OCCUPY WALL STREET

[AtLast]

Originally Posted by Miss Tick

Yes, many of the unethical and damaging acts of Wall Street were not illegal thanks to the orgy of de-regulation we have seen over the years. But much of what was done by Wall Street was outright fraud. Misrepresenting debt instruments to the public as sound and top-grade while scorning them privately as toxic junk is still very much illegal, criminal acts under existing statutes.

I agree but worry that time is running out to do anything about the acts of fraud leading to what happened. There was such a confusing wall built (of these securities) to protect Wall Street and the banks and housing financial services industries- they wanted this to be a nightmare to even figure out who the hell really owns properties! All of the lobbying paid off for nearly 30 years to get to this place. Those that profited simply put the cash offshore.

I don't think there will ever be trials against those at the core of all of this. I think that each and every mortgage held in this manner should be declared null and void with re-negotiation at todays market values and that any negative financial "marks" on mortgagees since the collapse of the housing market not be allowed to count in the new mortgage.

That is the other side of this- so many people that had good credit now do not due to job loss and the whole damn mess.

[Sachita]

Originally Posted by AtLast

That is the other side of this- so many people that had good credit now do not due to job loss and the whole damn mess.

But on the bright side, if there ever could be one, private companies are writing low interest loans for people with bad credit, even foreclosures. I've been catching wind of a few people who said "what the hell", applied and found all kinds of options. I was lucky because the crooks that hold my mortgage seriously screwed up and recorded all conversations. they defaulted me on the governments home loan modification and almost forced me into foreclosure because of it. I ready to sue the crap out of them and would have won... maybe 10 years later. Anyhow they came in, took 20K off my principal and dropped my rate to 5%. It happened just in time because there is no way over the past year that would have been possible. But now people are fed up, builders and modular home companies are taking risk. I admit that I would rather see the already existing surplus of homes being lived in but it may take some time for this.

The other positive thing I'm seeing in the home market is people downsizing and moving to smaller homes. I would have loved to have seen this movement happen 20 years ago. That and the government putting a cap on auto makers to not make cars that used more then 25 MPG, forcing them to change unless businesses wanted to apply for a special permit. It would force more local change which is something we do desperately need,.