(THIS JUST IN, MAYBE) — How is it that the Trump Administration appears to be headed in the same direction as the “Dubya” Administration in nominating a hedge fund manager to head up the corporate United States (Inc.)’s Treasury Post?
Back in late 2007 and 2008, hedge funds, many of which operated within the residential securities markets, went belly up … but not before the people running them made off (MADOFF, get it?) with not only investor money but also with all of the 10.2-million homes in America that were foreclosed on.
Many of the Real Estate Mortgage Investment Conduits (“REMICs”) made money off of the backs of hardworking Americans in so many different ways, raping pension funds and homeowners of their equities, using the corrupt U.S. (Article I Administrative) Court systems to help them complete their tasks. The banks, acting as trustees for closed REMIC trusts, filed foreclosure actions by the thousands every month, knowing that the homeowners and their attorneys had zero knowledge of how to respond with affirmative defenses that actually made sense. Out of all of the foreclosures that were filed, only 1 out of every 200 foreclosures ended up being dismissed. The other 199 foreclosures were due to people packing up their belongings and vacating their residences, which made it so easy for the banks’ servicers to acquire real estate.
Even though there are certain laws that say the banks aren’t in the business of holding real estate, there are no provisions that dictate that mortgage loan servicers can’t own and dispense with those foreclosed homes. There is enough evidence out there to demonstrate that the entire Treasury Department is a sham on America because the Internal Revenue Service, a separate corporate brand of U.S. Inc.’s Treasury Department, won’t investigate the foreclosure thefts that continue to manifest themselves across America because the REMICs could be penetrated and tens of billions of tax dollars collected; however, with the servicers running their con game behind the scenes, no one is the wiser.
In fact, there are enough hedge fund profits out there to upright our nation’s entire tax debt! But the IRS won’t do its job, no matter how much We the People bitch and complain.
And just like the Bush 2 administration, when the foreclosure cycles were at their peak, hedge fund manager Hank Paulson headed up the Treasury Department. Now we have another hedge fund manager getting ready to take the driver’s seat, post-confirmation. Could America be in for another property takeover?
Imagine how a private banking cartel called the Federal Reserve System (Bank), whose chairman can pretty much screw over America with high interest rates to stifle the real estate market by design. Compare today’s foreclosure cycles with those from 2008-2016. While today’s figures pale in comparison with their previous cycle, over 400,000 Americans will have either lost their homes by the time the clock strikes 12 and the ball drops over Times Square or will be pretty damned close to it.
As the economy continues to reel from the past four years of a tax-and-spend government, the Biden Administration continues to give away leftover Congress-appropriated funding at breakneck speed before he has to leave office, while sending more U.S. munitions to Ukraine to further piss off Putin.
This author is convinced that there is nothing more than the old man in the White House who has lost his marbles would love to see nothing more than World War Three in full fruition before he leaves office. Just another mess for former President Trump to clean up. But then Mr. Trump has to nominate Scott Bessent, a hedge fund manager from Key Group, to the post of Secretary of the Treasury? Seriously?
Ye Shall know them by their fruits … and the next 12 months (starting January 20, 2025) are going to spell out clearly whether America’s economy is going to survive or we’re going to see massive foreclosures that will rival Bush 2’s clean-out of the U.S. economy. If interest rates stay high, people will refuse to borrow. The number of Chapter 7 bankruptcies will continue to rise, especially in the 60+ crowd. GenZ’ers will not be able to do anything but move back in with their parents and while making their parents’ lives miserable with their bellyaching, the family unit will continue to struggle.
The most recent survey of folks making over $100,000 a year are still living paycheck to paycheck. In order to be successful in the United States, the average person (statistically) needs to be making over $270,000 a year in order to meet their desired level of success. In net worth terms, according to the report, the threshold for success is $5.3-million. Okay, good luck with that.
According to the Fed, the average net worth of a family in 2022 was $1.06-million. And how much of those families had bonds generated with their personal identifying information on Wall Street before they went to the closing table and encumbered their equity with a home mortgage or equity loan?
As this author stated before, a $500,000 mortgage loan nets the securitization industry $7-million … and even more after the servicer forecloses on the homeowner. In order for the entire industry to crash out of its insanity, every homeowner with a mortgage or securitized credit card or auto debt would have to file a Chapter 7 bankruptcy and discharge all their debt … and be left with nothing … because the proofs of claim filed in bankruptcy court would all be servicer-driven (which is why the mortgage loan servicing industry is so extremely profitable) would seek lifts of automatic stay. This author just wonders how many homeowners filing Chapter 7 will seek to repudiate all of the financially-related contracts they signed since they got into the world of securitization (all the way back to 1999).
Do you think that will ever happen? Or will Americans continue to be slaves to the rhythm? Keep your eye on the calendar, the Senate confirmation hearings and the 2025 calendar. This isn’t going to be a pretty picture and you’ll be lucky to survive it.
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