Must READ!!!.....Government and Bankers Stealing From Americans?
So what's going on here?
Simple: An enormous number of banks are holding loans at or close to "par" that really aren't. They're holding mortgages at massively-inflated values, even on defaulted properties, and this is why you are not seeing more foreclosure sales - that is, why inventory is being held back. If they sell it the accountants will force recognition of the loss, which will render them instantly insolvent, but so long as they "extend and pretend" they are marking these loans way, way above recovery value. The upshot of this is that these firms' balance sheet claims on asset values are massively inflated, regulators know it, and they're intentionally ignoring it.
I have been sounding the alarm on this for more than a year; it has in fact been the focus of multiple petitions to Congress and the cause of thousands of dollars of personal expense faxing letters and Tickers to members warning them of the danger of letting this sort of accounting misdirection continue.
The claim of banking sector health and "successful rescue by Treasury and The Fed" is in fact false. No such thing has occurred. What's going on here is nothing more or less than intentional false claims of asset "valuation", which is repeatedly exposed when the FDIC is finally forced to seize institutions, exposing the lies. Then, suddenly, 20, 30, even 40% losses on alleged "asset books" come out into the light and the taxpayer eats them.
The bank executives and accountants that played this game with the books should have been arrested and the bank thrown into receivership over a year ago.
Bankers giving themselves bigger bonuses than income? Politicians getting large campaign contributions from bankers? Citizens getting their homes foreclosed, businesses shut down, incomes taken away while they watch the interest rates bankers charge them skyrocket?
If we don't restructure the debt soon, our country will break apart.