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Credit crisis deliberately caused by the regulators

Wednesday, October 08, 2008

Chicago Sheriff refuses to evict after foreclosure to protect tenants

Sheriff in Ill. county won’t evict in foreclosures

Oct 8, 2:19 PM (ET)

CHICAGO (AP) - Residents of foreclosed properties in Chicago and other parts of Cook County don’t have to worry about deputies forcing them out. Sheriff Tom Dart says that starting Thursday his office won’t take part in evictions.

Dart says he’s concerned that many of the people being evicted are renters who were unaware that their landlords have been failing to pay their mortgages. He says his deputies have no way of knowing whether they’re removing someone who has defaulted on a loan or someone who has been faithfully paying rent.

Dart says he thinks he’s the first sheriff in a major metropolitan area to stop such evictions during the ongoing foreclosure crisis.

Dart says the number of mortgage foreclosures in Cook County has skyrocketed and will probably keep rising.

There’s a sheriff with guts.  Can’t wait to see what the new owners of the properties have to say.

It’s always been a problem that tenants had no way of knowing who really owns their home.  Of course nobody cared to do anything about it because it wasn’t profitable.

Lying bankers: Citifinancial $5,000 Funding Certificate

I hadn’t planned on taking the new Credit Crisis site live today, but when I opened my mail and saw the CitiFinancial “Funding Certificate”, I just HAD to get it posted:

Lying bankers: Citifinancial $5,000 Funding Certificate

At Credit Crisis I’m going to outline the problems I see with our financial and judicial system.  I already posted a draft proposal for Judicial Reform.

I’ll also post links to articles on monetary reform and of course news on the bailouts and collapses.  There’s so much information and I scan so much news, I might as well link what’s worth reading.  And I’ll focus on litigation and credit and collection issues here.

Monday, October 06, 2008

6 dead in So Cal murder suicide over financial problems

6 Family Members Dead In Murder-Suicide In Porter Ranch

POSTED: 10:57 am PDT October 6, 2008
UPDATED: 1:05 pm PDT October 6, 2008

LOS ANGELES—All six people found dead in an upscale home in the Porter Ranch area of the San Fernando Valley were members of the same family and were shot to death in a murder-suicide.

Deputy Chief Michel Moore said the unemployed father of the family, 45, left two suicide letters claiming responsibility for his suicide and the murders of his family members, identified as his wife, three children and his mother-in-law.

Although next-of-kin has been notified, police withheld the names of the victims early Monday afternoon. They confirmed, though, that the victims were the man, his 39-year-old wife, the couple’s 19-, 12- and 7-year-old sons, and his 70-year-old mother-in-law.

Police said a handgun was found in the home. Officers were called to the home to make a welfare check after the man’s wife did not show up where she was expected.

A police spokesman said the letters from the man indicated he was despondent over “financial difficulties.” The spokesman said the man did not have a history of mental disabilities nor had he had contact with mental health professionals in Los Angeles County.

Life sucks for a lot of people and will suck for many more.  But that’s no reason to kill yourself. 

You may lose your job.  You may lose your house.  It’s NOT the end of the world. It’s an OPPORTUNITY.

It’s time to consider that we’re all in this together. 

Friday, October 03, 2008

Video: O’Reilly calls for Chris Cox, Barney Frank and Christopher Dodd to resign

Bill O’Reilly Calls Democrat Barney Frank a “Coward” for Denying Cover Up of Freddie Mac and Fannie Mae - The Main Cause of Our Economic Crisis

I hate to have to agree with O’Reilly, but he’s right about calling for the resignation of Chris Cox (SEC Chairman), Barney Frank and Christopher Dodd.  However, his list is way too short.  And Paulson should be prosecuted for treason.

O’Reilly doesn’t have a clue.  It’s NOT about FNMA regulation, it’s about the organized effort to originate mortgages at any cost. It didn’t just involve the federal government, but STATE governments. 

California stopped all enforcement of mortgage advertising and origination regulations sometime prior to 2004 when I started filing my complaints about illegal marketing and false advertising.

Why is it that NOBODY looks at the big picture?

And Barney Frank has done NOTHING for consumers whatsoever.  I remember watching an FCRA or FDCPA hearing and he seemed rather disinterested.

No mercy:  90-year old woman attempts suicide due to eviction after foreclosure

Ohio woman, 90, attempts suicide after foreclosure

Fri Oct 3, 2008 5:19pm EDT

CINCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.

Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when police came to the home on Wednesday to serve an eviction notice, Akron police spokesman Lt. Rick Edwards said on Friday.

Polk survived the shooting and is being treated in a hospital.

It was the latest attempt by sheriff’s deputies to evict Polk from her modest single-family home because she could not keep up with her mortgage.

“It appears they’re evicting her over her mortgage. She’s lived in the house, the neighbors said, something like 38 years and in the last couple of years fell prey to some predatory lending company or financial institution,” Edwards said.

Local news reports said deputies had tried to serve Polk’s eviction notice more than 30 times before Wednesday’s shooting.

Home foreclosure rates are at record highs in the United States, in many cases because buyers with adjustable interest rates could not keep up with sharp increases in monthly payments. The foreclosure crisis has sparked a wider housing market downturn and is at the heart of the U.S. financial crisis.

(Reporting by Andrea Hopkins; Editing by Peter Cooney)

© Thomson Reuters 2008 All rights reserved

I’d like to know who the owner of the property is.

Update: It’s Fannie Mae.  In 1996 I documented what a vile outfit FNMA was back then.  My FNMA documentary is linked in my foreclosure post. They foreclosed on Cindy, a single mom who had made every single mortgage payment and all late fees.  I personally visited her twice in So Cal, I reviewed every single original money order receipt.

She paid an incompetent lawyer $10k, he was too damn stupid to analyze the accounting.  Cindy had a CPA prepare comprehensive accounting. And then she lost in court.  It was so unbelievable, I even went to the San Bernardino courthouse, got the file and took pictures of many of the documents.

I saw the house they were evicted from.  They lived in a little cabin in the woods.  They had no room for most furniture and the girl’s toys.  FNMA ordered everything taken to the dump.  AFTER I had personally contacted their lawyers and started the documentary. 

NOTHING could stop FNMA.

So I guess the ONLY way to get them to show a little decency is to shoot yourself and become a hot subject in Congress.  After Kucinich and apparently others brought up the attempted suicide in the house debates, FNMA agreed to give the old woman back her house.

The million dollar question is whether she’ll be able to move back in.  After all, she’s 90 years old and now in the hospital in critical condition.

The CNN article.

There are the details about the loan.  She borrowed about 57,000.  There’s nothing on how she spent the money.  Considering her age, I doubt she was squandering it in casinos and bars.

MANY millions of Americans have been supplementing their COST OF LIVING with the cash from refis. 

Medicals bills, home repairs, auto repairs, food, tuition, ... it’s all been paid for with home equity.

The government could give the banks 9,000,000,000,000,000 (add as many zeros as you like), it won’t make a difference to the economy! 

That’s unless the banks start lending all that money to consumers, who of course don’t have the money to pay back the loans.  So we have a never ending bailout, the ongoing purchase of bad debts by the government.

And that’s as loony as it gets.