HowardWhat is the Homeowner and Bank Protection Act?
November 29th 2007 01:23
First here are some links on the New Bretton Woods and the HBPA:
Really Long Link
Larouche link, china peoples daily
Homeowners and Bankers Protection Act.
The HBPA is model legislation from Lyndon LaRouche Pac on basically freezing mortgages that are in default and at the same time protecting banks from claims from things like Mortgage Backed Securities.
If we throw 5 million households out of their homes in the USA, this will cause a huge social crisis. At the same time these claims on the pyramid are un-payable in any case.
Under the HBPA, homeowners will still have to pay rental payments, in effect, typically the amount they were paying on their mortgage before it ballooned, or some other reasonable figure. So some capital would still be coming to the banks, but it would not be devoted to maintaining a huge pyramid of debt.
A financial pyramid, ie. huge ponzi scheme was created, starting in the early 1980s, of tturning debt (for example, a home mortgage) into an asset. This was called in New York and London a CDO (Collateralized Debt Obligation). Later this was done to at least 6 trillion dollars worth of mortgages, just in the United States. More on this later.
Really Long Link
Larouche link, china peoples daily
Homeowners and Bankers Protection Act.
The HBPA is model legislation from Lyndon LaRouche Pac on basically freezing mortgages that are in default and at the same time protecting banks from claims from things like Mortgage Backed Securities.
If we throw 5 million households out of their homes in the USA, this will cause a huge social crisis. At the same time these claims on the pyramid are un-payable in any case.
Under the HBPA, homeowners will still have to pay rental payments, in effect, typically the amount they were paying on their mortgage before it ballooned, or some other reasonable figure. So some capital would still be coming to the banks, but it would not be devoted to maintaining a huge pyramid of debt.
A financial pyramid, ie. huge ponzi scheme was created, starting in the early 1980s, of tturning debt (for example, a home mortgage) into an asset. This was called in New York and London a CDO (Collateralized Debt Obligation). Later this was done to at least 6 trillion dollars worth of mortgages, just in the United States. More on this later.
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Comment by S.L.
The Political Brief
Comment by Howard
Real Crash
This subject was recently debated in a committee of the Pennsylvania State Assembly.
November 29, 2007 (LPAC)--In an extraordinary hearing today of the Intergovernmental Affairs Committee of the Pennsylvania state legislature, testimony was heard on HR 418, which calls for the U.S. Congress to enact the Homeowners and Bank Protection Act. As an indication of the seriousness of the crisis addressed by the proposed legislation, even though the legislature is not currently in session, a total of approximately one dozen legislators and 50-60 people attended the hearing. The hearing was a critical milestone in a nationwide mobilization on a local and statewide level to get the U.S. Congress take its Constitutional responsibilities seriously and to erect a firewall to protect homeowners and banks before it is too late. for more click link.. Because the banking system is involved, the US Congress and the President must pass this.