Senators Caught in Mortgage Fallout

WHERE THERE IS SMOKE THERE IS FIRE. HOW MANY OTHER SENATORS AND/OR CONGRESSMEN OR CONGRESSWOMEN WERE ON FANNIE MAE AND/OR COUNTRYWIDES DOLE?

The blame for this entire “MERS Mortgage Meltdown” can be laid upon the shoulders of all the greedy mortgage loan industry executives and the investment bankers who designed a scheme calculated to make themselves rich. Under the guise of “helping people” to realize the American dream of owning a home, these white collar fraudsters were really only concerned with creating feigned profits by quickly churning mortgage loans into securitized investments which they in turn sold to investors.

Based upon these feigned profits these executives and their crroked cronies were able to extract hundred of millions if not billions from salaries, bonuses and stock options. While investors from Minneapolis to Moscow got stuck holding the proverbial empty bag. Many of these investors were large U.S. national and foreign banks. Ironically these same banks would have never loan money to the borrowers who’s notes they were now holding indirectly through their investments in these “mortgage backed securities”. It is now estimated that the losses incurred by these banks may well surpass five hundred billion dollars.

There can be no argument these losses were the result of fraud from top to bottom of the mortgage industry. From mortgage lenders such as Countrywide, Washington Mutual, Fieldstone and Option One to secondary mortgage market makers, such as Fannie Mae, Freddie Mac, Bear Stearns, Citicorp, Goldman Sachs, Lehman Brothers etc. On the street level Realtors, Mortgage Brokers and Appraisers just followed the lead of these Wall Street fraudsters like lemmings

This mortgage fraud created a false demand for housing in the U.S. This false demand caused an increase in home building. Now with the Mortgage Meltdown the U.S. has an over supply of new and existing homes. This over supply of homes has caused serious economic effects through every facet of the U.S. economy. Recovery will take years. The U.S. dollar has also suffered against other currencies. In April of 2002 a Euro could be purchased for $.85. Six years later in April of 2008 it takes $1.60 to purchase a Euro.

Rather than throwing themselves out of their executive office windows when their financial scandal was discovered and the billions in losses started to mount, these white collar crooks simply took early retirement or quietly resigned, taking with them the hundreds of millions they had EARNED for their part in the Largest financial scandal in U.S. history.

In addition to the fact that James Johnson the high powered D.C. insider had been spreading Fannie Mae money around D.C. for years like it was his own, we now have learned that Countrywide and Fannie Mae have the keys to the back door control of the U.S Capital by making V.I.P. accommodation loans to God knows how many U.S. Senators and Congressman. This may be the reason why neither the U.S. Senate or Congress has conducted any real investigations into what is now tagged the MERS Mortgage Meltdown. MERS being Mortgage Electronic Registration Systems Inc. a front corporation that was formed ten years ago by Fannie Mae, Countrywide, Bear Stearns, Lehman Brothers, Goldman Sachs, and other investment banks. MERS allowed them to launch this huge global financial fraud and do so with out complying with long established financial safeguards and laws of commerce.

The F.B.I. has recently shifted its manpower to investigating and prosecuting mortgage fraud. However the mortgage fraud they are investigating is the fraud perpetrated at the street level by mortgage brokers, Realtors and borrowers. This is akin to directing highly trained F.B.I. agents to investigating and prosecuting thousands of street corner drug dealers and users in place of investigating a drug cartel who manufactures and distributed drugs out of New York and Washington D.C. Once again the little crooks and criminals got to jail while the Wall Street and Beltway king pins get away with billions in loot unscathed. White collar crooks/business executives lining their pockets with ill-gotten gain by fleecing everyone. Yet not a single Wall Street Investment Banker, Banker, Mortgage Loan Titan, has been taken to task for the financial ruin their mortgage loan scheme has left behind. . Americans should be outraged by what has been allowed to occur in this country over the last ten years. Is there one U.S. Senator or Congressman who will call for hearings on this blatant financial fraud?
Questions of comments to: kev_o_shanter@yahoo.com

I took an arm when I first bought my home in 05. Just like many americans, the value of my home is a lot less than what I purchased it for (purchase price 350K – now worth 280). I still owe 330K.

I took an 80/20
280K at 80%
70K at 20%

Now I owe
278K at 6.5%
52K at 6%

Combined owed amount is 330K; however my house is worth 280k. I called my lender to see if I could refi and was told no b/c I am upside down. I even tried to see if I could modify my loan and was told I couldn’t. Now my arm will reset this month and I will be paying an extra $400 a month on my 80% mortgage. Any advice? Should I try paying off my HELOC in order to refinance? I have 20K in the bank