Is ForeclosureGate About To Become The Banking Industry's Stalingrad?

[Ares]

Will the High Frequency Signing scandal be the proverbial straw on the camel's back. Perhaps. In the meantime, here is a soon to be viral, and all too real, parody of foreclosure gate. At this point the guilty parties are irrelevant. All that matters is that America's terminal collapse into a banana republic status is now obvious for all to see. And as for Cramer saying foreclosure gate will only force home prices to go higher, pray tell dear Jim, just which buyers will put their own money into a home when they have no idea at what time the real title holder shows up with a restraining and eviction order, and demands immediate access. Of course, there is a loophole: the Fed will simply henceforth pay for all home purchases. And should the government drop mortgage rates to zero, and subsidize tax and insurance payments into infinity, that may well happen. Of course, it will also bankrupt the country, but since when was America's insolvency news to anyone...

http://www.youtube.com/watch?v=9kPCYcBm-C8

http://www.zerohedge.com/article/foreclosuregate-about-become-banking-industrys-stalingrad

[Glass]

aw lets not do that whole hitler thing again. It's done it's dash already. Of course it could be a parody of a parody. Around and round we go doing the same things over and over

no offence to you Ares.

[Serpo]

Hitler has such a way of expressing himself ,it has to make you laugh....

[Sparky]

This actually has the potential to be a black swan event of the magnitude required for a doomsday scenario. Ares posed a question about who will buy with no clear title. My question: what lender would extend credit with no recourse on a default of payment? Are banks going to award six figure loans with no collateral?

This, too, has government intervention written all over it. Maybe that's why I'm a bit surprised the house bill didn't make it through. Yet.

[Twisted Titan]

They are one going to be two groups of winners when the smoke finally clears.

The Bankers.... They will craft the legisaltion that makes sure they are not holding the bag

The Nimble and Crafty souls that were adept enough to observe the spirt of the time and procure Gold Silver and tangible items and had the means to protect them.




All others will die as miserable death or gladly bear the yoke of The Rulers for bowl of half rotten goulash and a nasty hovel to call "home"


Thats the raw bitter truth.

[Horn]

I don't think the banks want the responsibility of owning the trash mortgages.

They will push/sell them off to Gov. then the median price across the boards will fall in half.

[Sparky]

...
All others will die as miserable death or gladly bear the yoke of The Rulers for bowl of half rotten goulash and a nasty hovel to call "home"
...



Is this TT, or Charles Dickens? ;) (As I wander over to my stash and fondle a few cans of Progresso Soup...)