I love Elephants in the room and for the past four years there’s been a huge one that the Corporate owned media avoids like the plague!
Once the bonus addled bankers realized they were creating ghost-towns that THEY were ‘technically’ on the hook for…all of a sudden using their ‘strongest weapon’ became an all around ‘bad idea’.
Weirdly, there’s a reason why 25% of the population ‘can’t qualify’ for a mortgage just as there’s a reason why even during good times 25% of us can’t find work! (No irony should be lost on the serious amount of ‘overlap’ that exists between these two groups.)
Sorry about the shotgun blast full of concepts there but our fucked up social system produces a lot of these ‘conceptual overloads’ (and with it sentences like the one above.)
But anyhoo, back to the Elephant in the room of how some people are ‘living free’ and by extension, making the rest of the economy, er, ‘appear’ better than it actually is.
One of Ms. Fox’s clients is Nicholas Cline, 35, a construction worker who fell behind on his mortgage payments in 2009. (He thought he had modified his loan, but the company he was working with has since pleaded guilty to criminal fraud.) The bank that holds Mr. Cline’s mortgage has left him alone, he said. No letters, no calls, no hassles.
“But now that it’s going on three years, what do you do?” Mr. Cline said. “I am living in my house. But the stress of this, not knowing what’s going to happen or when, it’s an unbelievable burden on your mind.”
In New York, the time to complete a foreclosure has almost quadrupled, from 263 days in 2007 to 1,019 days in 2011. Abraham Kleinman, a lawyer in Uniondale who represents homeowners fighting foreclosure, said he counseled a client who felt guilty about remaining in his home so long after defaulting. “He says to himself, ‘I’m sitting here rent free, it can’t go on forever,’ ” Mr. Kleinman said. “But the plaintiff has not been aggressive. As near as I can tell, they’ve put this to the side.”
It is disturbing to note we still have ‘fraudulent’ mortgage originators but we also have the banks themselves, carrying most of these mortgages on their books at values they’ll NEVER see!
Does anyone else need a detective to deduce what this means for our supposedly ‘asset backed’ financial system?
Which is the OTHER elephant in the room…
Has it occurred to you that even (or especially) if you are renting, you’re getting FUCKED?
Just to swap mental gears for a moment, is it becoming clear to you just who is buying all of those new cars?
(Because, ironically, defaulting on their mortgage HAS NOT ruined these people’s credit rating!)
Or the Auto builders are too desperate to care (meaning they are extending credit to ‘poor risks‘ regardless)…chew that one over for a few minutes and see what you come up with…it will redefine the term ‘depression’.
Which is why I get such a big charge out of the show 'Doomsday Preppers' and how their so-called ‘experts’ keep giving these people really bad advice!
Rule number one of true preppers is DON’T HOARD! There’s no way you can keep visiting the site of your hoard without drawing attention to it!
Only ‘moles’ (people who plan to stay out of sight until it’s safe to come out…which may be never) can ‘hoard’.
But even that ‘strategy’ comes with the commitment requirement, you can NEVER leave the shelter or you risk revealing its existence, and revelation is both damnation and doom.
If people know there’s a hoard, they’ll be on it like stink on excrement…
Just the sight of you walking around looking healthy and well fed (long after you have no reason to be either) will be enough to betray you.
Which gives the wrong impression…roughly 60 days after the supply lines collapse there won’t be much of anything around population wise, the chaos and lack of modern conveniences will ‘kill-off’ most of the, er, ‘surplus population’.
How sad is it that this will make the ‘true’ survivors no less adamant in seeking to ‘refresh’ their dwindling stores of ammo or (what will become) luxury items like toilet paper, tissues and candy/liquor.
Gold? Gold will be a ‘find’ (when these hoarders are eventually overrun) and some (morons) will still try to hoard it although most of the time it won’t do the hoarder any good.
Worse, the wrong word in the right ear and it will probably get you dead, there’s no accounting for morons.
But I digress, we have gone form one herd of elephants to another, entirely different herd and how the corporate owned media is spreading ‘dis-information’ on both.
How pathetic is it good citizen that we have an economy supported largely by people who are ‘living free’?
Worse, good citizen, given the defunct ‘real estate market’ how long will it be before there won’t be ANYBODY paying their mortgage?
What will become of our crumbling ‘financial system’ them?
I’d posit that our civilization doesn’t have that long so the question becomes a rhetorical one at best.
Um, under A Simple Plan the real estate market (along with the parasitic banking system) both ‘vanish’…a place to live (equipped with all of the modern conveniences of the time) are your RIGHT! Not a ‘roll of the dice’ investment that you may or may not recover…
Thanks for letting me inside your head,
Gegner
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