Posted on 10/02/2010 11:19:33 AM PDT by Chunga85
no the crisis was teed up in the 1990’s when the default swaps were started.
ARMs were a way to keep the a new paper inventory every five years.
It was like chistmas every day.
But just like the old cartoon “Yes Virginia there is a Santa Claus”, eventually people were just exchanging old rags with each other.
it is not the 2002, you have FORMERLY non-risk mortgages whose documents were sold and are now in the unprovable mix.
These may not be void at inception, but you have no plaintiff and thus they are unenforcable.
I did read your entire post, but stuck on this. I think Obama will absolutely use this to his advantage.
He is sitting on a bill titled “The Interstate Recognition of Notarizations Act of 2009.” Since we all know congress isn't smart enough to write this bill, I think it safe to assume the bankers are pushing for it.
Obey-me could use this crisis as a means to either destroy the real estate market (and the United States in turn), or he could use the crisis to nationalize all banking and real estate. I've read Fannie and Freddie ultimately hold 80% of all mortgage debt.
Staring an electoral disaster in the face come November 2nd, this makes as safe and predictable as a wounded animal.
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