’s licence without a street address
    Can you rent a car without a street address
    Can you apply for a job without a street address

    Feel free to add to the list.

    There is a shadow inventory of homeless – the ones sleeping on family , friends or neighbor’s couches if they are lucky to have these sources of help – others sleeping in cars – many of the above are working homeless if they had a job before getting kicked to the curb in a foreclosure eviction and likely hiding it from their employer if they can.

    Are you still a citizen if you are homeless?

  17. Of course foreclosure reduces turnout. 1st—-people search for a place to live–often having intetermediate stops. Frequently from interviews Iv had —both younger and elderly are forced to move in with relatives for periods of time—often to borrow money to get their own rentals. It is not unusual to see people with 3 addresses over a 6 month period. Their mail is in a shambles–payments get delayed–tax filings missed etc etc

    amidst this general backdrop of chaos—the last thing people are thinking about is voting—most are so skeptical of the political institutions after a year or more of unbridled harrassment by collection agencies that they run a good chance of leaving the electorate forever. Basically a family that must beg for relief from a Philipino or Indian national—usually to no effect—with threats made against them by the foreignors of police action if the family does not do as it is told– has little remaining confidence in US political institutions. Yes–the foreignors will assert that “you must send this or do that…or else” we will take steps. Those steps typically involve delivery of court orders and or eviction notices etc by US police–sheriffs etc.

    The overall impression left is that foreign nationals are using US Courts and police to strong arm American citizens. This is awfully demoralizing—-for a US family —it undermines confidence in US institutions. Why bother voting if the situation has deteiorated to the point that an Indian collection agency can pick up a phone a police department and have a family of US citizens thrown into the street?

    Now in fact–its not that easy nor straightforward in the judicial processes—however for an unsophisticated blue collar family with 35 year old HS educated parents of a couple small children—this is the way it looks. Anybody who has had a fuss over a mistaken charge on a credit card billing can attest that one is essentially humiliated by the need to plead with a foreignor speaking broken English. Imagine what it feels like if your childrens’ home is at stake. This is lousy public relations by the bigbanks –eg Citibank. But they dont seem to be much concerned about public perceptions–and politicians that are not familiar with the actual modis operendi of the collection divisions of these banks–and non-bank collectors are worse–these politicians are themselves mislead. Their views are shaped by smooth-talking lobbyists that assure them the sensibilities of these voters are carefully protected–when in fact the voices frightening the homeowners are foreign—and guys that look like bouncers at tough bars come to the door to intimidate and terrorize the occupants.

    This is the reality—bad enough to get booted from ones home upon questionable claims and ginned up documentation—-but the use of these intimidating and humiliating tactics worsens the matters. Does it affect voting turnout–sure —–exactly how is another question. Who would these disenfranchised people vote for –or against?

  18. I heard that Romney said ” LET THE FORECLOSURES HAPPEN AND THEN THEY CAN BUY AGAIN” isn’t that wonderful. But now that we know lots of his campaign money comes from The Fidelity Family of
    Lender PROCESSING SERVICES – the company that made all the fraudulent foreclosure documents possible and the company that lobbies for new bad foreclosure laws Romney is not going to bite the hand that feeds him. Obama doesn’t care,- Rommey wants to be blind .
    Is there a way to get all the people who lost possession by fraud to write in someone like Bill Blacks name.?
    Neil, do you or anyone know how many people lost possession of their property by fraud in the last 20 years?

  19. I heard that Rommey said ” LET THE FORECLOSURES HAPPEN AND THEN THEY CAN BUY AGAIN” isn’t that wonderful. But now that we know lots of his campaign money comes from The Fidelity Family of
    Lender PROCESSING SERVICES – the company that made all the fraudulent foreclosure documents possible and the company that lobbies for new bad foreclosure laws Rommey is not going to bite the hand that feeds him. Obama doesn’t care,- Rommey wants to be blind .
    Is there a way to get all the people who lost possession by fraud to write in someone like Bill Blacks name.?
    Neil, do you or anyone know how many people lost possession of their property by fraud in the last 20 years?

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