[Note by John-Henry Hill: These mortgage loans were “bank credit” created out of NOTHING – “out of thin air”! By the applicant signing the mortgage application, he created a “promissory note“ equal to the value of the house loan. The bank then deposited this “promissory note” into its account and issued the applicant the mortgage “loan”, using that “promissory note” as collateral. Thus, the bank lent the applicant NOTHING!!!! It was merely an exchange of credit between the applicant and the bank. THAT is how banks work when they make “loans”. Banks are actually FORBIDDEN BY LAW from lending their own assets!!! Instead, they use their profits to pay employees, shareholders and to make investments on behalf of the bank and shareholders. Thus, through foreclosure the banks seized homes for which they lent out NO money, using “breach of contract“ as the legal excuse;and seizure of the house is the penalty for that breach of contract – and NOT the failure to repay the mortgage loan, since the bank itself actually loaned the applicant NO money at all! That is how Commercial Law works!!!]
– Along with poverty and low incomes, the foreclosure rate has created its own crisis situation as the number of families removed from their homes has skyrocketed:
The National Economic and Social Rights Initiative along with Amnesty International are asking the U.S. to step up its efforts to address the foreclosure crisis, including by giving serious consideration to the growing call for a foreclosure moratorium and other forms of relief for those at risk, and establishing a housing finance system that fulfills human rights obligations.
New government census reports have revealed disturbing information that details the cold, hard numbers of Americans who have been deeply affected by the state of our economy, and bank foreclosure practices:
In the last few days, the U.S. government census figures have revealed that 1 in 2 Americans have fallen into poverty or are struggling to live on low incomes. And we know that the financial hardships faced by our neighbors, colleagues, and others in our communities will be all the more acutely felt over the holiday season.
Along with poverty and low incomes, the foreclosure rate has created its own crisis situation as the number of families removed from their homes has skyrocketed.
Since 2007, banks have foreclosed around eight million homes.
It is estimated that another eight to ten million homes will be foreclosed before the financial crisis is over. This approach to resolving one part of the financial crisis means many, many families are living without adequate and secure housing. In addition, approximately 3.5 million people in the U.S. are homeless, many of them veterans. It is worth noting that, at the same time, there are 18.5 million vacant homes in the country.
The stark realities that persist mean that millions of families will be facing the holidays in temporary homes, or homes under threat, and far too many children will be wishing for an end to the uncertainty and distress their family is facing rather than an Xbox or Barbie doll.
Housing is a basic human need and a fundamental human right. Yet every day in the United States, banks are foreclosing on more than 10,000 mortgages and ordering evictions of individuals and families residing in foreclosed homes. The U.S. government’s steps to address the foreclosure crisis to date have been partial at best.
The depth and severity of the foreclosure crisis is a clear illustration of the urgent need for the U.S. government to put in place a system that respects, protects and fulfills human rights, including the right to housing. This includes implementing real protections to ensure that other actors, such as financial institutions, do not undermine or abuse human rights.
There is a link available at the Amnesty International website for anyone who is interested and would like to join the call on the Obama administration and Congress to urgently step up efforts to address the foreclosure crisis, including by seriously considering the growing call for a foreclosure moratorium and other forms of relief, and establishing a housing finance system that fulfills human rights obligations.
US leftie Govt's seized housing, in massive transfer of wealth scam. The surplus house stocks are being sold in my city as investment portfolios. I've seen them myself, and know the man selling them. (5- 10 homes in each one costing up to 1 mill.) Tells me sourced by property finders, good for passive income, some Rented back to old owners. I said " More like inventory from bank foreclosure lists- no good investment if they hit the market all at once" He has not spoken to me since about it.