Town Hall Meeting

11 Mar 2009

If You Are Trying To Avoid Foreclosure…

Filed under: — Al @ 6:56 pm

So as of today in the United States, foreclosure is a major issue. One article says that there were 2 million foreclosures in 2008 and could be up to 10 million in “the coming years.” While this article says that “19 million homes and apartments across the country – one in seven – are now sitting vacant as the foreclosure crisis takes its toll.” And 1.5 million foreclosures a year are due to medical costs (can we get single-payer instituted TODAY please!).

So a woman in Florida is one of many homeowners who have figured out a way to fight back — force the bank to prove that they own your mortgage and show you their paperwork. A huge part of this whole mortgage meltdown is due to the fact that banks could sell away your loan to others. This previously non-existent commodity would be known as “mortgage backed securities.” This insane idea was concocted in the 1980’s at the firm Salomon Brothers (now a part of the also infamous Citigroup) and is detailed in Michael Lewis’ great book “Liars Poker.”

Michael Lewis Liars Poker

Check out this article explaining the story and how it may work for you.

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