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Manage episode 259042259 series 2453550
Player FM과 저희 커뮤니티의 THE NEIL GARFIELD SHOW 콘텐츠는 모두 원 저작자에게 속하며 Player FM이 아닌 작가가 저작권을 갖습니다. 오디오는 해당 서버에서 직접 스트리밍 됩니다. 구독 버튼을 눌러 Player FM에서 업데이트 현황을 확인하세요. 혹은 다른 팟캐스트 앱에서 URL을 불러오세요.
For 20 years homeowners have been losing their homes based upon the deep seated belief that despite all the fraud, fabrications and even perjury, somehow the foreclosures are giving money back to people who paid for transactions that were loans. But for the banks, this has strictly been an exercise in profit making from the issuance and trading of securities based upon data descriptions and not, as they would have you believe, the sale of any loans. So foreclosure sales have not produced sales proceeds of money that was forwarded to anyone who paid money for the debt. And under current black letter law in all jurisdictions that means that the foreclosures were and continue to be illegal. To achieve acceptance of this understanding a massive effort must be undertaken to educate the public and judges and law makers about the true nature of what Wall Street has been calling securitization. I have advocated for combining resources to mount a real challenge and to stop this process. Everyone seems to agree. The issue is whether there are enough people who are willing to step up and be part of a movement that must grow large enough to beat back the entrenched interests of the largest banks in the world. I don't know what the answer is but there appears to be only way to find out. Let’s stop guessing. So I will carefully monitor incoming communications regarding this effort. We'll see if a collective action is possible. If not, the situation will remain the same --- each homeowner with limited resources out for themselves. Send your comments to email@example.com. Good luck to all of us.