Friday, September 16, 2011
Friday, September 16, 2011 6 comments
Unemployment continues to track upward with seasonally adjusted initial claims of 428,000 last week, an increase of 11,000 from the previous week's revised figure of 417,000. This is above what is considered the “new normal” of 400,000 claims per week. Prior to the beginning of the New Republican Great Depression, the “normal” number of claims was 275,000. Continued efforts to cut wages by firing workers and replacing them at half pay from the vast pool of the desperate un-employed has pushed the “normal” number up. So even as the number climbs we don’t know if no jobs are being created, or if there are just more low wage jobs being created.
More than half the states had increased claims, the largest increases in initial claims for the week ending September 3 were in Kansas, North Carolina, Washington, New Jersey, and Texas. Wait a minute, Texas has more claims? Where was the “job creator”? Have you noticed that in one breath that Texas Governor Perry will berate President Obama’s efforts to “create” jobs as doomed to failure since everybody knows the government can’t create jobs. But, he will in the next breath proclaim that Obama has destroyed 2.5 million jobs while in office, while at the same time, he (Perry, the government of Texas) has created a million jobs. “Irony” is a country in the Middle East that President Perry will bomb.
New foreclosure actions jumped 33% in August, but the number is still lower than the same month last year. This is considered an indication that banks are becoming more aggressive in initiating foreclosures again after the slowdown caused by flap over the handling of foreclosures in ways best described as criminal. Several more Attorneys General have joined NY’s AG in rejecting a 50 state settlement joined by the Obama Adm with the banks over the mortgage scandal where there isn’t supposed to be any prosecution.
County court records have shown that the wide spread practice of “robo signing” goes back to at least 1997 and was not the product of the “emergency” after the housing bubble burst. Robo Signing is the practice of fabricating documents submitted to the courts that are passed off as “original” loan agreements and other paperwork required by the court to establish the bank‘s right to take the property and to prove the bank took proper steps in dealing with the homeowner.
Often it can’t be determined who really has the right to foreclose on the property, this makes any subsequent deed quite possibly invalid. In fact any house purchased after foreclosure may not have a legitimate title because of the fraudulent actions of banks and their servicing companies. That bargain you purchased from the bank may really belong to some bank in Shanghai who really holds the note, or may revert to the homeowner who was defrauded by a sub-prime lender.
This phony paperwork is often exposed only because the signatures don’t match. The lack of valid signatures is because they have been signed by minimum wage workers passed off as bank officers, and as notaries public who “witnessed” the fake signatures and fabricated affidavits. If you or I submitted this sort of fraud to a court we would be rewarded with long prison term. But, we aren’t rich bankers. We just get to pay for it. www.prairie2.com