Mortgages: What to do?

Once upon a time, a mortgage was a loan made by a bank (or similar institution) for the purchase of a home (or real estate of some sort).

The borrower paid interest to the bank and was required to repay the principal. The bank got the money from investors or depositors. The bank made money because they got a higher rate from the borrower than they paid the investor/depositor.

Example: The mortgage cost the borrower 6% and the bank’s cost is 4%. Profit to the bank is 2%. The bank made sure the borrower made a “down payment” that was high enough to protect against default and that the total of the mortgage plus “down payment” was less than the value of the home. The bank also made sure that the borrower could afford the mortgage payments.

That was changed by our Presidents (mainly Clinton), Congress and regulatory agencies at the urging of political parties, Wall Street, Banks and Special-interest groups. Over-inflated mortgage loans were made to people with no money, no jobs and no hopes of paying. These mortgages were “securitized” and sold to investors, pension plans, etc. who had no idea what they were buying. They (Wall Street) also created "derivatives" which may bankrupt America. The “rules and regulations” to protect the public were removed. This helped to further ignite the real estate bubble and subsequent collapse.

What is happening now?
The same Congress and Politicians and Banks and Wall Street that caused the current disaster are once again in charge. They are giving away billions to the Banks, Wall Street, Foreign Investors, AIG, Goldman Sachs, Hedge Funds, etc.

Our government also is giving money to reduce the amount owed on some mortgages, make mortgage payments for others and pay mortgages off entirely in some cases. Our government will also help you buy a home and get a new mortgage, especially if you cannot afford one or can’t make payments. (?????????)

What does this mean?
It means that if you are one of the less than 50% of Americans who still pay taxes, your money is going to banks, hedge funds, Wall Street, etc. to pay for failed mortgages, toxic derivatives and to pay for other people’s mortgages.

So, what can you do?
According to Martin (a contributor), if your house is worth less than the amount of your mortgage, stop paying. If you continue to pay, you are a moron!

If your home is worth more than the mortgage balance, stop paying. Then, contact the mortgage holder and tell them you want the amount owed to be renegotiated to a lower amount. Send the information to your Senator, Representatives and the White House. They can lower the amounts you owe and the interest rate you pay.

If your mortgage is paid-off, take out a “home equity” loan or refinance. Then don’t make payments. Contact the White House and your Congress-people. They will lower the amount you to less than you borrowed (Nice way to make a quick profit.).

Martin also advises that most mortgages are illegal and/or fraudulent. He suggests that you find out who “owns” or “holds” your mortgage and require documented proof. Until you receive acceptable evidence, don’t make any payments to anyone. The payments may be illegal.

Martin also notes that making mortgage payments aids and abets the pervasive corruption of Government and America’s Financial Institutions. Martin says, “Making mortgage payments is Anti-American and probably racist”.

Bottom line: (According to Martin.) The biggest “financial and mortgage scam” in history is taking place. If you continue to make any mortgage payments, you are NUTS!

Send all bills, collection letters, etc. to your Congressman/woman or to Obama. They have been well paid by the banking institutions, etc. They will take care of it.
Martin says, "If we all stop giving them money, Congress may stop stealing." "Vote with your dollars!"

Actnow98@aol.com