Your CORE Advisor Blog

Big Banks Setup and Robbed American Taxpayers

I have argued for a long while that Big Banks essentially setup and then robbed Amercan Taxpayers.  This is what started the wave of foreclosures and dropping real estate prices.

They pushed easy loans from the top of their organizations down to loan originators that were given incentives and bonuses for selling these high front end income loaded products.  The banks made money and then repackaged and resold the loans as bonds and made more money.  The bond holders are the ones that lose out when the home goes into foreclosure, not the banks. 

Underwriters were told to turn their heads and look the otherway while people that had no business buying a home got approved for 100% or even 110% financing.  Often structured with interest only or as an adjustable rate mortgage that for many home owners was a setup for failure. 

If they had been marketed a reasonable loan product, many would not face foreclosure today.

It irritates me to no end when I hear the main stream media talk about the “investors” and “fraudulent home owners”, those “losers” that took us down with the “liar’s loans” that started all the foreclosures.

What constitutes a lie on a loan application?  If you are estimating income… it is an estimate…  If you are a Realtor or a Contractor or anyone that works on commission or owns their own business, how can you ever be CERTAIN of your income.  You cannot.  I also like to point out that even a government employee who thinks his job is safe can meet hardship in life, whether it is personal or professional.  There are too many types of hardship that accompany foreclosue to list them all here, but the most common is becoming unemployed, or not having work, because construction of new homes stopped, because buying and lending stopped…. 

If the public buys this crap that individuals should be able to predict the future any better than the government can balance its budget, then I guess they deserve what they get… “Dis-information…”  The media ALWAYS puts the banks in the best light.  The only reason there is any negative information about them at all is because of the iternet and the huge wave of foreclosures occuring in the country.   The public is starting to know and demand more honest information. 

Then there was more setup, when the public is told they can half their mortgage payment with a loan modification, but many people think you have to fall behind on a mortgage to get a loan modification. 

Many of these that don’t get approved turn into a foreclosure.

In my opinion the banks were at the root of the problem in the beginning, so what do we do to fix the problem, give them more money so they can pay themselves more bonuses and record “Record Profits”. 

This is the biggest money grab in American history…  The Banks have Robbed the American Taxpayers and are getting rewarded for it.

Greg Gordon an investigative journalist was interviewed by Alex Jones (portrayed by some as a radical conspiracy theorist - but I like him and agree with much of what he says).  

This lays the whole picture out very nicely.  It portrays what I believe happened.  Watch these three video clips and let me know what you think.  Please share your opinion in the comments. 

I hope you watched the three videos (about 30 minutes) that clearly demonstrate how the banks probably set us up or at least saw this coming while they were talking out of both sides of their mouth.

I think the Banks Robbed America! They have caused the biggest flood of foreclosures our country has ever seen.  And we have paid them 100s of billions as a reward for doing so. I think we should call for an audit of the Treasury Department and the Federal Reserve.

Let me know what you think!

Chris Ormsbee is a licensed realtor in the State of Colorado and is employed by Century 21 Action Realty.  He is not a mortgage broker, a lawyer or accountant.