HowardA Little Problem with Real Estate
November 16th 2008 04:20
Real Crash- Looking at Capitalism and its Laws:
We Only Got 4 minutes to save the world
There is a bit of a problem behind just real estate;
The international system of credit has been stopped cold:
Don't you know;
We only got four minutes to save the world;
Let it blow:
We only got four minutes, New Bretton Woods.
(spoof song, Madonna, Four Minutes)
Yes there is a little problem with real estate and the notion of the Federal Government, at least so far under the lame duck Bush, to help the people from losing their homes. They helped a total of not 400,000 people with mortgage problems, as was said when the bill was approved in July, but a grand total of 42, that's right, forty-two. There was a tiny provision in the bill, that it could not apply to people in homes where the mortgage was securitized. This means that the mortgaged was bundled with thousands of others, sliced and diced, and then sold to someone else, possibly in China or Outer Mongolia.
Since 99-percent of the mortgages are securitized into MBS, Mortgage Backed Securities, only 42 homeowners were helped. What a country. Now you see why you better listen to the geezer? Now will President-elect Obama put together a Presidential team that will listen to LaRouche?
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