It’s a start……
We need more write offs and loan forgiveness because a million more bad mortgages come due this year. Those loans need to be reset somehow. As soon as the mess is settled, one way or the other, the economy will turn around in a hurry.
Expect even more signs of inflationary boom later in the year and especially next year because Oba mama needs to win reelection. Something that should be a guarantee if my prediction come true as trillions come home from overseas thanks to renewed faith in fiscal conservatives restoring budget sanity in Washington.
Of course, it won’t last as expenses will pile on as we retire by the millions and start drawing full Social Security and Medicare in the coming years. You’ll hear nothing but budget cuts for the foreseeable future and a scramble for your dollars to pay for it.
Be prepared it’s in the cards.
BOSTON (AP) — The highest court in Massachusetts ruled against U.S. Bancorp and Wells Fargo & Co. Friday in a widely watched mortgage foreclosure case that could have serious implications for the nation’s largest banks.
The Supreme Judicial Court affirmed a lower court judge’s ruling invalidating two mortgage foreclosure sales because the banks did not prove that they actually owned the mortgages at the time of foreclosure.
Last fall, the banking industry’s foreclosure machine came under intense scrutiny with the revelations that low-level employees called “robo signers” powered through hundreds of foreclosure affidavits a day without verifying a single sentence. At the time, analysts warned that the banks’ allegedly fraudulent document procedures could imperil their ability to prove that they owned the mortgages.
The Supreme Judicial Court found that the banks, who were not the original mortgagees, did not make a required showing that they held the mortgages at the time of foreclosure. As a result, the court found, the banks did not demonstrate that the foreclosure sales were valid to convey title to the properties.