Contrary of Mythical Bank PR, Foreclosure Crisis is Not Over

In an economy that is driven by consumer spending, the consumers are being left with nothing to spend except more debt.

Investment banks continue to cloak illegal schemes to obtain revenue through illegally weaponizing the process of foreclosure. And contrary to the now popular belief propagated by the banks, the figures are staggering.

You can say that the overall number of foreclosures has declined,  but that says nothing about the damage being done on a daily basis. In many parts of the country the foreclosure rates are rising. That is because the banks are playing games with us. When the foreclosures skyrocket somewhere they slow them down and move to another part of the country.

Then they make sure the news is out that foreclosures are the lowest in many years in a particular locale. But the news in other locales remain disturbing and is emblematic of the the continuing damages to our economy, our tax base and our futures from illegal foreclosures that are decimating the middle class and severely hampering their ability to survive on anything but more debt. Eventually that will come to haunt us.

In an economy that is driven by consumer spending, the consumers are being left with nothing to spend except more debt.

What the banks are doing is manipulating the data and thus manipulating the public into thinking that the foreclosure tidal wave that began in 2006 has passed. It hasn’t. The fact that “only” 500,000 homeowners are losing their homes and being forced into bankruptcy is no comfort to those faced with foreclosure and whose property is going to be taken away by vandals.


4 Responses

  1. Chicago Circus Court operates a MILL
    Fake “servicer” PennyMac filed 13 foreclosures in January 2020
    Caliber Home Loans – 11
    And so on…

  2. Absolutely correct Neil. And, our authorities turn the other cheek.

  3. Slowing moving them into the market and some are never become available as attorney(investment LLC’s), judges (investment Corp’s) and web sites like Zillow are buying them directly. A small percent of them actually land on the market. I do a lot of research, as I assist with home and land purchases for others, so I scour some of these markets…the patten is there.

    My best friend works in origination-lending and she has assured me, most sellers and lenders are investors now. Some of these markets are over priced by upward of 30%…I caution people I deal with about cost, value and equity position. Walk away-do not overpay!

  4. It’s happening on the Big End again too…

    When will people learn? We gave the thieves what they wanted… Historically all that ever does is set you up for constant repeats… it’s now the new business model.

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