Sep 26 2008

The Most Important Video To See This Year

Published by at 7:38 pm under 2008 Elections,All General Discussions

Someone has put together the story of how we got into the financial mess we are in, and who has the fingerprints all over it.

My only criticism is you need to be a speed reader (which I am) to keep up in real time. But that is why God invented he “pause” button! If this video takes off like wild fire (like I think it will) it will be the first blog-video event to change an election, the country and the world. Help make history – pass it on!

4 responses so far

4 Responses to “The Most Important Video To See This Year”

  1. MerlinOS2 says:

    It is fast paced because of the time limits on total video

    They should have split it into a few parts

  2. sbd says:

    “The Real Menace of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities, states and nation. At the head is a small group of banking houses… This little coterie…run our government for their own selfish ends. It operates under cover of a self-created screen…seizes…our executive officers…legislative bodies…schools…courts…newspapers and every agency created for the public protection.” N.Y. Mayor, John Hylan

    If letting the entire system collapse is what it will take to get rid of the Federal Reserve System, LET IT FALL!!

    It amazes me that instead of getting rid of the unconstitutional entity we already have, we are instead creating another one!!

    I challenge any of you to show me where in our constitution it says that the Federal Government can buy out a private institution. This goes against everything this country was founded upon. Once this is completed, we will be a country no better than Russia. And I ask you, do you know how this all came about and why foreign banks need a bailout as well??

    Let me try to explain this in a way that everyone can understand.

    1. I find a house that is for sale and start looking for a loan. The guy at the bank says we will lend you the money, do you also need some funds to buy new furniture, pay off some credit cards, or you know a swimming pool would look great in your new backyard and it will increase your property value. Tell you what he says, the house is selling for $300,000, but my appraiser says it is really worth $375,000 so I will get you $375,000 and if you don’t want to use it, keep it in the bank because for the 1st 3 years, you are only going to have payments at a 1% interest rate. Sign here!!

    2. Even before your escrow closes and without your knowledge, the bank takes your mortgage and your note and “sells” it at 102.5% of it face value by putting it into a “pool” of other mortgages and selling it to so called “investors”. The result is your mortgage with an over inflated value was just paid in full for the 1 st time and the bank who had absolutely no risk in the transaction just made $375,000 out of thin air.

    3. The investor now has your note and mortgage and he sells “mortgage backed securities” or “debt” to the foreign banks or whoever is willing to buy them. The reason they get bought is because they are 100% insured by insurers like AIG, so it is a risk free investment.

    4. Meanwhile, I have been making my monthly payments for about a year on my mortgage to my bank who I thought had lent me the money but who in reality is only the “so called” Servicer for the loan collecting 2.5% of my payment every month. I decide I really do not need that pool, so I call my bank to find out if it is possible to just electronically wire the funds to them to pay off that credit line I didn’t need. My bank however informs me that there is a 25% penalty for paying off the loan within the first 3 years.

    5. After throwing a fit my friendly banker guy tells me he will see what he can do to fix it. For the next few months, I can never get that guy back on the phone again. In January, I get a statement from my bank which shows the amount of interest I paid for the past year for tax purposes. This is when I notice something odd, even though I have made all of my payments on time for the past year for the exact amount I was told to pay, my principle balance had increased instead of slightly decreasing as it should have.

    I call the bank to tell them that their computer is wrong because it says I owe $390,000 now when I only borrowed $375,000. The bank tells me that the computer is correct because the monthly payment I was making was not enough to pay even the interest on the loan. How could that be right, I was told my interest rate was only 1 % for the first 3 years. The banker says no, you were told your monthly payment would be at the 1% interest rate.

    So I go look at my paperwork, and it says 1 % interest, but in another location burried in a different section, it says the interest rate will change on the “rate change” date. Then in another section, it says the “rate change” date is the date the note is signed!!

    6. So I start trying to get this loan refinanced and can’t find anyone who will touch it because the house is worth less than the value of the mortgage. Meanwhile, the months start going by and I am hoping that with time, the value of the house will go up. Then I hit the 3 year mark, and my payments are reset to 10 times what I was paying before. So, I decide the hell with it and go into foreclosure.

    7. Now, once I stop paying my mortgage, the note is pulled from the securities pool and the insurer pays off the note in full to the investors. This is the second time this note and mortgage has been paid!!

    8. It gets even better now because you might be thinking, who gets to foreclose on your house when your debt has already been paid off twice?? Well, we don’t know who because the foreclosure is brought in the name of MERS as “Nominee” of the Lender. After your house gets foreclosed, MERS assigns the note to the “so called” Lender. How this entity became the Lender, nobody knows. Sometimes, it changes hands several times after the foreclosure.

    Now tell me, how do you throw $700,000,000,000 Billion Dollars of taxpayer money at a problem that made everybody rich except the Borrower. The Borrower, who has lost his house, ruined his credit, and to add insult to injury, you want his taxes to be used bailout the crooks that ruined his life!!

    I DON”T THINK SO!!

    SBD

  3. [...] a Democrat? Well, we can begin with how they and their cronies corrupt our nation.  One only needs to watch this video of how the sub prime mortgage movement – pushed by the far left – was the source of our current [...]

  4. momdear1 says:

    I’d like to know where I can apply for one of those CEO jobs that pay $20 million for 17 days work, and you don’t have to have sense enough to do the job. It seems to me that they must be paying these guys to investigate the things they are buying with other people’s money. A fellow who will buy up a bunch of securities when 20% of them are in default is either mixed up in something crooked or he is downright stupid. Whichever it is, he should have to put his goodies in the pot when the firm goes belly up. You won’t have to clean out more than one or two and the rest will check into what they are buying with other people’s money. If they accepted a job knowing they do not know how to make wise and judicious decisions then they are guilt of fraud.

    I know there is a shortage of people with brains to work in private industry because the govt. has created more executive level positions than there is a percentage of people in any society to fill them, and the govt. pay, perks and incentives, are hard to compete with especially when once you get on the govt. Teat you got a lifetime free ride.