Consumer credit card debt of somewhere between 850 billion dollars to 1 trillion dollars (if we count zombie debt, it could be as high as 1.5 trillion dollars???).
Consumers are paying 10-15 billion dollars A MONTH on interest rate charges on EXISTING credit card debt.
10,000 foreclosed homes PER DAY is creating new waves of wealth opportunities FOR THE BANKS AND WALL STREET.
OVER A YEAR SPENT DEBATING A HEALTHCARE BILL that won't take affect for SEVERAL years and could easily be revisited and changed before it becomes law, meanwhile 10,000 homes are foreclosed upon EVERY DAY.
Just who won the healthcare debate? I have read a few articles on the internet that Chase Bank is making money by buying distressed businesses and properties at well below market value. Animal analogies abound. A coyote eating their own leg off to get out of a leg trap, a vulture flying overhead viewing their next prospective carcass. Creating false wealth by buying cheap is a new scandal waiting to be fully exposed.
Keeping home mortgage modifications complicated and in perpetual turnaround is the precursor to being able to buy foreclosed homes cheap and later on sell at a higher price, (although it does depend on how much of the leg is being chewed off).
Wouldn't life be easier for all if all mortgages had their interest rates re-racked to 4% without review? Way too many resources are being spent on stalling people in home loan modification turnaround.
Don't forget, the Cat Who Ate Chase Bank, the book, coming out in early 2010.
