Changing the Law to Favor Out of State Bank Foreclosures

Since the feds bailed out the big banks over the strident opposition of 90% plus of the American people, it has been obvious that both political parties have been captured by international financiers. For a brief instant the curtain was rent, and we got a chance to see just how irrelevant the “bad kabuki theater” we endearingly continue to call “elections” have become.  

The rise of the Tea Party was largely a response to this realization that both parties had been captured.  Over time though, through well-funded intermediaries and a faux-right media, the Republicans have mostly been able to co-opt the Tea Party into becoming pom-pom wavers for one head of the two-headed political monster that is turning their children into debt slaves.  This monster is rapidly transferring the accumulated wealth of the middle class to the global banking elites in a process that continues to this day through, to name one example, crooked Discount Window operations.

The Tea Party, forged in response to a two-party betrayal on the bailouts, has been largely conned into believing that our nation’s problems are the result of the current White House Resident.   He is but a symptom of the real problem.  This is that the political process itself in this nation has been captured.   It no longer answers to its citizens.

That the federal government no longer works for us is plain.   It takes no vision to see it, only courage.    While the state governments are closer to the people than their cocooned national counterparts, it now becomes clear that they too are answering more to their party than to the people.

One example is Democrat Attorney General Dustin McDaniel joining with the AGs of the other states to give the banksters only a mild penalty for their titanic scheme to defraud homeowners and local governments.    When you or I buy a house, we are required to pay title transfer fees, such as a tax stamp.   The banks bought and sold mortgages on an epic scale, selling and reselling the same property multiple times, but did not pay the transfer taxes.    Now they want to grab the houses anyway, even when it is far from clear they actually have the right to claim it.

The banks only bought the income from the mortgages, not the titles to the houses.   Now they want to waive that detail away and take people’s houses even though it is entirely possible that the homeowner could work out a deal with the actual title holder, or even the pretend the title holder, if they had the leverage of the actual legal situation rather than a bankster-orchestrated reboot of the rules.   Homeowners are cheated, and so are local governments who by rights could otherwise sue for the lost revenue.   The state AG’s at the behest of the bankers, want to agree on a “penalty” which consists of the bankers repaying a portion of what they stole in exchange for escaping all chance of prosecution for their crimes.

Now comes Senator Michael Lamoureux and SB1147, just to demonstrate that State Republicans are in the banker’s pockets, just like the national Republicans and the state and national Democrats.   Current Arkansas law requires banks to register with the state before they can take someone’s home.  The bill would end that requirement.   Now fly-by night “financial institutions” can come in and seize people’s homes without any check or scrutiny from the state to see if they are legitimate operators or simply using the cloudy legal situation surrounding this whole fiasco to grab everything they can get.

Heck, in this environment I don’t know if there are any “legitimate operators” in finance outside of the local banks in this state whose owners and officers have to live with the rest of us.   If a New Jersey bank coming in here and throwing people out of their homes despite what the law was when the deal was signed is not bad enough, consider that the national communist bank of China could do the same thing.   More likely, the “bank” will be a shell corporation established by the big players for the specific purpose of suing as many people as they can and grabbing as many homes as possible.

How about that Goldman Sachs, J.P. Morgan, Citibank, et al?    They got the feds to rescue them by creating money out of thin air to buy their bad bets.   The debt attached to that new money is now somehow a debt of the people that we owe.   The banksters can now use the money to form predator corporations that vacuum up at a bargain the homes of the very people who will be paying for their bailout.

Everybody talks about the responsibility of the borrower to know what he or she is getting into.   What about the responsibility of the lender?   At the top, they knew that the housing market was going to tank, but they kept extending the zero down loans, pushing them even, anyway.  And why not push them?   If the government rescues you and throws all the costs of your risky bets onto the other party, why not risk it?

The situation is so pathetic down there in Little Rock, they are so far from the interests of the citizens of this state, that the argument is over whether or not the lost registration fees will cost the state government money.  Lamoureux argues that increases in home foreclosures, which also have a fee attached, will make up for the lost revenue.      Counting on more home foreclosures to increase revenue to the government- these people are all heart.

Should we be angry at the banksters for what they are doing?  Of course, but that’s not where most of our anger should lie.   It should lie with those pretending to be our representatives who are really representing their party.   A party that is funded by outside interests and therefore represents them.