The bad debit, what is missing is what happens to the homes after the banks get the money? There is potential for so much fraud in this, who will process these foreclosures, if people that default get back into home ownership we then have a society that believes they can just walk away.

There needs to be a process in place and it cannot be opportunist those that have no respect for value of homes and neighborhoods. They cannot have no regard for qualifications in order to own a home.

Wall Street sees only paper and investments, these loans represent that and are liquidable, just not as liquidable as they would like. They are secured investments the government can buy these investments and they should be careful it’s the institutions that’s proverbial asses are against the wall, not the entire nation.

The issue is that of processing who will do it? I would not allow the banks they will dump them for nothing sell them to greedy venture capitalist and we the tax payer will take that loss!

These properties need to be processed locally under federal scrutiny, a repository in each county that the liens are filed! Not all the funds should go to financial institutions some should go into properties. Loans processed through the same repository, these repositories could be also loan originators and also housing inspectors and code enforcers.

What is crucial is that each mortgage… that each property does not recover less than what was compensated to that financial institution that abandoned it to the repository.

If some banks fail then what is left get bought up or sold to other institutions. They can clean them through the repository. But not in blocks they would be evaluated by employees at the repository in the locality they exist. The banks can be offered a price and take it or leave it.

It’s not fast enough…then too bad slow down. All we have is time.

That same repository could do audit trails, if the loan is fraudulent then track it back and pull licenses and levy fines.

These repositories should also become linked to real data, IRS and credit bureaus, they should actually replace credit bureaus and be the central qualifier for all loan originations.

This would streamline banking and also reduce costs, the cost or industry shift from tertiary to tangible, the added value/cost becomes compliance to code and physical value to the structures. You do not need a realtor…you need a contractor. You do not need a title search or income verification, you need a new roof, furnace siding, driveway….
Banking is nothing more than lending and borrowing, stop with all the singing and dancing it is not glamorous and should not be that lucrative.

The repository would be relational data based off the parcel data that exist in each county, it would be regional and a precursor for regional government, it could be a central tax authority as well, streamlining tax systems.

As for being a “great” governor, I suppose it’s easy to have a veneer of greatness when you send each citizen a check for a couple of thousand dollars since your state is so flush, but then request more money per capita than any other governor in the US from the federal governor for all your big projects. Ohioans who are subsidizing the welfare state of Alaska with their tax dollars might not be so enthused. Anyway, my definition of “great” also doesn’t include lying, hypocrisy, vindictiveness, secrecy, cronyism and abuse of power.

This is strong evidence this country is run by the banks, we have the illusion of politicians but they are on the bank’s payroll as well.

Her globalist view is what made the hairs on my neck stand on end. She’s worried about the impact on the global economy? What about the impact on the American people; the ones fitting the bill?

I’m reminded of a great story, our politicians need to read, less they forget their role:
http://www.juntosociety.com/patriotism/inytg.html

God bless Andrew Sullivan.

B’shalom,

Jeff

My mom always said that people see what they want to see, and hear what they want to hear. He’s a very good example of that. I can’t believe anyone would think her interviews are anything but a disaster.