They tie up heavy loads and put them on men's shoulders,
but they themselves are not willing to lift a finger to move them. ~ Matthew 23:4
The foreclosure fraud scandal continues to grow.
People may not understand all the ins and outs of alphabet finance, but they understand that they need a roof over their head and a job to pay for it. Working people understand that their mortgage is a priority, and they write those mortgage checks to the bank, and they work hard to have the money to write the checks to the bank.
There is no third party between the person who pays the mortgage and the bank who cashes the check. It's very straight-forward. And considering that, for many Americans, after they pay a third of their income to the IRS (ie: the Fed, to mostly pay interest on the national debt), housing takes the next huge chunk of their (flat) income. And these are heavy burdens.
1) The American people, through the bailouts, already paid the banks enough money to pay off every mortgage in this country.
2) This is about property rights.
The banks are pissing on the third rail. Given certain conditions, there might be an unpleasant feedback loop.
Washington's Blog (multiple posts)
Ellen Brown, Foreclosuregate: Time to break up the too-big-to-fail banks
Charles Hugh Smith, The rot within: Our culture of financial fraud and the anger of the honest