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Message: Massive US Foreclosure Fraud with Florida's Congressman Alan Grayson reporting.
This could get really serious now, I've been listening to Gerald Celente
talk about this for the past year on shortwave radio talk shows along
with the likes of Robert Chapman and Alfred Addis. GMAC suspended
all foreclosures in 23 states a couple weeks ago, with little official reasoning
behind it other than some guy was just signing documents without reading
through them.
That's basically B.S. Now we have Bank of America suspending
foreclosures right across the U.S. ... The reason ... you'll see below, but just
for a quick synopsis, when a home owner signs a contract for a mortgage with
the bank, the bank is not supposed then go out and sell that mortgage to a third
party without permission and signature from the lendee.
Some of these bankswere selling the original mortgages to third parties sometimes for up to 105% or 110% of the mortgage value, and then the third party repackaged that mortgage
along with millions of dollars of other mortgages of better and worse credit worthiness
and sold these off in packages known by names like Mortgage Backed Securites,
sometimes to Sovereign Funds overseas, gov't and corporate pension plans, etc etc.
It's all a house of cards, that Gerald Celente and Robert Chapman said a year ago
would come to the forefront by the end of 2010 at the latest.
Now we actually have a congressman partially explaining the issue. It's
pretty tame compared to the more gritty reporting on shortwave, but hey,
a politican does have to massage things a little for the dumbed down
masses.
7 minute video at this link.
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