US banksters and the Federal Reserve, Inc. declared jihad on Americans (not that is made the papers, what’s left of them <spit>). The run-up of the national debt and the housing bubble was the plan all along, that should be clear by now- FYVM goes to none other than the plan’s architect, Benron Bukkake.
First they suckered in a lot of willing but naive Americans who believed the the persistent get-rich-quick-through-real-estate broadcast 24/7 through official channels of the propaganda ministry.
Lending standards were simultaneously lowered, and an army of sociopathic predatory mortgage brokers was amassed.
Now it’s time for execution of the end game, and they’re coming for in the kill.
Debt collectors execute a new squeeze on homedebtors
“A new foreclosure tactic, whereby lenders or debt collectors holding second mortgages freeze bank accountsor garnish pay checks of already struggling homeowners, is emerging and making it even more difficult for people to hold onto their homes.”
Title companies lead charge into collateralizing promissory notes of deficient short sellers
… from an anonymous comment from a claimed realtard:
“As a new agent in Las Vegas, I get yanked into conference rooms almost daily for a dose of propaganda. Some of it’s real hard to swallow.
I just recently attended another one of those meetings but it was interrupted by a rep from North American Title who made a rather chilling announcement.
He wanted us to know that Short Sale sellers are now going to get hit by their lender with a Promissory Note for the deficiency at the end of their escrow. The Promissory Note lasts for 6 years. The lenders are selling them for cheap to a collection agency who can hold them for those 6 years then go after the now-recovered short seller.
That unsuspecting short-seller may have their feet on the ground at the end of the 6 years and then get blind-sided by the collection agency.
Based on that, I requested a list of all the people who were getting their 5-year adjustment in ‘10, and who were late on their payment – my desk has stacks of lists on it.
This is just for a community in Las Vegas, just a community.
Then I asked for the same thing for Long Beach, CA, residents who own Las Vegas property that are getting their 5-year adjustment in ‘10, and who were late on their payments – another hefty stack is on my desk.
I’m amazed at how many (and who!) fell into the Las Vegas home-buying trap.
North American Title is offering to do the negotiating on Short Sales which will give the poor seller a huge leg-up and possibly avoid the Promissory Note altogether.
Just these November ‘09 stacks alone are enough to keep me busy for 10 years.”
But wait, it appears there’s a new competitor on the scene…
Arabs learn from US banksters how to stiff, erm… banks
“Bankers are furious that two defaulting Saudi conglomerates that owe $20 billion (£12.2 billion) appear to be favouring local banks over foreign creditors. State-owned Royal Bank of Scotland, HSBC and Standard Chartered are all understood to have exposure to Saad Group and Ahmad Hamad Algosaibi & Bros (Ahab). Dozens of other Western banks are also owed money, including Citigroup and BHP Paribas.”
What goes around…
What’s good for the goose is generally considered to be good for the gander, unless your goose is cooked.