Coming to a news-outlet near you, next week. Since it has been shown that much of the paperwork behind the “securitized” home-mortgages that were at the core of this crisis may be flawed, maybe to the extent that many of these mortgages are in fact invalid, it now appears that the attorney and lawyer class of the United States is finally getting to work. There will be prosecutions, we can hope. As for the US banks – it is highly unlikely that they will be able to foreclose any significant amount of non-paying home-mortgages until this blows over, which means that anyone who isn’t a complete dofus is now going to stop paying his home mortgage. Why? To screw Wall Street, and the banking elite that has devoured the US administration.
The rule of law is at risk here, since more and more people are going to be squatters in their own homes. Why bother paying your home mortgage when you don’t have a job, need to feed your kids, have seen your retirement accounts blown to smithereens, and prospects for jobs are bad to worse. This is somewhat of a ticking time-bomb. The worse the economy gets, the more people are going to stop paying their mortgages, which means the banks will continue to rot from within – even more than necessary since some people may actually have the money to pay for their mortgage but choose not to. Also, with middle-class anger now focusing the crosshairs on 1 ) Washington and 2 ) Wall Street, I fully expect there to emerge a “proud squatters to fuck Wall Street”-class. Whether or not this is moral remains a topic for another day, but I guess it’s time to play banking rescue again.
Oh wonderful times, how the recovery shines.
From reuters.
