How Deadbeat Debt Borrowers And Shady Banks Are Siphoning The Wallets Of Prudent Americans Dry

Dr Housing Bubble writes of a good example of what is so detremential about real estate investing today:  Squeezing the prudent middle class homeowner: how deadbeat debt borrowers and shady banks are siphoning the wallets of prudent Americans dry. Trying to get a million dollar home for free in Simi Valley.

It’s too bad, the family actually believes that they have a right to the home, and committed a break-in to reclaim the property.

At the root of the problem is the repeal of the Glass Steagall Act that permitted slice and dice securitization with CDO financialization. And the AICPA and the SEC came out with FASB 157 which entitled the banks to mark real estate properties to manager’s best estimate rather than to mark them to market, and thus maintain delinquent home mortgages on their books at terrifically inflated and unreal prices; and has entitled people to live payment free in their mortgaged properties. 

There is indeed a mortgage and banking cartel with the GSEs, Freddie Mac and Fannie Mae at the top; the beneficiaries of the cartel, are for the most part the nicer neighborhoods, that is the middle and upper class neighborhoods, where the Bank or mortgage company owns not only the first loan, but the second and all others as well, and is unwilling to kick the squatters out because the bank would take a terrific loss through foreclosure, having often to place the home in REO status, as most buyers are willing to pay only equivalent rent prices for the property. 

Addendtum: Tyler Durden reports on the issue of Conejos Capital Partners and the Earls family moving back in to reclaim the real estate property at 5893 Mustang Dr Simi Valley 93063. This event is also covered by Irvine Renter in article Evicted HELOC Abusers Break In And Squat in Foreclosed Home. Conejo Capital bought the house at a foreclosure sale in January and was set to sell it until the buyers grew nervous and pulled out because of the dispute with the Earls. Danielle Earl argues Conejo Capital can’t possibly own the home because it bought the property from a string of lenders who she claims created documents out of thin air. She believes people fraudulently assigned themselves rights to her property.

keywords: paymentfree.


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