← Autodidact Archive · Original Dissent · JoseyWales
Thread ID: 19592 | Posts: 2 | Started: 2005-08-12
2005-08-12 15:08 | User Profile
[url]http://www.rense.com/general67/BB.HTM[/url]
Can a bank foreclose on a house if they suddenly decide they need the entire loan amount instead of allowing the remainder ff the mortage time to be paid out ? If so, that means a series of events like this could take place all over the country:
(1) joe banker realizes his finances arent working out too well (2) joe banker sends letters out to 10 joe snuffy and sally consumer's asking for the full amount of the home loans to be paid in full within the next 30 days (3) joe snuffy and family dont have the money, so they leave and go to live wiht some friends or relatives, leaving the house to foreclosure. (4) housing prices start to fall rapidly, leaking over to the stock market (5) pandoras box is opened
A result of a seller's market in housing, this current real-estate market bubble is unsustainable, and could result in the ruination of many millions of American families, if they are caught with a mortgage debt that they cannot pay off when the inevitable market crash occurs. If any Federal Reserve member bank is caught in a downward spiral toward bankruptcy, it is logical that they will make a move to call in all their outstanding loans, including home mortgages.
2005-08-12 15:16 | User Profile
joe snuffy and sally consumer's
With the new bankruptcy laws coming into effect, joe and salley will go to will still be liable for the mortgage balance. We will see the return of debtors' prisons for joe and salley.
Another variable in this economic mess, is credit card companies will start requiring joe and salley to make double the minimum payments on the card debt, to actually pay it down. If they can't pay, it's off to debtors' prison.